Scottish Re Interim CEO Paul Goldean said today that the company is on track to meet its objective of completing an auction process for the possible sale of the company, and that it is also reviewing its options to address short-term liquidity pressures.
Scottish Re said it received proposals from a number of potential bidders on 8 September.
The reinsurer said the proposals will be reviewed by the company's management and board in an effort to identify those that maximize shareholder value.
Selected parties will be invited to a second round during which additional due diligence will occur and more specific second round proposals will be requested.
After second round proposals are received, the company may initiate exclusive negotiations with a potential bidder.
Scottish Re said it is possible that this process could result in an announcement of a transaction as early as mid- to-late October or early November.
In addition, the company said it has received three written proposals for possible financing and expects to receive several additional proposals in the near future.
Each of these proposals is subject to certain terms and conditions that have not as of yet been negotiated.
Scottish Re plans to raise between $150m and $250m to reduce short-term liquidity pressures under a combination of reinsurance arrangements and credit facilities.
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