Ambac Receives Consent to Extend Period to Satisfy Condition to the Effectiveness of the Reorganization Plan
NEW YORKAmbac Financial Group, Inc.United States Department of JusticeInternal
Revenue ServiceMarch 14, 2012IRSthe United
StatesIRSMarch 14,
2013June 12, 2013
About Ambac
On November 8, 2010, Ambac Financial Group, Inc. (“Ambac”) filed for a
voluntary 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, however, Ambac is not currently able
to estimate when it will be able to consummate such reorganization.
Until the plan of reorganization is consummated and Ambac emerges from
bankruptcy, it 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. Currently, Ambac’s common stock trades in the over-the-counter
market under ticker symbol ABKFQ. 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.
Ambac’s principal operating subsidiary, Ambac Assurance Corporation, is
a guarantor of public finance and structured finance obligations.
Source: Ambac Financial Group, Inc.
Ambac Financial Group, Inc.
Michael Fitzgerald, 212-208-3222
mfitzgerald@ambac.com