In addition, the Company announced that SCAI entered into a settlement agreement with an institutional counterparty, which included, among other things, the settlement of a dispute related to its guarantee of certain interest rate swaps issued with respect to the City of Detroit. As the Company's previously established loss reserves were in line with the related settlement amount, this transaction did not have a material effect on the Company's financial condition.
Finally, in June 2016, SGI sought approval from the New York Department of Financial Services ("NYDFS") for the June 2016 semi-annual payment of interest and other outstanding amounts on both the SGI short-term and SGI long-term surplus notes. The NYDFS did not approve such payments. Separately, in June 2016, SCAI sought (and received) approval from the NYDFS for payment of interest on the SCAI long-term surplus notes.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. Syncora Guarantee Inc. and Syncora Capital Assurance Inc. are wholly owned subsidiaries of Syncora Holdings Ltd.
Forward Looking Statements
This 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 filing with the New York Department of Financial Services, and in the Company's, Syncora Guarantee Inc.'s and Syncora Capital Assurance 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.
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SOURCE Syncora Holdings Ltd.