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Mirae Says Virus No Excuse for Closures Threatening Anbang Deal

May 7, 2020, 4:18 PM

Mirae Asset Global Investment Co. fired back at claims that it’s using bad-faith excuses to break a $5.8 billion hotel chain sale over coronavirus concerns, arguing in Delaware court that Anbang Insurance Group Co. breached the deal by shuttering hotels in the face of the pandemic.

That the closures came “in response to the current health crisis is irrelevant,” Mirae says in court papers filed Wednesday. “Whatever the impetus, the changes breached the contract.”

Anbang, a Chinese insurer that recently restructured as a Dajia Insurance Group subsidiary, sued Mirae in the Chancery Court late last month, arguing that the South...

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