Ambac Financial Group Inc (AMBC)

[Noil1]

Ambac Receives Approval for New Lease at One State Street

Ambac Financial Group Inc., the parent holding company for an insurance company partially in rehabilitation, was authorized by the bankruptcy judge last week to enter into a new lease with the landlord for the headquarters in Manhattan’s Wall Street district. For details, click here for the March 4 Bloomberg bankruptcy report.

The insurance subsidiary stopped paying dividends to the parent in 2007 and stopped writing new business entirely in mid- 2008. The Ambac parent filed under Chapter 11 in November. The Ambac parent listed assets of $90.7 million and liabilities totaling $1.624 billion, virtually all unsecured. Almost all the debt is made of up $1.622 billion owing on seven note issues. One issue for $400 million is subordinated.

The state insurance rehabilitation case is In re The Rehabilitation of Segregated Account of Ambac Assurance Corp., 2010cv001576, Dane County, Wisconsin, Circuit Court (Madison). The parent’s Chapter 11 case is In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan).



www.businessweek.com/news/2011-03-28/harry-david-blockbuster-madoff-lehman-bankruptcy.html