Tag Archives: Assured Guaranty

Articles of Interest

Bankruptcy Lawyers See Land Of Opportunity In Detroit Crisis

Leave a comment

By The Huffington Post News Editors

By Nick Brown
July 21 (Reuters) – With more than $18 billion at stake in Detroit’s restructuring, big law firms and other advisers are clamoring to represent the city’s many creditors – including some advisers not exactly known for municipal work.
The city, which filed the largest-ever U.S. municipal bankruptcy on Thursday, tapped high-priced lawyers from Jones Day, financial advisers from Ernst & Young and restructuring consultants from Conway MacKenzie, court papers show.
For creditors and related parties, there is clearly a lot at stake. That means bondholders, insurers, retirees and others are sure to be accompanied in court by platoons of lawyers.
Detroit owes more than $8 billion in bond debt, and the insurers likely on the hook for those costs have already retained big-name law firms to take their cases.
Federal Guaranty Insurance Co tapped Weil Gotshal & Manges, according to a source close to the matter, who declined to be named because the information was not public as of Saturday. An attorney for Weil declined to comment.
David Dubrow, a lawyer at Arent Fox, confirmed on Saturday that he has been tapped by Ambac Financial Group.
And, according to the court’s electronic docket, Syncora hired Kirkland & Ellis, known for its corporate bankruptcy work, while Assured Guaranty retained Winston & Strawn, and National Public Finance Guarantee Corp hired Sidley Austin.
Bond insurers will play a key role in Detroit’s case. While a portion of the city’s $1.13 billion in general obligation bonds are secured by city assets, about $651 million of it is secured only by the ability to raise taxes. The city’s emergency manager, Kevyn Orr, has said he will treat that portion of the debt as an unsecured claim.
That classification, which has been largely untested in federal courts, is likely to be hotly contested and possibly litigated by bondholders or their insurers.
Detroit also owes $5.7 billion in unfunded healthcare and other benefits to retirees, and has …read more

Source: FULL ARTICLE at Huffington Post

Business, Finance, Occupation & Industry

Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Assured Guaranty and Xenia Rural Water District Reach Consensual Long-Term Financial Solution

NEW YORK–(BUSINESS WIRE)– Assured Guaranty Corp. (AGC) announced today that it has reached an agreement on a forbearance and restructuring plan with Xenia Rural Water District, Iowa. The plan provides for the full repayment of all claims made under the bond insurance policy for Xenia’s Water Revenue Bonds, Series 2006, while providing Xenia additional time to repay such amounts. At the same time, USDA Rural Development has agreed to restructure its outstanding loans with Xenia. These steps will help Xenia meet its future obligations and return to financial stability, as well as meet the needs of the customers of its water system. In addition, under the forbearance agreement the pending litigation between AGC and Xenia will be dismissed.

Robert Tucker, Managing Director, Investor Relations and Corporate Communications commented: “We are pleased that AGC, Xenia and USDA Rural Development have been able to agree on a restructuring plan. This restructuring is a good example of the way AGC is able to work with a distressed municipal debtor to achieve a consensual and long-term financial solution that addresses the needs of all parties. The holders of the Xenia bonds continued to receive scheduled payments under the AGC municipal bond insurance policy throughout this process and now have the benefit of both a stronger underlying credit and our insurance. We thank Xenia and USDA Rural Development for their assistance and efforts in reaching this resolution.”

The Xenia Policy was a “Covered Policy” under the Quota Share Reinsurance Agreement dated January 21, 2009 between AGC and CIFG Assurance North America, Inc. and was subsequently novated to AGC.

About AGC

AGC is a Maryland-domiciled insurance company regulated by the Maryland Insurance Administration and licensed to conduct financial guaranty insurance business in all 50 states of the United States, the District of Columbia and Puerto Rico. AGC commenced operations in 1988. AGC is a wholly owned, indirect subsidiary of Assured Guaranty Ltd. (“AGL“), a Bermuda-based holding company whose shares are publicly traded and are listed on the New York Stock Exchange under the symbol “AGO.” AGL, through its operating subsidiaries, provides credit enhancement products to the U.S. and international public finance, infrastructure finance and structured finance markets. Neither AGL nor any of its shareholders is obligated to pay any debts of AGC or any claims under any insurance policy issued by AGC.

Cautionary Statement …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Assured Guaranty Statement on Stockton's Chapter 9 Eligibility Ruling

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Assured Guaranty Statement on Stockton’s Chapter 9 Eligibility Ruling

Assured Guaranty Calls on City Leadership to Engage in Good-Faith Negotiations on a Plan That Treats All Stakeholders in a Fair and Equitable Manner

HAMILTON, Bermuda–(BUSINESS WIRE)– Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty) (NYS: AGO) stated today that it respectfully disagrees with the Court’s ruling that the City of Stockton met its burden of satisfying the Chapter 9 eligibility requirements. Further, Assured Guaranty believes that the proceedings last week demonstrated that the citizens and other stakeholders of Stockton will all benefit from a consensual approach that truly resolves the City’s financial predicament and treats all of Stockton’s stakeholders in a fair and equitable manner.

