NU Online News Service, April 13, 2:50 p.m. EDT
Financially troubled Bermuda-based surety insurer Syncora Holdings Ltd. has been delisted from the New York Stock Exchange and will no longer file as a publicly traded company, the firm announced.
In a filing with the Securities and Exchange Commission Friday, the company said it would no longer file reports with the agency.
The company said in a statement that it would no longer trade common and preferred stocks. The company said it expects the deregistration of its shares to take about 90 days.
The news comes on the heels of an announcement earlier last week that one of the members of its board of directors, Edward J. Muhl, resigned from the board. No reason was given.
The company was delisted from the New York Stock Exchange on April 7, according to a filing. A company is removed from the exchange when it does not trade at more than $1 a share for more than 30 consecutive days. In the filing the company said its stock was worth 1 cent a share at the time of the delisting. The more than 65 million shares had a market cap value of over $10 million.
Syncora experienced problems over its involvement in credit default swaps. The company, which was once part of XL, has said in the previous financial filings that it may not be able continue if it does not reach agreements to relieve it of its financial burdens under the CDS obligations.
Syncora said it would periodically supply financial information on its Web site while the deregistration takes place, and its stocks will be available for trade. The stock is currently traded on the OTC exchange.
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