PHL Insurance Faces Liquidation as Rehab Fails

PHL Insurance, a company bought by Golden Gate Capital, is in big trouble.

The state regulators tried to fix it, but it's in worse shape than they thought.

Now, they might have to close it down.

This means policyholders might not get all their money back.

The company and Golden Gate say it's not their fault, but the regulators might still sue them.

There's a safety net for policyholders, but it's limited.

The regulators are trying to find a way to get more money for the people who bought insurance from PHL.