Phoenix Says Bondholders Consent To Delayed Financial Reports

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The Phoenix Cos. said Wednesday it won consent from bondholders, allowing the company to delay providing quarterly reports and a 2012 annual report to the bond trustee until the end of this year.

Phoenix is restating financial statements for all of 2009, 2010, 2011 and the first two quarters of 2012. As a result, the company delayed filing its third quarter 2012 report, its 2012 annual report, and its first quarter 2013 report, with the U.S. Securities and Exchange Commission and the bond trustee.

Phoenix also expects it may not be able to file quarterly reports for the second and third quarter of this year in a timely manner.

Phoenix first announced its intent to restate financial statements in November 2012. On Wednesday, the company said it had consent representing about 60 percent of the outstanding principal amount on bonds to delay its filings with the bond trustee.

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by Politico.com, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (businessjournalism.org, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

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7 thoughts on “Phoenix Says Bondholders Consent To Delayed Financial Reports

  1. sue

    When will this company be put out of its misery. It has been downhill ever since it went public. One greedy CEO after another enriching himself/herself while the company self destructs

    1. Gareth Bale MVP

      This is one of the greatest acts of greed and mismanagement you will ever see in CT Insurance. No wonder Insurance companies are moving away from CT to Texas. While every single Insurance company which received Tarp or Not has rebounded well, this Board has silently kept this Management while they have mismanaged and misreported consistently. They have enriched themselves with cheap sub $2 stock as payment for their services for over 5 years, thus every single Director owns a Large percentage of this company. Check SEC 4 filings before and after 2008.

      Highly politically connected Board has kept this drama under wraps and very little press coverage in Hartford except my beloved Courant.

    2. Tapper McEwan

      They were worth 2B in 2007. Now they are worth 200M in Marketcap. But, the Paychecks and Bonuses steadily went up. Have heard the Class Action Lawyers are lining up lately.

      Dona destroyed this company by doing risky bets and her right hand man is nowadays nailing the coffin.

      RIP Phoenix

  2. Hermanhartford

    How about mentioning the stock symbol in your article. Stock trades around 40.00 per share, let’s see what happens after restatement, or perhaps the restatement is already worked into the stock price?

    1. Gareth Bale MVP

      The stock used to trade at $340 IPO split adjusted price.

      This used to be an Iconic brand of Hartford…now its just a MBA case study for badly run Management and greedy Board.

      utterly shameful!

  3. sue

    The only reason the stock is at $40 is the company did a reverse split some time back so it could keep its listing on the stock exchange

    1. Freddie Bumpkis

      they have ruined this company. stock was $17.50 IPO split adjusted $350

      now selling for $40 a far cry

      Good news is their performance bonuses went up faster than stock descent speed.

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