NEW YORK (Bloomberg) - Syncora Holdings Ltd. said its financial guarantee subsidiary, Syncora Guarantee Inc., completed most of the steps of its restructuring, wiping out $6 billion of losses on mortgage-backed securities.

Syncora expects to be in compliance with regulatory guidelines, allowing it to resume paying claims, the Hamilton, Bermuda-based company said on Friday in a statement distributed by PR Newswire.

The bond insurer would have reported a deficit in its statutory surplus of around $4 billion for the period ended June 30 had it not completed the transactions.

Syncora has been restricted by New York regulators from paying any claims since April 10.

The company was stripped of its top credit ratings last year as projected losses on securities backed by subprime mortgages mounted.

In exchange for agreeing to the restructuring, certain financial institutions will receive a 40 percent equity interest and $625 million of surplus notes issued by the insurer.