Bond insurer Syncora Guarantee Inc. announced late Monday it has completed the comprehensive restructuring it began in July 2009, but contrary to earlier hopes the company is far from ready to recommence paying claims.

Syncora Guarantee is one of several monoline bond insurers whose balance sheets were wrecked when the structured finance products it guaranteed suffered heavy losses during the credit crisis. After posting a policyholder deficit of $2.6 billion at the end of 2008, the company initiated a massive restructuring to tear up its riskiest exposures in an attempt to free up capital it had reserved for paying claims.

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