Ambac Financial Reschedules Disclosure Hearing
NEW YORK, - Ambac Financial Group Inc. (OTC: ABKFQ) (“Ambac Financial”) today announced that, as a result of ongoing negotiations with the Commissioner of Insurance of the State of Wisconsin and Ambac Assurance Corporation (“Ambac Assurance”), it has rescheduled for October 5 and 6, 2011, the hearing relating to the approval of the Disclosure Statement for the Plan of Reorganization of Ambac Financial, dated July 6, 2011, each as filed with the U.S. Bankruptcy Court and as may be amended (the “Plan”), to provide additional time for the parties to mediate the outstanding issues between Ambac Financial and Ambac Assurance. The Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for December 8 and 9, 2011.
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.
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