Wells Fargo Debt Pushes QOC Into Ch. 11

Law360, New York (October 4, 2010, 11:44 AM EDT) -- Life insurance investment company QOC I LLC, which owns 283 life insurance policies worth $550 million, has filed for Chapter 11 bankruptcy protection, saying tight credit markets have made it impossible for the company to refinance a $120 million loan from Wells Fargo NA.

QOC filed its bankruptcy petition Friday in the U.S. Bankruptcy Court for the Southern District of Florida. The company said it planned to explore several reorganization strategies through the bankruptcy process, including a potential sale of its life insurance portfolio.

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