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 occurs, SGI expects a positive effect on liquidity.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Syncora Guarantee Inc. is a wholly-owned subsidiary of Syncora Holdings Ltd. For additional information, please visit www.syncora.com.
Contacts
Scott Beinhacker
Syncora Holdings Ltd.
(212) 478-3400
investorrelations@scafg.com
Important Information and Forward Looking Statements
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These risks and uncertainties include, but are not limited to, the factors described in the Company's historical filings with the NYDFS, and in the Company's and Syncora Guarantee Inc.'s GAAP and statutory financial statements, as applicable, posted on its website at www.syncora.com. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made.