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Brigade Requests Special General Meeting Of Syncora Preference Shareholders And Nominates Carr And Wells As Directors

NEW YORK, Aug. 6, 2014 /PRNewswire/ -- Brigade Capital Management, LP ("Brigade"), on behalf of funds and accounts it manages, holds Series A Preference Shares (CUSIP: 81413UAB0) in Syncora Holdings Ltd ("Syncora") ("Preference Shares") and has requested Syncora to convene a special general meeting of holders of Preference Shares to elect two nominees for appointment to Syncora's Board of Directors. Brigade has nominated Alan Carr and Spencer Wells as Directors of Syncora. The biographies of Messrs. Carr and Wells are attached as Annex 1 hereto. 

Brigade's request for the special general meeting was made pursuant to the terms of the Preference Shares, which provide that if at any time dividends payable on the Preference Shares have not been paid in an aggregate amount equivalent to six or more full quarterly periods, the holders of Preference Shares are entitled to elect two persons for appointment to the Board of Directors.  As of today, dividends payable on the Preference Shares have not been paid in an aggregate amount equivalent to six or more full quarterly periods.

Syncora has informed Brigade that the special general meeting will be held on September 3, with a record date of August 18, 2014.

About Brigade Capital Management

Brigade Capital Management, LP is an SEC-registered investment advisor focusing on investing in the global high-yield market.  The firm was founded by Donald E. Morgan and Patrick W. Kelly in 2006 and is headquartered in New York City with a research office in Zurich.  The firm employs a multi-strategy, multi-asset class investment approach focused on leveraged balance sheets.  The core strategies include long/short credit, distressed debt, capital structure arbitrage and leveraged equities.  Brigade Capital Management, LP's investment process is fundamentally driven, focusing on asset coverage and free cash flow, with an emphasis on capital preservation.  The team possesses deep sector expertise throughout the entire leveraged finance market and has extensive experience in capital restructurings and bankruptcy reorganization.

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