A Cayman Islands court will decide whether to liquidate the assets of National Warranty Insurance Co., the troubled service contract insurer, on Aug. 1. The proceedings originally had been scheduled for Friday, July 11.
Court-appointed auditors have told the Grand Court of the Cayman Islands that National Warranty is "likely insolvent," according to a company statement.
The court granted National Warranty protection from creditors June 6. The company, which is incorporated in the Cayman Islands but has headquarters in Lincoln, Neb., will ask for a similar protective order Aug. 5 in the U.S. Bankruptcy Court in Omaha, Neb.