The proposed sale of Executive Life Insurance Co. to a French investor group was approved yesterday by the California court overseeing the life insurance company's rehabilitation.

The court decision takes the saga of Executive Life another step closer to resolution, but it has no impact on the California Insurance Commissioner's appeal to disenfranchise municipal bondholders. The fate of $1.93 billion of bonds backed by the bankrupt life insurer's guaranteed investment contracts will be decided by the state's Second District Court of Appeals.

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