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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.

Media Contact:

Paul Scarpetta

Sard Verbinnen & Co.

212-687-8080

Annex 1

Alan Carr

Alan Carr (age 44) is an investment professional with almost 20 years of experience working from the principal and advisor side on complex, process-intensive financial situations. Mr. Carr is the founder of Drivetrain Advisors, a fiduciary services firm that supports the investment community in legally- and process-intensive investments as a representative, director, or trustee.  Prior to founding Drivetrain Advisors in 2013, Mr. Carr was a Managing Director at Strategic Value Partners, LLC ("Strategic Value Partners"), where he led financial restructurings for companies in North America and Europe, working in both the US and Europe over 9 years.  Mr. Carr joined Strategic Value Partners in 2003, where he served as Managing Director until he founded Drivetrain Advisors in 2013.  Prior to joining Strategic Value Partners, Mr. Carr was a corporate attorney at Skadden, Arps, Slate, Meagher & Flom, where he represented clients in various major transactions, including Mirant Corporation, Alamosa PCS, AES Corporation, America West Airlines, Global Crossing, and others.   Prior to that, he was an attorney at Ravin, Sarasohn, Baumgarten, Fisch & Rosen.  Mr. Carr currently serves on the Board of Directors of Tanker Investments Ltd., a publicly traded specialized investment company focused on the oil tanker market, a position he has held since January 2014.  Mr. Carr currently does and has previously served on various boards of private companies in North America, Europe and Asia. Mr. Carr's principal business address is 630 Third Avenue, 21st Floor; New York, New York 10017.

Spencer Wells

L. Spencer Wells (age 44) is currently a Partner at Drivetrain Advisors, a fiduciary services firm that supports the investment community in legally- and process-intensive investments as a representative, director, or trustee. Mr. Wells was formerly a Partner with TPG Special Situations Partners with joint responsibility for a multi-billion dollar portfolio of distressed credit investments. Prior to that, Mr. Wells was a Partner and Portfolio Manager for Silverpoint Capital and a Director with the Union Bank of Switzerland. Earlier in his career, Mr. Wells was a Vice President with Deutsche Bank and an Associate with Bankers Trust. Mr. Wells earned his M.B.A. with honors from Columbia University in 1997, and his B.A. from Wesleyan University in 1992.  Mr. Wells currently serves on the Board of Directors of Navig8 Crude Ltd., a private company formed to build and operate Very Large Crude Carriers, and Advanced Emissions Solutions, Inc. (NASDAQ: ADES), a leading developer and producer of clean coal technologies and the associated specialty chemicals.

SOURCE Brigade Capital Management, LP

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