CIFG says it has reached a deal with more than 75%  (based on par amount outstanding) of its credit default swap counterparties and holders of its wrapped bonds. The deal will result in $12 billion of notional ABS CDO and CRE CDOs being commuted in return for an unspecified cash payment and equity in the company. It will also seek to reinsure its public finance portfolio with an unnamed double A rated insurer. The deal will need to be approved by 100% of counterparties on CIFG’s ABS CDOs.