The FSA has published a short update on Lifemark S.A. (Lifemark). The FSA reports that on 11 February 2010, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the CSSF), applied to the Court in Luxembourg to extend the appointment of Eric Collard of KPMG as provisional administrator in respect of Lifemark.
The provisional administrator controls and monitors the activities of Lifemark to objectively look after the interests of the company, its creditors and investors. KPMG will remain in place as provisional administrator for the next six months and shall have extensive management powers. This is not an insolvency procedure.
View Update on Lifemark, 16 February 2010