Bermuda-based life reinsurance specialist Scottish Re Group Ltd. hopes to complete its $600-million rescue deal with two private equity firms within the next four weeks.

MassMutual Capital Partners and affiliates of Cerberus Capital Management will each invest $300 million into the company in a takeover that has saved Scottish Re from bankruptcy.

MassMutual Capital and Cerberus will have a controlling voting equity interest in the company after the transaction is closed. Scottish Re has received notice that the Delaware Department of Insurance approval hearing for the transaction is scheduled for April 26, 2007.

Upon receiving final regulatory approval from the Delaware Department of Insurance, as well as the NASD and South Carolina Department of Insurance, all regulatory approvals needed to close the transaction will have been received.

Paul Goldean, Scottish Re’s chief executive officer, said: “The regulatory approval process is proceeding as planned and we look forward to closing the transaction during the first part of May 2007.”