Penn Treaty American Corp. will extend until February 28 the exclusivity period for its non-binding letter of intent to sell a majority interest in an insurance subsidiary and substantially all of its existing and new business operations.
The company received a non-binding letter of intent, which provided for the completion of due diligence and the preparation of definitive documentation on or before Feb. 13, 2009. The transaction is subject to the approval of the Pennsylvania Insurance Department and the Commonwealth Court of Pennsylvania.
The identity of the purchaser or the terms of the offer will not be disclosed until definitive documentation is completed, according to Penn Treaty.
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