Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CRM Holdings, Ltd. | majestic_8k-042911.htm |
Exhibit 99.1
For Immediate Release
Majestic Capital Announces
Commencement of Chapter 11 Bankruptcy Proceedings
HAMILTON, Bermuda, May 2, 2011 – Majestic Capital, Ltd. (Majestic Capital) (Nasdaq: MAJC) today announced that on Friday, April 29, 2011, it commenced bankruptcy proceedings by filing a petition under Chapter 11 of the US Bankruptcy Code. Such filing was made in the United States Bankruptcy Court for the Southern District of New York (the “Court”) and was assigned case no. 11-36225.
Simultaneously with such filing, the following Majestic Capital subsidiaries also commenced bankruptcy proceedings under the jurisdiction of the Court by filing petitions pursuant to Chapter 11 of the US Bankruptcy Code under the case numbers indicated below:
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Name of Subsidiary
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Case No.
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Majestic USA Capital, Inc.
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11-36221
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Compensation Risk Managers, LLC
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11-36226
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Compensation Risk Managers of California, LLC
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11-36230
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Eimar, LLC
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11-36232
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Embarcardero Insurance Holdings, Inc.
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11-36234
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Majestic Capital and its above-mentioned subsidiaries remain in possession of their respective assets and business, but subject to the supervision of the Court.
Trading in Majestic Capital’s common stock on the Nasdaq Capital Market was halted today, and shall remain halted through the effective date of Majestic Capital’s voluntary delisting pursuant to the notice of delisting that it filed with the SEC on April 29, 2011.
About Majestic Capital, Ltd.
Majestic Capital, through its subsidiaries, is a specialty provider of workers’ compensation insurance products and services. Further information about Majestic Capital and its business can be found on Majestic Capital’s website at http://www.MajesticCapital.com.
CCG Investor Relations
Mark Collinson, (310) 954-1343