LandAmerica's year-long bankruptcy cases involved multiple asset sales, including the sale of its principal underwriting subsidiaries to Fidelity National Title Insurance Company and Chicago Title Insurance Company.
On November 18, LandAmerica Financial Group, Inc., previously the third largest title insurer in the United States and a leading provider of real estate transaction services, along with certain subsidiaries, including LandAmerica 1031 Exchange Services, Inc., successfully confirmed a chapter 11 plan of liquidation, which will lead to the speedy conclusion of its bankruptcy. Willkie represented LandAmerica and its affiliates in their chapter 11 cases. LandAmerica’s year-long bankruptcy cases involved multiple asset sales, including the sale of its principal underwriting subsidiaries to Fidelity National Title Insurance Company and Chicago Title Insurance Company, the defense of over one hundred actions filed against the company, substantial settlements with the Pension Benefit Guaranty Corporation and the Internal Revenue Service and the mediation of complex inter-creditor issues. The companies' joint plan, which was almost unanimously approved by the companies' creditors, provides that remaining assets will be transferred to liquidating trusts, which will facilitate orderly distributions to creditors at or near year-end.
The matter was handled by partners Rachel Strickland, Paul Shalhoub, Lawrence Kamin, Terence McLaughlin and Mark Cognetti; and associates Elizabeth Bower, Jennifer Hardy, Marina Zelinsky, Matthew Guercio, Jamie Eisen, Amina Jafri, Laurita Denny, Howard Block and Daniel Forman.