National Public Finance Guarantee Voluntarily Dismisses Adversary Proceeding Challenging the Commonwealth of Puerto Rico’s ...
October 06 2017 - 10:54PM
Business Wire
National Public Finance Guarantee Corporation (National), an
indirect subsidiary of MBIA Inc. (NYSE:MBI), today announced that,
together with the other plaintiffs in the case, it has voluntarily
dismissed without prejudice the adversary complaint filed on May 3,
2017 which challenged the Commonwealth of Puerto Rico’s fiscal plan
dated March 13, 2017.
“Hurricane Maria’s impact on lives, property and infrastructure
on the island of Puerto Rico is without precedent,” said Bill
Fallon, CEO of National Public Finance Guarantee Corporation. “With
the focus quite rightly on rescue, recovery and the restoration of
basic services to Puerto Rico’s citizens and a strong likelihood
that the existing fiscal plan will have to be amended in the wake
of the hurricane, we do not believe it would be appropriate to move
forward with the litigation at this time. As it has for more than
three decades, National will continue to support the people of
Puerto Rico and we look forward to working with the Commonwealth
and the Oversight Board on a revised fiscal plan that allows Puerto
Rico to rebuild its infrastructure, restore its fiscal health and
return to the municipal markets.”
Forward-Looking Statements
This release includes statements that are not historical or
current facts and are “forward-looking statements” made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The words “believe,” “anticipate,” “project,”
“plan,” “expect,” “estimate,” “intend,” “will likely result,”
“looking forward” or “will continue,” and similar expressions
identify forward-looking statements. These statements are subject
to certain risks and uncertainties that could cause actual results
to differ materially from historical earnings and those presently
anticipated or projected, including, among other factors, the
possibility that MBIA Inc. or National will experience increased
credit losses or impairments on public finance obligations issued
by state, local and territorial governments and finance authorities
that are experiencing unprecedented fiscal stress; the possibility
that loss reserve estimates are not adequate to cover potential
claims; MBIA Inc.’s or National’s ability to fully implement their
strategic plan; and changes in general economic and competitive
conditions. These and other factors that could affect financial
performance or could cause actual results to differ materially from
estimates contained in or underlying MBIA Inc.’s or National’s
forward-looking statements are discussed under the “Risk Factors”
section in MBIA Inc.’s most recent Annual Report on Form 10-K,
which may be updated or amended in MBIA Inc.’s subsequent filings
with the Securities and Exchange Commission. MBIA Inc. and National
caution readers not to place undue reliance on any such
forward-looking statements, which speak only to their respective
dates. National and MBIA Inc. undertake no obligation to publicly
correct or update any forward-looking statement if it later becomes
aware that such result is not likely to be achieved.
National Public Finance Guarantee Corporation, an indirect
subsidiary of MBIA Inc. (NYSE: MBI), is headquartered in Purchase,
New York and provides financial guarantee insurance for the U.S.
public finance market. Please visit National’s website at
www.nationalpfg.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171006005809/en/
National Public Finance Guarantee CorporationMedia:Greg
Diamond, 914-765-3190orFixed-Income Investor Relations:Kevin Brown,
914-765-3385orMBIA Inc.Investor and Media Relations:Greg
Diamond, 914-765-3190
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