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
mfitzgerald@ambac.com