Under the transactions contemplated by the Lock-Up Agreement, Ballantyne Re will be restructured pursuant to an Irish legal process. The restructuring will require approval by the High Court of Ireland, recognition as a foreign proceeding by the United States Bankruptcy Court and the satisfaction of certain other conditions. Following receipt of such approvals and satisfaction of such conditions, SLD will enter into several agreements, including a Novation Agreement, pursuant to which the Novation will be effected. Swiss Re will establish a new trust account containing assets supporting the statutory reserves of the Reinsured Business and the collateral currently supporting Ballantyne Res obligations to SLD will be released from the existing trust.The Novation will not change SLDs rein surance coverage related to the Reinsured Business. The closing of the Novation is expected to occur prior to the end of the third quarter of 2019.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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