BY Fraser TennantCiting parent company legacy challenges, insurance firm Hallmark Financial Services has filed for Chapter 11 bankruptcy protection to effectuate a restructuring support agreement (RSA).The RSA contemplates a restructuring transaction with Hildene Capital Management and certain of its affiliates, whose clients collectively comprise the majority holder of Hallmark’s debt obligations.Hallmark has also filed customary ‘first-day’ motions that will allow it to maintain business operations and uphold its commitments to employees, agents, policyholders and vendors, including continued payment of employee wages and benefits.The company has sufficient cash on hand and does not require debtor-in-possession financing.“Over the past two years, we have taken meaningful actions to address legacy challenges at our parent company, including exiting underperforming businesses and improving liquidity,” said Chris Kenney, president and chief executive of Hallmark. “With the support of our lenders, this transaction is the right next step to strengthen our balance sheet, enhance financial flexibility and position Hallmark for long-term success.”Hallmark’s insurance company subsidiaries are not part of the proceeding and will continue to operate in the ordinary course during the restructuring process.“Importantly, our insurance company subsidiaries continue to perform well and are not part of this process,” continued Mr Kenney. “We remain fully committed to servicing and partnering with policyholders, agents and vendors without interruption, and we expect normal business operations to continue.”Founded in 1987 and headquartered in Dallas, Texas, Hallmark is a diversified property and casualty insurance company offering commercial and personal insurance solutions to businesses and individuals in specialty and niche markets. The company is licensed and eligible to write admitted and non-admitted business in 47 and 44 states, respectively. Hallmark expects to emerge from the Chapter 11 process in less than 90 days, subject to regulatory approval.Mr Kenney concluded: “We appreciate Hildene’s support and confidence in our business and believe this transaction positions Hallmark for a stronger future.”News: Texas Insurer Hits Ch. 11 With $134M Debt, Prepackaged Plan
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