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Assured Guaranty downplays Supreme Court refusing special revenue appeal

Assured Guaranty Ltd. said the U.S. Supreme Court declining to hear its appeal of a lower court's decision regarding payment of special revenues will not have a major impact on the company.

The First Circuit Court of Appeals had ruled that the U.S. Bankruptcy Code permits, but does not require, continued payment of special revenues by a debtor while bankruptcy proceedings are pending. Assured Guaranty said the appellate court ruling impacts only the timing of the application of special revenues to the payment of debt, and will not adversely affect the validity of liens on special revenues.

The company added that, as a secured creditor whose lien survives a bankruptcy filing, it will be entitled to a distribution of its special revenue collateral at the end of a case, upon confirmation of the debtor's plan of adjustment.

The insurer also said that the decision is binding precedent only in the First Circuit, which consists of Maine, Massachusetts, New Hampshire, Puerto Rico and Rhode Island.

Separately, Assured Guaranty stated that creditors may still seek automatic stay relief to enforce the application of pledged special revenues to the payment of debt if there is evidence that the pledged bond collateral is being diminished while payments are withheld during the bankruptcy proceedings.

Creditors can enforce their liens on special revenues while a bankruptcy proceeding is pending, it added.