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 or more subsequent liquidating distributions of its remaining assets to shareholders in the future.
A proxy statement containing additional information regarding the special general meeting, the plan of liquidation and certain U.S. federal income tax considerations for U.S. shareholders will be sent to shareholders in advance of the special general meeting.
This press release contains statements about future results, plans and events that may constitute "forward-looking" statements within the meaning of the U.S. federal securities laws. Syncora cautions 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 Syncora's control. These risks and uncertainties include, but are not limited to, the factors described in Syncora's GAAP financial statements posted on its website at www.shlholdings.com. Readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date they are made. Syncora 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.
Source: Syncora Holdings Ltd.