Assured Guaranty noted that Judge Klein stated that the question of eligibility was “very much of a preliminary hearing, much like a qualifying heat in a race for a sporting event.”

The Court also observed that the real, substantive issues posed by the City’s chapter 9 filing, including the ability of the City’s Ask to result in a fair, equitable and feasible Plan of Adjustment, will be addressed during the plan confirmation stage. Assured Guaranty believes that the City’s current Ask falls short of the fairness requirements mandated by Chapter 9.

Assured Guaranty remains committed to working with the City to find a productive path forward that addresses the challenges facing the City. For example, Assured Guaranty has identified a number of practical solutions that will allow the City to emerge from bankruptcy in a much stronger position than when it entered and believes these solutions provide a realistic avenue to reach a consensual resolution with all stakeholders. Together with Stockton’s taxpayers and residents, Assured Guaranty has a substantial interest in seeing the City emerge from its financial predicament as a viable and sustainable governmental enterprise for the long term. Assured Guaranty looks forward to the City working with it and all the other stakeholders on a collective approach to achieve that goal.

Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty or the Company) is a publicly traded Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty and its subsidiaries can be found at assuredguaranty.com.

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Assured Guaranty Ltd.'s Chief Executive Officer to Present at the J.P. Morgan 2013 Insurance Confere

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Assured Guaranty Ltd.’s Chief Executive Officer to Present at the J.P. Morgan 2013 Insurance Conference

HAMILTON, Bermuda–(BUSINESS WIRE)– Assured Guaranty Ltd. (the Company) (NYS: AGO) announced today that Dominic Frederico, President and Chief Executive Officer, is scheduled to present at the J.P. Morgan 2013 Insurance Conference on Thursday, March 21, 2013 at 9:45 a.m. Eastern Time. The conference will take place at the J.P. Morgan Conference Center located at 383 Madison Avenue in New York City.

A webcast of the presentation and a downloadable slideshow will be made available shortly before the presentation begins on the Company’s website at: assuredguaranty.com/presentations. In addition, a replay of the event will be available on the Company’s website for 60 days following the presentation.

Assured Guaranty Ltd. is a publicly traded Bermuda-based holding company. Its operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets. More information on Assured Guaranty and its subsidiaries can be found at assuredguaranty.com.

Assured Guaranty Ltd.
Robert Tucker, 212-339-0861
Managing Director, Investor Relations and Corporate Communications
rtucker@assuredguaranty.com
or
Ross Aron, 212-261-5509
Vice President, Equity Investor Relations
raron@assuredguaranty.com
or
Media:
Ashweeta Durani, 212-408-6042
Vice President, Corporate Communications
adurani@assuredguaranty.com

KEYWORDS:   United States  Bermuda  North America  Canada  Caribbean  New York

INDUSTRY KEYWORDS:

The article Assured Guaranty Ltd.’s Chief Executive Officer to Present at the J.P. Morgan 2013 Insurance Conference originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

(function(c,a){window.mixpanel=a;var b,d,h,e;b=c.createElement(“script”);
b.type=”text/javascript”;b.async=!0;b.src=(“https:”===c.location.protocol?”https:”:”http:”)+
‘//cdn.mxpnl.com/libs/mixpanel-2.2.min.js’;d=c.getElementsByTagName(“script”)[0];
d.parentNode.insertBefore(b,d);a._i=[];a.init=function(b,c,f){function d(a,b){
var c=b.split(“.”);2==c.length&&(a=a[c[0]],b=c[1]);a[b]=function(){a.push([b].concat(
Array.prototype.slice.call(arguments,0)))}}var g=a;”undefined”!==typeof f?g=a[f]=[]:
f=”mixpanel”;g.people=g.people||[];h=[‘disable’,’track’,’track_pageview’,’track_links’,
‘track_forms’,’register’,’register_once’,’unregister’,’identify’,’alias’,’name_tag’,
‘set_config’,’people.set’,’people.increment’];for(e=0;e<h.length;e++)d(g,h[e]);
a._i.push([b,c,f])};a.__SV=1.2;})(document,window.mixpanel||[]);
mixpanel.init("9659875b92ba8fa639ba476aedbb73b9");

function addEvent(obj, evType, fn, useCapture){
if (obj.addEventListener){
…read more
Source: FULL ARTICLE at DailyFinance