December 1, 2008
LandAmerica Financial Group, Inc., the third largest title insurer in the United States, and its subsidiary LandAmerica 1031 Exchange Services, Inc. file for chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Virginia.
On November 26, Willkie client LandAmerica Financial Group, Inc., the third largest title insurer in the United States, announced that the company and its subsidiary LandAmerica 1031 Exchange Services, Inc. filed for chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Virginia. The company also announced the signing of a definitive stock purchase agreement for the $298 million sale of its two principal title underwriting subsidiaries, Lawyers Title Insurance Corporation and Commonwealth Land Title Insurance Company, as well as United Capital Title Insurance Company to Fidelity National Title Insurance Company and Chicago Title Insurance Company. The bankruptcy filing is expected to help facilitate this sale and the orderly wind down of LandAmerica's remaining businesses. As of September 2008, LandAmerica’s assets were listed at $3.3 billion with liabilities at $2.8 billion. LandAmerica is a leading provider of real estate transaction services for agent, residential, commercial and lender customers throughout the United States, Mexico, Canada, the Caribbean, Latin America, Europe and Asia. The firm is serving as co-counsel for LandAmerica. The matter is being handled by partners Paul Shalhoub and Rachel Strickland, and associates Jamie Ketten and Jordana Linder.
