Syncora Holdings  said yesterday its discussions with banks to commute $52.9 billion in credit default swap exposures highlight its second phase of restructuring, its "primary objective" in the near term.

Syncora will focus on capital preservation, risk reduction, and expense management during this part of its restructuring, as well as protecting municipal policyholders, said Susan Comparato, Syncora's general counsel, during an earnings conference call yesterday.

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