Pac Rim Shareholders OK Capitalization Deal
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WOODLAND HILLS — Shareholders of Pac Rim Holding Corp. on Monday approved a previously announced deal that will pump $20 million into a wholly owned subsidiary that writes workers’ compensation insurance in California.
The cash infusion is being made by PRAC Ltd., an investment partnership controlled by Newport Beach investor Richard Pickup. In return, PRAC and Pickup will receive convertible debentures and warrants for common stock of Woodland Hills-based Pac Rim Holding Corp.
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