HAMILTON, Bermuda–(BUSINESS WIRE)–Majestic Capital, Ltd. (Majestic Capital) (Nasdaq: MAJC) has announced that on Friday, April 29, 2011, it commenced bankruptcy proceedings by filing a petition under Chapter 11 of the US Bankruptcy Code. Such filing was made in the United States Bankruptcy Court for the Southern District of New York (the “Court”) and was assigned case no. 11-36225.
Simultaneously with such filing, the following Majestic Capital subsidiaries also commenced bankruptcy proceedings under the jurisdiction of the Court by filing petitions pursuant to Chapter 11 of the US Bankruptcy Code under the case numbers indicated below:
- 11-36221 Majestic USA Capital, Inc.
- 11-36226 Compensation Risk Managers, LLC
- 11-36230 Compensation Risk Managers of California, LLC
- 11-36232 Eimar, LLC
- 11-36234 Embarcardero Insurance Holdings, Inc.
Majestic Capital and its above-mentioned subsidiaries remain in possession of their respective assets and business, but subject to the supervision of the Court.
Trading in Majestic Capital’s common stock on the Nasdaq Capital Market was halted today, and shall remain halted through the effective date of Majestic Capital’s voluntary delisting pursuant to the notice of delisting that it filed with the SEC on April 29, 2011.