Firstquote to Proceed With Financial Restructuring


GENEVA--Firstquote SA has received approval for creditor protection and has been given two months to work through its plans for reorganization and financial restructuring. The arrangement will allow Firstquote to restructure the company in a timely manner with the assistance of an investor group and under the oversight of a court-appointed administrator, says Neil Gibbons, chief executive officer of Firstquote.

The decision is preferable to the alternative, which would have required Firstquot

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