Update for Italian policyholders
The Administrators proposal document issued on 9 February 2020 included a reference to the potential for some Italian bonds not to be insurance contracts and so subordinated in the ranking of claims. The Administrators have been continuing to review the italian bond business with their Italian legal advisers and based on the contracts that have been reviewed to date believe that Italian bonds will be classified as insurance contracts and such bondholders will be treated as insurance creditors for the purposes of the ranking of claims and any future distributions.
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