LandAmerica scrambling for cash

Image by lumaxart.com.

LandAmerica Financial Group Inc. faces "serious liquidity constraints" now that rival Fidelity National Financial Inc. has backed out of a deal to acquire the troubled title insurer, analysts at Fitch Ratings said in slashing LandAmerica's debt rating and the insurer financial strength ratings of its subsidiaries.

LandAmerica, which reported a $599.6 million third quarter loss, has breached its covenants on $250 million in bank debt, and can't access $290 million invested in auction-rate securities as part of its 1031 exchange business, Fitch analysts said.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.