UPDATE: Tower pours Canterbury quake claims into 'bad bank', in talks over capital needs

Tue, 29 Nov 2016

(Adds comments from CEO Harding throughout, updates shares) By Tina Morrison and Jonathan Underhill Nov. 29 (BusinessDesk) - Tower said it will separate its liabilities and receivables from the Canterbury earthquakes into a separate 'bad bank' structure and "aggressively pursue" recoveries from the EQC and reinsurer Peak Re that amount to about $101 million. RunOff Co will own all of Tower's Canterbury-related liabilities and assets - 564 claims for which it has made a gross provision of $149 million (net of about $40 million) and two...

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