Stream Claims Services has finalised its merger with Cerno by issuing more than 6 million class-A performance shares to the loss adjuster’s shareholders.

However, conversion of all third-party Cerno shareholders’ debt was not accepted by shareholders, and that part of the offer has been withdrawn.

Stream CEO Paul Lynch says it is critical that agreement on this issue is reached.

“We believe debt-holders and Stream will reach an amicable solution to ensure the future success of the business,” he said.

The Cerno brand will be retired and replaced by Stream.