Daily News: March 16, 2012

Ambac Financial Receives Court Confirmation of Reorganization Plan

Ambac Financial Group, Inc. announced that the United States Bankruptcy Court for the Southern District of New York entered an order confirming the Fifth Amended Plan of Reorganization of Ambac Financial. The effective date of the plan will be determined in accordance with the plan terms, including the satisfaction of the conditions precedent to the consummation of the plan.

Ambac Financial’s president and CEO, Diana Adams, said, “I am pleased that through the diligent efforts of all of those involved, and months of negotiations with various constituents, we have successfully secured plan confirmation. While many challenges lie ahead, this is a key milestone in our work to reorganize Ambac Financial. The court’s decision positions us to focus on consummation of the plan and on our future.”

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.

Previously on abfjournal.com:

Ambac Reschedules Voting Deadline, Plan Confirmation Hearing, Tuesday, November 22, 2011