Syncora Holdings Ltd. Announces Closing of SGI Sale and Timing of Distribution of Sale Proceeds
SYNCORA HOLDINGS LTD (SYCRF)
NASDAQ:AMEX Investor Relations:
syncora.com
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Dec. 30, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora”) today announced the closing of the previously announced sale of 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. In addition, Syncora today announced that it anticipates distributing the net proceeds of sale together with a portion of its remaining liquid assets, which Syncora estimates will total approximately $415 million in the aggregate, shortly following the approval of a plan of liquidation by its board of directors and by its shareholders at a special general meeting expected to be held in January 2020. The plan of liquidation is intended to qualify as a plan of liquidation under Section 331 of the Internal Revenue Code of 1986, as amended. Syncora expects to make one
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