U.K. insurance company Towergate Finance PLC is seeking the aid of a U.S. bankruptcy court as it works through its financial troubles in the High Court of Justice of England and Wales, Dow Jones Daily Bankruptcy Review reported today. Trouble with regulators and a streak of losses triggered concerns about the financial stability of the Towergate Group of insurance brokers last year. Negotiations with senior creditors have produced an agreed-upon restructuring plan, but Towergate fears that a dissenting investor could sue in the U.S., complicating its effort to put in place so-called schemes of arrangement in the U.K. To ward off the threat of a lawsuit in the U.S. from a dissenting investor, Towergate filed for chapter 15 protection on Friday in New York.
