Syncora Holdings Ltd. Announces Increased Cash Purchase Price for Syncora Guarantee Inc. of $429 Million
SYNCORA HOLDINGS LTD (SYCRF)
NASDAQ:AMEX Investor Relations:
syncora.com
Company Research
Source: GlobeNewswire
HAMILTON, Bermuda, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Syncora Holdings Ltd. (“Syncora”) today announced that it has entered into an amended agreement with Star Insurance Holdings LLC (“Star Insurance”), an entity organized by GoldenTree Asset Management LP (“GoldenTree”) on behalf of GoldenTree’s managed funds and accounts, for Syncora’s previously announced sale of Syncora Guarantee Inc. (“SGI”) pursuant to which the purchase price has been increased by $36.5 Million to $429 million in cash, subject to adjustment. In addition to the increased cash purchase price, Star Insurance will assume all of the obligations of SGI under the Pass-Through Trust Preferred Securities issued by the Twin Reefs Pass-Through Trust. In addition to the sale proceeds, following closing of the sale, Syncora also expects to have assets, excluding any value attributed to its net operating loss carryforwards, valued between approximately $45 million and $60 million, primarily consisting of cash and investm
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