It's Chapter 11 For Executive Life
Beleaguered insurance giant First Executive bowed to the inevitable on May 13 and filed for Chapter 11 bankruptcy protection in federal court in Los Angeles. The junk-bond-laden company, built by Chairman Fred Carr into a behemoth with $13 billion in assets, has been on the ropes since California regulators seized its Executive Life Insurance unit on Apr. 11. New York regulators soon followed suit with the company's subsidiary there. Starved of payments from the subsidiaries, First Executive quickly ran short of cash.
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