Bids Sought to Run-Off More Than 74,500 of API's VSCs
The trustee overseeing Automotive Professional Inc.'s filing of Chapter 11 bankruptcy protection is seeking proposals from qualified insurance carriers to run-off approximately 74,500 vehicle service contracts.
The trustee overseeing Automotive Professional Inc.'s filing of Chapter 11 bankruptcy protection is seeking proposals from qualified insurance carriers to run-off approximately 74,500 vehicle service contracts.
Frances Gecker, the Chapter 11 trustee, sent out a request in July for quotations from qualified insurance carriers that work alone or in conjunction with an acceptable automobile warranty servicing company. The request is the latest action in the year-long liquidation of the Chicago-based automotive extended warranty provider, which is being handled by the Illinois Division of Insurance.
According to the department, dealers had until June 15 to respond to the firm’s settlement, which Used Car News said in May was less than $200. At that time, 600 retailers had not responded to the settlement offer.
On March 2, 2007, the Circuit Court of Cook County, Illinois, entered an order of conservation against API, freezing its assets and putting the Illinois Office of Special Deputy Receiver in charge of auditing API’s books and supervising its liquidation.
The F&I provider then filed a voluntary petition for reorganization under Chapter 11 bankruptcy protection on April 13, 2007. Gecker, an independent third party, was appointed the Chapter 11 trustee on June 12, 2007.
Companies interested in submitting a bid must do so by 4 p.m. CDT on Aug. 18, 2008. For more information, visit www.apibankruptcy.com.
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