Replies to post #8591 on Syncora Holdings Ltd. (fka SYCRF)

[InvestorPM]

Nice find If I am not mistaken this has been a major issue hanging over Syncora's head in terms of liquidity mismatch

[InvestorPM]

From the Conference call in regards to Reliance Rail

With respect to Reliance Rail, we are very pleased to report that the parties to the transaction, including Syncora, have been working hard to facilitate a refinancing of the debt obligations related to the largest and one of our most complex credits. We are optimistic that a refinancing will occur and, if it does, that the net result will be a significant reduction in the risk of our insured portfolio, which should greatly improve our liquidity mismatch and the overall stability of our financial condition.

[DennyCrane550]

Excellent

[InvestorPM]

Reliance Rail Article in full

Reliance Rail is expected to finalise its $2 billion recapitalisation and refinancing next Tuesday with AMP Capital and IPP out of Britain.

The venture, one of the country’s largest outsourcing engineering services companies, is 49 per cent owned by Downer, 34 per cent by AMP Capital and 17 per cent by International Public Partnerships, which is owned by Amber Infrastructure.

The NSW state government had a right to buy all the equity for one dollar as part of an earlier deal to inject $175 million into the business after it had helped to stave off its collapse.

However, IPP and AMP Capital have now opted to buy out the state, offering to recapitalise, refinance and restructure the business, and take on the $2bn debt pile.

Under the deal, the NSW government will not have to inject any money into the business and it will receive extra maintenance facilities, which saves it spending on the new generations of trains.

Reliance Rail was a public-private partnership formed to build the NSW government’s Waratah trains.

AquAsia is working for the state government while Royal Bank of Canada is Reliance Rail’s adviser.