FGIC Announces Results of Joinders to the Transaction Support Agreement
07/10/24, 5:08 PM
Location
Money
$1.84 billion
Industry
insurance
financial services
Type
agreement
Financial Guaranty Insurance Company (“FGIC”) announced the results of its joinder process for beneficial owners of certain FGIC-insured instruments and units (“Owners”) to join the Transaction Support Agreement. The TSA provides for a transaction (the “Proposed Transaction”) that will accelerate the current long-term run-off of FGIC’s insured portfolio pursuant to the First Amended Plan of Rehabilitation for FGIC, dated June 4, 2013. The total gross amount of Permitted Policy Distributions that will be payable by FGIC to satisfy and discharge such policies is estimated to be approximately $1.841 billion.