From Corbally/Syncora Press Release:
Syncora Holdings Ltd. Announces New Director Appointments
HAMILTON, Bermuda, Sept. 3, 2014 /PRNewswire/ -- Syncora Holdings Ltd. ("SHL" or the "Company") today announced that at a Special General Meeting of the Company's Series A Preference Shareholders held in Bermuda, two new Independent Directors, Messrs. Alan Carr and L. Spencer Wells, were elected by the Series A Preference Shareholders to join the Board of Syncora Holdings Ltd.
While elected by the holders of the Company's Series A Preference Shares, Messrs. Carr and Wells are obliged under Bermuda law to act in the best interests of the Company.
The election of Messrs. Carr and Wells remains subject to approval by the New York Department of Financial Services.
Once seated, Mr. Carr will serve as a Class I director and Mr. Wells will serve as a Class II director.
Alan Carr (age 44) is an investment professional with almost 20 years of experience working from the principal and advisor side on complex, process-intensive financial situations. Mr. Carr is the founder of Drivetrain Advisors, a fiduciary services firm that supports the investment community in legally- and process-intensive investments as a representative, director, or trustee. Prior to founding Drivetrain Advisors in 2013, Mr. Carr was a Managing Director at Strategic Value Partners, LLC ("Strategic Value Partners") where he led financial restructurings for companies in North America and Europe, working in both the U.S. and Europe over 9 years. Mr. Carr joined Strategic Value Partners in 2003, where he served as Managing Director until he founded Drivetrain Advisors in 2013. Prior to joining Strategic Value Partners, Mr. Carr was a corporate attorney at Skadden, Arps, Slate, Meagher & Flom, where he represented clients in various major transactions, including Mirant Corporation, Alamosa PCS, AES Corporation, America West Airlines, Global Crossing, and others.  Prior to that, he was an attorney at Ravin, Sarasohn, Baumgarten, Fisch & Rosen. Mr. Carr currently serves on the Board of Directors of Tanker Investments Ltd., a publicly traded specialized investment company focused on the oil tanker market, a position he has held since January 2014. Mr. Carr currently does and has previously served on various boards of private companies in North America, Europe and Asia. Mr. Carr's principal business address is 630 Third Avenue, 21st Floor; New York, New York 10017.
Spencer Wells (age 44) is currently a Partner at Drivetrain Advisors, a fiduciary services firm that supports the investment community in legally- and process-intensive investments as a representative, director, or trustee. Mr. Wells was formerly a Partner with TPG Special Situations Partners with joint responsibility for a multi-billion dollar portfolio of distressed credit investments. Prior to that, Mr. Wells was a Partner and Portfolio Manager for Silverpoint Capital and a Director with the Union Bank of Switzerland. Earlier in his career, Mr. Wells was a Vice President with Deutsche Bank and an Associate with Bankers Trust. Mr. Wells earned his M.B.A. with honors from Columbia University in 1997, and his B.A. from Wesleyan University in 1992. Mr. Wells currently serves on the Board of Directors of Navig8 Crude Ltd., a private company formed to build and operate Very Large Crude Carriers, and Advanced Emissions Solutions, Inc. (NASDAD: ADES), a leading developer and producer of clean coal technologies and the associated specialty chemicals.
About Syncora Holdings Ltd.
Syncora Holdings Ltd. (OTC: SYCRF) is a Bermuda-domiciled holding company. For more information, please visit www.syncora.com.
Investor and media contact:
Michael Corbally
+1 212-478-3400
