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FGIC says gets multiple proposals for capital

Mon May 5, 2008 1:12pm EDT

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NEW YORK, May 5 (Reuters) - FGIC Corp, a bond insurer, said on Monday it had received proposals from a range of strategic partners, reinsurers and private equity firms to enhance its capital position.

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The company said it will discuss the proposals with potential investors over the next several weeks, while they complete their due diligence. Definitive proposals are expected to be submitted at the end of this period.

The company said it will work closely with the New York State insurance department throughout the process.

FGIC's owners include PMI Group (PMI.N), Blackstone Group (BX.N), Cypress Group and CIVC Partners LP. (Reporting by Paritosh Bansal; Editing by Brian Moss)

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