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In return for cancelling $3.7 billion-worth of policies it wrote but was having difficulty honouring, XL will pay Merrill $500m.
Harris was proposing to buy the club for a similar figure, £700,000, then initially have Portsmouth rent the ground, from Portpin, which would accept owning Fratton Park in return for cancelling the £18.6m owed to it.
Johnson has lately gorged on publicity for (quite rightly) asking President Obama to get his London embassy to cough up the £5.5m in congestion charges it has declined to pay over the years or at least to start paying the charge now in return for cancelling the historic debt.
Tui Travel is also headed south, down 23p at 253.75p, on reports that its 51% shareholder Tui AG - also based in Germany - is looking to reclaim the firm's Continental European operations in return for cancelling over €1bn of debts it is owed by the agency.
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In return for canceling $200,000 in debt, he was given one million shares of convertible preferred stock, whose terms were not disclosed.
In such a deal, the beneficiary of insurance — in this case the banks as owners of securities insured by MBIA — agree to accept a payment now in return for canceling the insurance.
If a company had granted options at $20, for example, and the stock was now trading at $10, it could give employees outright ownership of a smaller number of $10 shares in return for canceling their $20 options.
The Arab League is planning an emergency meeting on Saturday in Cairo for its 22 member countries to discuss a proposal submitted by Syria to allow Arab military and civilian observers into the country in return for canceling economic sanctions that the Arab League imposed last month.
Very disappointed in @UniOfYork for cancelling #InternationalMensDay.
Specify the reason for cancelling the bid.
She made a number of routine preparations for her imminent return to California, cancelling her membership of the local gym and e-mailing her parents about her travel plans.
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