Penn Treaty Extends Deal Deadline

Penn Treaty American Corp. says it wants to push back a deadline that affects efforts to sell most of its operations to an unnamed buyer.

Penn Treaty, Allentown, Pa., is trying to extend until Feb. 28 the exclusivity period for a non-binding letter of intent to sell the buyer a majority interest in Penn Treaty’s American Network subsidiary, the company says.

The deal would include most Penn Treaty long term care insurance policies issued after Dec. 31, 2001.

The exclusivity period, which gives the company time to finalize the terms of the sale, was originally set to end Feb. 13.