NU Online News Service, July 20, 3:47 p.m. EDT
Syncora Holdings Ltd. announced that its financial guarantee subsidiary, Syncora Guarantee Inc., has completed its restructuring after receiving approval from the New State Insurance Department on Friday.
As part of the approval process with the New York department, Syncora would certify with the department that any impairment to the policyholders' surplus was removed.
"We are pleased to announce this very significant and unprecedented restructuring in the financial guarantee industry. We expect that the successful completion of all the various transactions will restore Syncora Guarantee to positive policyholders' surplus," said Mike Esposito, chairman of Syncora's board of directors.
Upon the closing of the deal its financial counterparties acquired more than 30 million common shares of its stock.
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