NEW YORK (Reuters) – Bond insurer MBIA Inc is working with law firm Weil Gotshal & Manges as it seeks to avoid possible rehabilitation of its structured finance unit by a New York regulator, a source familiar with the matter said Friday.
The Armonk, New York-based company previously disclosed in its annual report in February that its structured finance unit could be forced into liquidation or rehabilitation.
The New York State Department of Financial Services, which regulates New York insurers, has the power to put MBIA into a process known as rehabilitation, by which it can take control of a regulated insurer if it does not have sufficient cash.
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