Mbia Inc 8-K, filed Feb 2, 2023
Mbia Inc (MBI)
About this 8-K
Mbia Inc filed this 8-K on February 2, 2023.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Forward-Looking Statements
Any forward-looking statements made in this Form 8-K reflect MBIA Inc.’s (the “Company”) current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from adverse developments in Puerto Rico or at PREPA, an inability or failure of creditors to negotiate and implement a consensual restructuring, litigation that has already been initiated or may be initiated in the future, governmental or legislative action or inaction by Puerto Rico or the United States, other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in the Company’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of January 31, 2023. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Item 8.01 | Other Events. |
On January 31, 2023, the Company’s wholly-owned subsidiary National Public Finance Guarantee Corporation (“National”) entered into the PREPA Plan Support Agreement (“PSA”) with the Financial Oversight and Management Board for Puerto Rico (“FOMB”), on behalf of itself and as the sole Title III representative of the Puerto Rico Electric Power Authority (“PREPA”).
The PSA provides, among other things, for the consensual resolution of the treatment of claims held by National related to insured PREPA revenue bonds in PREPA’s Plan of Adjustment filed with the Title III Court on December 16, 2022 (as amended, the “Plan”) and the settlement of National’s participation in litigation related to such claims. The PSA provides that, upon the effective date of the Plan, National shall receive in exchange for its bond and reimbursement claims newly issued PREPA secured revenue bonds together with certain fees and expense reimbursement payments, including an interim payment subject to regulatory approval. The PSA also provides National with the potential to receive additional consideration. National expects the FOMB to file an Amended Plan of Adjustment to reflect the entry into the PSA and the settlement described therein. The PSA remains subject to a number of conditions, including (but not limited to) the Title III Court’s approval of any such Amended Plan of Adjustment, and confirmation and effectiveness of such Amended Plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MBIA INC. | ||
| By: | /s/ Jonathan C. Harris | |
| Jonathan C. Harris | ||
| General Counsel | ||
Date: February 2, 2023