The Phoenix Companies Reports Success of Consent Solicitation, Says Will Give Restatement Update by June 30th

The Phoenix Companies, Inc. PNX today announced the consent of bondholders holding the majority in principal amount of its 7.45% Quarterly Interest Bonds due 2032 (CUSIP 71902E 20 8) PFX to amend the indenture governing the bonds and provide a related waiver. The consents received represent approximately 60% of the outstanding principal amount. The approval of the amendments and waiver allows Phoenix to extend the date for providing the bond trustee with its third quarter 2012 Form 10-Q, 2012 Form 10-K, and its quarterly reports on Form 10-Q for the first, second and third quarters of 2013 to December 31, 2013. Today, Phoenix said that the previously announced restatement continues to move forward. The company now intends to provide an update on the progress of the restatement on or before June 30, 2013 and, when available, the estimated financial impact of the restatement. As previously reported, Phoenix is restating GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012 and, as a result, has or will delay filing its third quarter 2012 Form 10-Q, 2012 Form 10-K and first quarter 2013 Form 10-Q with the Securities and Exchange Commission (SEC) and the bond trustee. Phoenix also believes it may not be able to timely file its Forms 10-Q for the second and third quarters of 2013. After Phoenix announced the restatement on November 8, 2012, the company provided updates on the process on March 15, 2013 and April 24, 2013. On May 15, 2013, the company provided highlights of unaudited statutory results for Phoenix Life Insurance Company and estimated operating metrics for The Phoenix Companies, Inc. for the first quarter of 2013.