Amwest Insurance Group Inc. Announces Bankruptcy Filing.Business Editors CALABASAS, Calif.--(BUSINESS WIRE)--July 24, 2001 Amwest Insurance Group Inc. (AMEX AMEX See: American Stock Exchange :AMW AMW America's Most Wanted (TV show) AMW Air Mobility Wing AMW Amphibious Warfare AMW Ask Me Why (Beatles song) AMW Angewandte Medienwissenschaft (German: Applied Media Studies) ) (PCXE:AMW) today announced that it has commenced Chapter 11 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party in the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Central District of California. The company will be a debtor in possession debtor in possession n. in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor , and in due course will file with the Bankruptcy Court a plan for the reorganization of its debts. The bankruptcy filing arose as a result of the June 8, 2001, takeover by the Director of Insurance of the State of Nebraska of the company's principal operating subsidiary, Amwest Surety Insurance Company. Amwest Surety Insurance Company has been placed in liquidation by the Nebraska Director of Insurance. Certain statements contained in this news release regard matters that are not historical facts and are forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. |
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