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Answer files for bankruptcy

January 23, 2008|From Times Wire Services

Answer Financial Inc., an Encino insurance broker that helps consumers buy insurance over the Internet and by phone, filed a bankruptcy petition with a plan to reorganize debts by converting some secured debt into new equity.

Elliott Associates, White Mountains Investments and PSC Holdings agreed to the plan, Answer said in documents filed Monday in Bankruptcy Court in Wilmington, Del. It listed assets of less than $10 million and debt of $50 million to $100 million.

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