P.M. BRIEFING : Integrated to Sell Key Financial Businesses to Broad Inc. of L.A.
NEW YORK — Integrated Resources Inc. today agreed to sell its key businesses to a Los Angeles financial services concern for up to $225 million, but the deal faces opposition from state regulators.
The sale to Broad Inc., whose $7 billion in assets include the SunAmerica insurance groups, is subject to price adjustments at the time of closing. The deal would be worth $170 million if completed today.
The sale would cap Integrated’s months of attempts to sell its core businesses to raise money to help meet payments on about $1.75 billion in debt and avoid a bankruptcy court filing.
Integrated said insurance commissioners in Iowa and Colorado had placed under supervision two of the struggling firm’s life insurance companies, Integrated Life Insurance Co. and Capitol Life Insurance Co., included in the sale.
The sale is far below the $450 million Integrated had hoped to obtain several months ago for its core financial businesses.
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