Final Expiration Date for Offer for RMBS Securities Insured by Syncora Guarantee Inc. Extended
Published June 28th, 2009
The BCP Voyager Master Funds SPC, Ltd., acting on behalf of and for the account of, the Distressed Opportunities Master Segregated Portfolio (the “Fund”), today announced that it has extended the expiration date of the Fund’s offer for 55 classes of residential mortgage backed securities (“RMBS”) insured by Syncora Guarantee Inc. (“Syncora Guarantee”) to 11:59 p.m., New York City time, on Friday, July 10, 2009. The offer will expire at that time, unless extended.
Certain Consent Prices Revised
The Fund has revised certain consent prices offered for each class of RMBS from those previously disclosed, subject to the conditions described in the offer. All Eligible RMBS Securities validly tendered as of 11:59 p.m. on June 26, 2009 will be accepted into the offer prior to any RMBS tendered on or after that time, subject to the conditions described in the offer. If there are only sufficient funds to accept a portion of the tendered RMBS of a given priority of acceptance, then tenders for that given priority of acceptance will be accepted pro rata.
Results of Offer as of June 26, 2009 and Status of Discussions with Holders of RMBS
The Fund also announced the results of the offer and the status of certain discussions with holders of RMBS as of June 26, 2009. As of June 26, tenders have been received in the offer and binding, non-binding and other agreements have been reached by the Fund and/or Syncora Guarantee and holders of RMBS to remediate RMBS exposures totaling 54.7 remediation points. RMBS representing 38.4 remediation points have been tendered into the offer, binding agreements have been reached by the Fund and/or Syncora Guarantee and RMBS holders to remediate RMBS exposures totaling 10.7 remediation points, subject to certain conditions, and non-binding agreements have been reached by the Fund and/or Syncora Guarantee and RMBS holders to remediate RMBS exposures totaling 5.5 remediation points. An agreement has been reached by the Fund and Syncora Guarantee and one RMBS holder to remediate RMBS exposures totaling 1.7 remediation points, in the event certain conditions are met.
