LandAmerica Ducks Into Ch. 11 To Sell Assets

Law360, New York (November 26, 2008, 12:00 AM EST) -- Real estate transaction company LandAmerica Financial Group Inc. and a subsidiary have filed for Chapter 11 to ease the proposed $298 million sale of their units to subsidiaries of rival Fidelity National Financial Inc.

LandAmerica Financial Group filed for bankruptcy protection with subsidiary LandAmerica 1031 Exchange Services Inc. on Wednesday in the U.S. Bankruptcy Court for the Eastern District of Virginia.

LandAmerica said that it was selling its two principal title underwriting subsidiaries, Lawyers Title Insurance Corp. and Commonwealth Land Title Insurance Co., as well as...
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