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Rehabilitation Court Approves IRS Offer

June 14, 2012
Rehabilitation Court Approves IRS Offer
NEW YORKAmbac Assurance CorporationJune 13, 2012Circuit Court for Dane CountyWisconsinthe United StatesInternal Revenue ServiceAmbac Financial Group, Inc.Official Committee of Unsecured Creditors of AmbacFebruary 24, 2012IRSthe United States

Ambac Assurance

Ambac Assurance is a guarantor of public finance and structured finance obligations, and is the principal operating subsidiary of Ambac.

Ambac, headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. On November 8, 2010, Ambac filed a petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (“Bankruptcy Court”). The Bankruptcy Court entered an order confirming Ambac’s plan of reorganization on March 14, 2012. Ambac is not currently able to estimate when it will be able to consummate such plan. Upon consummation of the plan of reorganization, Ambac’s existing common stock will be cancelled and extinguished and the holders thereof will not be entitled to receive, and will not retain, any property or interest on account of such common stock. Until the plan of reorganization is consummated and Ambac emerges from bankruptcy, Ambac will continue to operate in the ordinary course of business as “debtor-in-possession” in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac’s common stock trades in the over-the-counter market under ticker symbol ABKFQ.

Source: Ambac Assurance Corporation

Ambac Assurance Corporation
Michael Fitzgerald, 212-208-3222

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