Lifemark kept in administration for six more months

The Commission de Surveillance du Secteur Financier (CSSF) made the request to the Luxembourg district court on 12 August. KPMG's Eric Collard, the fund's administrator, will continue to manage the financial restructuring of Lifemark with extensive management powers, in order to plug its short term liquidity problem and avoid insolvency. The court has confirmed the measure to extend Lifemark's administration period is in itself is not to be considered as an insolvency procedure. It says the CSSF and the FSA are continuously working together in "close co-operation" in regard to Life...