Emerald Holding, Inc. has announced that it has received proceeds totalling $149.25m related to its previously announced insurance litigation settlement for cancelled events under the company’s 2020 and 2021 event cancellation insurance policies.
Of the $149.25m, $148.54m is expected to be recognised as Other Income, net for the third quarter of 2022.
In total, Emerald has submitted insurance claims under its 2020 and 2021 event cancellation insurance policies of approximately $348.4m, which represents the net amount of expected gross revenues less avoided costs for cancelled events scheduled to take place during 2020 and 2021. Including the $149.25m litigation settlement payment, Emerald has received total proceeds under the 2020 and 2021 event cancellation insurance policies of $372.9m.
Hervé Sedky (pictured), Emerald’s CEO commented: “We are pleased to have received the final proceeds relating to the settlement of our insurance litigation. The incremental cash not only helps further improve our already strong liquidity position but also allows us to focus all of our attention on building our business moving forward.”
Emerald runs over 140 annual events, matchmaking, and lead-generation services.
For more: https://www.emeraldx.com/.
