A Manhattan federal appeals court extended an order Monday blocking billionaire financier Carl Icahn from proceeding with his $40 million tender offer. Earlier this month, Reliance received a temporary restraining order, which would have expired Wednesday.
The company opposed Icahn’s offer because it is intended to block a bankruptcy restructuring. A court hearing is scheduled for next Tuesday. Also, Reliance had planned to announce a reorganization plan by Wednesday and remains in discussions with state insurance regulators.
Was this article valuable?
Here are more articles you may enjoy.
What Happens to Property Pricing in ’27, Insurance, Reinsurance Execs Ask 
Camp Mystic Seeks Bankruptcy to Settle Texas Flood Wrongful Death Claims 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
