LandAmerica gets court OK to sell Fidelity National stock

Fri Feb 27, 2009 9:53pm EST

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Feb 27 (Reuters) - A U.S. bankruptcy judge on Thursday granted a motion filed by bankrupt title insurer LandAmerica Financial Group Inc LFGRQ.PK allowing it to sell its stake in Fidelity National Financial Inc (FNF.N), court documents showed.

In a filing earlier this month LandAmerica said it had discussed the option of selling the stock with its creditors committee.

LandAmerica said it would inform the court of the net price it received for the stock after the completion of the sale.

Late in November, LandAmerica filed for Chapter 11 bankruptcy protection and agreed to sell its largest underwriting businesses, after bigger rival Fidelity National withdrew a $126 million takeover offer extended earlier in the month.

The case is in Re: LandAmerica Financial Group et al, U.S. Bankruptcy Court, Eastern District of Virginia, Case no. 08-35994. (Reporting by Santosh Nadgir in Bangalore; editing by Carol Bishopric)

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