Syncora Holdings Ltd. (SYCRF), a bond insurer seeking to restructure contracts on securities backed by subprime mortgages, said it would be late filing of financial statements with regulators.
Reporting its third-quarter financial statements to the Securities and Exchange Commission on time would create an unreasonable burden, Syncora said today in a statement issued on PRNewswire. The company plans to file on or before Nov. 17, and won't hold a conference call with investors, the statement said.
Syncora fell 10 cents, or 13 percent, to 65 cents at 10:09 a.m. in New York Stock Exchange composite trading. The Hamilton, Bermuda-based company's shares have dropped 90 percent over the last year.
On July 28, Syncora agreed to set aside $820 million to cover ``commuting, terminating, amending or restructuring existing agreements'' with counterparties.
Last month the bond insurer said it failed to reach an agreement with those banks to forbear on certain guarantees of securities backed by subprime mortgages that were written in the form of credit-default swaps.
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