New York – July 17, 2009 – LawFuel.com – Debevoise & Plimpton LLP is advising Syncora Holdings Ltd. and its wholly-owned, New York financial guarantee subsidiary, Syncora Guarantee Inc. (“the Company”), in connection with the Company’s comprehensive restructuring. The Company has announced that the restructuring will effectively relieve the Company of approximately $6.0 billion in losses and loss reserves. The Company expects that the successful remediation of its policyholders’ surplus deficit will allow the Company to return to compliance with the New York State Insurance Department’s minimum policyholders’ surplus requirement of $65 million.
Syncora Holdings Ltd. is a Bermuda-domiciled holding company. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team is led by partner Steven Ostner and included partners Wolcott B. Dunham, Jr., Steven R. Gross, Jeremy Hill, George E.B. Maguire, Jasmine Powers and Steven J. Slutzky, of counsel Hugh Rowland, Jr., counsel John Dembeck and associates David Grosgold, Mariana T. Franca Pereira, Erin Cleary, Jeremy B. Smith, Christopher Rosekrans and Derek P. Alexander.