Wilmington Trust Appointed to Unsecured Creditors’ Committee in FGIC Corporation Bankruptcy Case

Published on Wednesday, 08 September 2010 09:33 Written by TradersHuddle Staff

WILMINGTON, Del.-( Business Wire )-

Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, said today that it has been appointed by the United States Trustee to serve as a member of the unsecured creditors’ committee in the bankruptcy of FGIC Corporation (FGIC), which filed for Chapter 11 protection on August 3, 2010, in the United States Bankruptcy Court for the Southern District of New York.

Wilmington Trust is indenture trustee for holders of approximately $345.5 million of 6% senior subordinated notes due 2034. FGIC’s bankruptcy filing poses no credit or investment risk to Wilmington Trust, nor does it affect Wilmington Trust’s balance sheet. Wilmington Trust is paid a fee for the services it provides in this case.

Wilmington Trust has served as trustee for several of the largest corporate bankruptcies in American business history. The company’s CCS business offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. Because Wilmington Trust does not underwrite securities offerings or provide investment banking services, it is able to deliver corporate trust services that are conflict-free. CCS reported record-high quarterly revenue of $51.3 million for the 2010 second quarter, with $25.3 million coming from global corporate trust services. Through the first six months of this year, CCS’ total revenue of $99.3 million is approximately 23% ahead of the comparable total for the first six months of 2009.

Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory services to high-net-worth clients in 36 countries, and Corporate Client services to institutional clients in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. For more information, visit www.wilmingtontrust.com.

Wilmington Trust CorporationNews mediaBill BenintendePublic Relations302-651-8268wbenintende@wilmingtontrust.comorInvestors and analystsEllen J. RobertsInvestor This e-mail address is being protected from spambots. You need JavaScript enabled to view it.