TITLE

CIFG Sues Assured Over Xema Bonds

AUTHOR(S)
Shields, Yvette
PUB. DATE
July 2010
SOURCE
Bond Buyer;7/27/2010, Vol. 373 Issue 33356, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that CIFG Assurance North America Inc. has sued Assured Guaranty Corp. with breach of contract for its failure on its obligation to cover the policy on 83.3 million dollars of Xenia Iowa Rural Water District bonds in New York City. CIFG claimed that Assured refused to cover the 69,000 dollars shortfall in debt service owed to Xenia bondholders. However, Xenia has sought debt relief as part of a workout plan that includes a sale of its assets to restore its solvency.
ACCESSION #
52721938

 

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