Mission Insurance said its future is still in doubt.
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Los Angeles-based Mission Insurance Group, which is under Chapter 11 of the U.S. Bankruptcy Code, said the future of its proposed reorganization and restructuring plans for its insurance subsidiaries remains in doubt. The subsidiaries, currently under state conservatorship, continue to suffer cash-flow problems that Mission attributed to reinsurers’ refusal to pay off claims. It added that the state’s Department of Insurance is seeking to resolve the cash problem through an infusion of “significant amounts of additional capital from various sources, each of whom has an interest in seeing that liquidation . . . is avoided.”
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