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Non-Tech : Loewen Group

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To: MF who wrote (218)	7/16/1999 12:43:00 PM
From: Dennis Lefebvre	Read Replies (1) of 277

All, Loewen Group Inc (The) - Globe says Loewen to settle suit against Chubb Loewen Group Inc (The) LWN Shares issued 74,061,750 1999-07-15 close $1.15 Friday Jul 16 1999 The Globe and Mail reports in its Friday edition that Loewen Group plans to pay an extra $160,000 (U.S.) in annual premiums to bolster a $125-million insurance plan for directors and officers that covers everything from investor lawsuits to kidnapping. Reporter Paul Waldie says the Burnaby-based company also plans to settle a suit against Chubb Insurance of Canada, which has refused to extend the insurance policy unless Loewen drops the suit. Loewen sued Chubb and several other insurers in 1997, alleging they denied coverage of company directors in the wake of a $175-million massive judgment in Mississippi against Loewen. Loewen, North America's second-largest funeral operator, filed for court protection from creditors in Canada and the United States last month. The insurance issue is contained in documents filed on Thursday in a Delaware court as part of the bankruptcy filing. The documents show that Loewen is seeking extra protection for its directors and officers because of the restructuring. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com

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