Syncora Holdings Ltd. Announces Additional Information Regarding Proceeds of SGI Sale, as well as Timing of GAAP Financial Results Release for Nine Months Ended September 30, 2019
SYNCORA HOLDINGS LTD (SYCRF)
NASDAQ:AMEX Investor Relations:
syncora.com
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora”) today announced its intention to distribute 100% of the net sale proceeds from its previously announced agreement to sell Syncora Guarantee Inc. (“SGI”), its wholly-owned, New York financial guarantee insurance subsidiary, to Star Insurance Holdings LLC (“Star Insurance”), an entity organized by GoldenTree Asset Management LP (“GoldenTree”) on behalf of GoldenTree’s managed funds and accounts. As previously announced, Syncora agreed to sell SGI to Star Insurance for $429 million in cash, subject to adjustment. Costs associated with the sale, which include legal and advisory fees, compensation and severance costs, are expected to be up to $20 million. Management, together with its tax advisors, continues to analyze the applicable tax considerations arising in connection with the sale of SGI and the distribution to Syncora equity holders of the related net sales proceeds. These tax analyses invo
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