Greenhill provides debt advice to Tower

Tower Group has hired bank Greenhill & Co to provide advice on repaying debt if the takeover by ACP Re collapses.

In a regulatory filing, Tower said that it had hired Greenhill as the Massachusetts Department of Insurance demanded a preliminary operations plan which must be submitted by June 1, 2014.

The plan must include detailed information describing the steps the company is taking to enable it to repay its convertible senior debt holders and continue operations as a going concern in the event its pending merger with ACP Re does not occur.