Fund Extends Tender Offer Deadline Again

The fund trying to buy mortgage bonds insured by Syncora Guarantee Inc. to relieve the bond insurer's exposure to risky structured deals extended the deadline for its tender offer on Friday for the third time in a week.

The new deadline is July 10 at 11:59 p.m. Eastern Daylight Time.

BCP Voyager Master Funds SPC Ltd., acting on behalf of the Distressed Opportunities Master Segregated Portfolio, in March offered to purchase from bondholders 56 residential mortgage-backed securities insured by Syncora with a face value of $5.9 billion.

The idea was to reduce the money Syncora needed to commit to cover expected losses on these insured bonds.

In the 24 hours since the last extension of the deadline, the fund purchasing the securities reported no increase in the face value of bonds tendered or the "remediation points" the company uses to describe the amount of potential claims losses taken off its books by buying insured bonds.

 

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER