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SquareTwo Financial Bankruptcy Objection Filed

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Cigna Health and Life Insurance Company filed with the U.S. Bankruptcy Court an objection to SquareTwo Financial’s assumption of executory contracts and unexpired leases and cure in connection with the Company’s Joint Prepackaged Chapter 11 Plan.

The objection asserts, “Neither the Plan nor the Disclosure Statement propose a specific disposition for, otherwise mention, the Cigna contracts. The Cure Notice does not list any of the Cigna Contracts…. The Plan provides for SquareTwo to be a “Dissolving Debtor” and the Cigna Contracts are not currently designated as contracts to be assumed.”

In addition, “Ultimately, neither the Plan nor the Disclosure Statement propose any definitive disposition of the Cigna Contracts, and provide no practical or definitive advance notice as to whether the Cigna Contracts will be assumed or rejected.”

Read more SquareTwo bankruptcy news.

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