Mutual Risk Management (MRM) Ltd. must wait another month to find out whether its creditors will approve a scheme of arrangement proposed last December in the Supreme Court.

The proposal would affect $198 million in debt, comprising of $110 million in bank debt and $88 million owed to MRM debenture holders.

If the proposal is approved, it would mark one of the final stages in MRM's efforts to extricate its ongoing captive management and brokerage business from its defunct programme insurance operations.

"The hearing has been deferred until March 5," MRM chairman David Ezekiel told The Royal Gazette on Friday.

The proposal was originally set to be heard by MRM's creditors on February 5.