The BCP Voyager Master Funds SPC, acting on behalf of and for the account of the Distressed Opportunities Master Segregated Portfolio, extended the expiration date of the fund’s offer for 55 classes of RMBS insured by Syncora Guarantee to June 4.   The holders of RMBS that have tendered or that will tender their holdings will no longer be able to withdraw their tendered RMBS unless the deadline is extended.   The New York State Department of Insurance has been informed of the offer, and is talking with Syncora about the insurance firm’s plan for overall restructuring. The current offer and related financing depend on several factors. These are the consummation of an agreement between Syncora and certain counterparties to Syncora’s credit default swap transactions as well as financial guarantee insurance policies. There are also the tender of a minimum amount of RMBS and other conditions.   Syncora has agreed to provide financing of up to $375 million for the offer, which includes transaction fees and costs. The RMBS holders may also tender their securities and receive a cash payment as well as a certificate representing the economics of RMBS without the Syncora Guarantee insurance policy.   As of June 3, tenders have been received in the offer and non-binding agreements have been reached by the fund or Syncora Guarantee and the holders of RMBS to remediate RMBS exposures totaling 27.4 remediation points. RMBS representing 16.3 remediation points have been tendered into the offer and non-binding agreements have been reached by the fund or Syncora Guarantee and holders of RMBS to remediate RMBS exposures totaling 11.1 remediation points.   The fund and Syncora Guarantee are in continuing discussions with numerous other holders of RMBS as the offer continues.

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