MBIA Inc. (NYSE:MBI, Financial) (the Company) today reported that on December 16, 2022, the Company’s wholly-owned indirect subsidiary, National Public Finance Guarantee Corporation (“National”) entered into an agreement in principle with the Financial Oversight & Management Board for Puerto Rico ("FOMB") relating to National's claim in the Title III proceeding of the Puerto Rico Electric Power Authority ("PREPA"). The FOMB's December 16, 2022 press release announcing the filing of the PREPA Plan of Adjustment referred to the agreement in principle, which remains subject to documentation, but no description of its terms. Bill Fallon, MBIA’s Chief Executive Officer noted, “We are pleased to have reached an agreement in principle with regards to PREPA, National's last remaining material Puerto Rico credit. While the agreement remains subject to documentation and inclusion in a Plan that must be confirmed by the Title III Court, we believe this is a positive development that further positions National to achieve a permanent resolution of PREPA and the Company to take important steps to enhance shareholder value."
MBIA Inc. Subsidiary, National Public Finance Guarantee Corporation, Enters Into Agreement In Principle Regarding Puerto Rico Electric Power Authority
Dec 19, 2022
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