The PMI Group, Inc. Announces Emergence From Bankruptcy

NEW YORK, Oct. 1, 2013 /PRNewswire/ -- The PMI Group, Inc. ("TPG") announced that it has successfully emerged from bankruptcy protection effective today.  TPG filed its chapter 11 plan of reorganization on April 30, 2013 (as amended on June 3, 2013 and September 26, 2013, the "Plan"), and the Plan was confirmed by order of the United States Bankruptcy Court for the District of Delaware dated July 25, 2013 (the "Confirmation Order"). Pursuant to the Plan, distributions of cash or cash and stock in reorganized TPG, as applicable, will be forthcoming to claimants that held valid and allowed claims as of 5 p.m., EDT, on October 1, 2013.

"Throughout the reorganization process, the company's executives, board and professional advisors, along with its creditors' committee and its advisors, worked effectively together to unlock tens of millions of dollars of value and substantially improve recoveries for creditors," said David W. Prager, TPG's Chief Executive Officer. "Today's milestone marks the successful culmination of these efforts."

TPG was advised by its restructuring advisors at Goldin Associates, LLC and its attorneys at Young Conaway Stargatt & Taylor, LLP and Sullivan & Cromwell LLP.  The Creditors' Committee for TPG was advised by its attorneys at Morrison & Foerster LLP and Womble Carlyle Sandridge & Rice, LLP and its financial advisors at Peter J. Solomon Company. TPG's bankruptcy filings, including the Plan and Confirmation Order, can be found at http://www.kccllc.net/PMI. 

Contact:  David Prager
               Goldin Associates, LLC
               212-593-2255
               [email protected]

SOURCE The PMI Group, Inc.

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