Office of the Special Deputy Receiver
Representing Robert H. Muriel, Director of the Illinois Department of Insurance
J. Kevin Baldwin, Acting Special Deputy Receiver & Chief Executive Officer
Gateway Insurance Company (GIC)
Invitation For Bids
Notice of Sale Hearing
The Rehabilitator of Gateway Insurance Company (“Gateway”) is seeking to sell, pursuant to an Invitation for Bids (“IFB”) process, Gateway’s corporate charter and state insurance licenses, and to exchange Gateway’s state statutory deposits for cash in the amount of their market value as of the date 3 days prior closing of the proposed transaction. A copy of the IFB is available on the Rehabilitator’s website maintained for the Gateway rehabilitation estate.
On January 29, 2020, the court supervising Gateway’s rehabilitation entered an order titled:
BID PROCEDURES ORDER APPROVING: (i) BIDDING PROCEDURES AND DEADLINES; (ii) FORM AND MANNER OF NOTICES; (iii) BREAKUP EXPENSE; (iv) SCHEDULING HEARING TO CONSIDER FINAL APPROVAL OF SALE; and (v) GRANTING RELATED RELIEF
(the “Bid Procedures Order”) a copy of which is available on the Rehabilitator’s website maintained for the Gateway rehabilitation estate.
Among other things, the Bid Procedures Order has scheduled a hearing on April 7, 2020 at 2:00 p.m. Central Time, (the “Sale Hearing”) at which time the Court shall (i) consider approval of the Sale to the Purchaser or Successful Bidder; (ii) consider the entry of the proposed sale order, substantially in the form to be attached as Exhibit A to the Approval Motion (the “Sale Order); (iii) consider any issues or objections that are timely interposed by any parties; and (iv) grant such other or further relief as this Court may deem just or proper. The Sale Hearing will take place at the Daley Center, Courtroom 2305, 50 W. Washington Street, Chicago, Illinois 60602.
- On Friday, February 28, 2020, the Rehabilitator issued an award of bid to Buckle Corp. on his Invitation for Bids for the Purchase of Gateway’s corporate charter, 47 state insurance licenses, and 9 state statutory deposits. The award remains subject to final documentation and the approval of the court supervising Gateway Insurance Company’s receivership proceedings.
May. 18, 2020
May. 15, 2020
May. 13, 2020