Syncora Joins PREPA Restructuring Support Agreement
SYNCORA HOLDINGS LTD (SYCRF)
NASDAQ:AMEX Investor Relations:
syncora.com
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (the “Company”) today announced that Syncora Guarantee Inc. (“SGI”), its wholly owned, New York financial guarantee insurance subsidiary, agreed to join the definitive restructuring support agreement (“RSA”) with the Puerto Rico Electric Power Authority (“PREPA”), the Puerto Rico Financial Agency and Financial Advisory Authority, the Financial Oversight and Management Board for Puerto Rico, certain holders of uninsured PREPA bonds, and other monoline financial guarantee insurance companies. The closing of the restructuring contemplated by the RSA remains subject to a number of conditions, including approval of the RSA by the court presiding over PREPA’s Title III case. Although the effects of the PREPA RSA were largely reflected in the Company’s second quarter financial statements, as a result of entering into the RSA, SGI expects a further positive effect on its surplus and, if and when such closing occu
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