Mission Group’s financial woes deepened.
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The troubled Los Angeles-based insurer, whose Mission Insurance subsidiary has been in conservatorship since last October, has been trying to reorganize its insurance business and restructure its own debt under separate agreements with the state and with its public debtors. But the complex plan has since run into financial difficulty, the parent company said, partly because some reinsurers have failed to reimburse Mission Insurance for losses that it has already paid. Consequently, the parent said, both reorganizations “may not be feasible.”
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