Ambac Financial Reschedules Voting Deadline and Plan Confirmation Hearing
December 21 2011 - 5:11PM
Business Wire
Ambac Financial Group, Inc. (OTC: ABKFQ) (“Ambac
Financial”) today announced that, in order to give Ambac Financial
additional time to negotiate a final settlement of its dispute with
the Department of the Treasury - Internal Revenue Service, the
voting deadline relating to the Second Amended Plan of
Reorganization of Ambac Financial, dated September 30, 2011 (the
“Plan”), has been extended to January 30, 2012. In addition, the
Plan objection deadline has been extended to January 26, 2012 and
the Bankruptcy Court hearing relating to the confirmation of the
Plan has been rescheduled for February 15, 2012.
About Ambac
Ambac Financial Group, Inc., 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. Ambac filed for a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy
Court. The Company will continue to operate in the ordinary course
of business as “debtor-in-possession” under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable provisions
of the Bankruptcy Code and the orders of the Bankruptcy Court.
Ambac Financial Group, Inc.’s common stock trades in the
over-the-counter market under the ticker symbol ABKFQ.
Ambac's principal operating subsidiary, Ambac Assurance
Corporation, is a guarantor of public finance and structured
finance obligations.