PricewaterhouseCoopers AG, Birchstrasse 160, 8050 Zurich, Switzerland, (PwC), which is the appointed Special Administrator for Gable Insurance AG, has submitted an application to the competent Liechtenstein court for the opening of bankruptcy proceedings regarding Gable Insurance AG. It is within the sole discretion of the competent Liechtenstein court if and when bankruptcy proceedings will be opened.
The Special Administrator had convened an Extraordinary General Meeting to be held on 11 November 2016 in order to grant the shareholders of Gable Insurance AG and those of Gable Holdings Inc. the opportunity to provide the capital necessary to avert bankruptcy proceedings. Gable Holdings Inc., which was represented at the said General Meeting, did not provide any further capital.
On 10 October 2016, the Liechtenstein Financial Market Authority (FMA) appointed PwC as Special Administrator of Gable Insurance AG in order to review the financial situation of Gable Insurance AG and protect the interests of the policyholders of Gable Insurance AG.