Triad Guaranty Inc (TGIC)

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News for 'TGIC' - (Triad Guaranty Inc. Commences Voluntary Chapter 11 Proceeding)

BIRMINGHAM, Ala., June 3, 2013 /PRNewswire via COMTEX/ -- Triad Guaranty Inc.
(the "Company") (OTC Pink: TGIC) announced today that it has filed a voluntary
petition for relief under Chapter 11 of the United State! s Bankruptcy Code (the
"Bankruptcy Code") in the United States Bankruptcy Court for the District of
Delaware. The Company also announced today that the Magistrate Judge for the
U.S. District Court of the Middle District of North Carolina issued an order
denying the Company's motion to dismiss the pending Phillips class action
lawsuit against the Company and two of its former officers alleging violations
of federal securities laws. As of today, the Company has not determined whether
to appeal this decision and intends to continue to vigorously defend itself in
this action.

As previously reported by the Company, on December 11, 2012, the Company's
mortgage insurer subsidiary, Triad Guaranty Insurance Corporation ("TGIC"), was
placed into rehabilitation, whereby the Illinois Department of Insurance was
vested with possession and control over all of TGIC's assets and operations. As
a result, the Company's Board of Directors has conclude! d that filing for Chapter
11 protection under the Bankruptcy Code is in the best interest of the Company's
stakeholders. The Company expects that this Chapter 11 proceeding will provide
it with the opportunity to pursue strategic alternatives to a liquidation.

On January 28, 2013, the Company deregistered its common stock under the
Securities Exchange Act of 1934 and ceased filing periodic reports with the SEC.
Following deregistration, the Company's common stock has been quoted on the OTC
Pink tier operated by OTC Markets Group, a centralized electronic quotation
service for over-the-counter securities. For more information, Company
stockholders may access the Company's website, www.triadguarantyinc.com.

SOURCE Triad Guaranty Inc.


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KEYWORD: Alabama

Delaware

North Carolina

INDUSTRY KEYWORD: FIN

OTC

SUBJECT CODE: BCY