CIFG Holding, the holding company for CIFG’s financial guaranty subsidiaries, said that it, along with its principal shareholders, Banque Populaire Group and Caisse d’Epargne Group, has reached a final settlement with credit default swap (CDS) counterparties and bondholders holding 98% of its gross par outstanding of ABS CDO exposures and certain specified CRE CDO exposures.

The agreement commutes around $12 billion in notional ABS CDO and CRE CDO exposures in exchange for a cash payment and equity.

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