Bermuda-domiciled holding company Syncora has wrapped up the sale of Syncora Guarantee, its financial guarantee insurance subsidiary, to Star Insurance Holdings.
Star Insurance is an entity organised by GoldenTree Asset Management on behalf of GoldenTree’s managed funds and accounts.
Syncora has also announced plans to distribute 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.
