Ambac Financial Group Inc (AMBC)

[Sam'd'Mil]

$ABKFQ .0477s

According to Diana Adams, Ambac’s President and Chief Executive Officer, “The IRS Settlement came about through the diligent efforts and support of many interested parties involved in the case and we believe the terms are fair, equitable, and in the best interests of Ambac, its creditors, and AAC. This settlement puts us in a favorable position to emerge from bankruptcy and move forward with managing our existing business and exploring new business opportunities.”
The Motion is scheduled to be heard by the Bankruptcy Court at a hearing on April 29, 2013. The entry by the Bankruptcy Court of an order approving the IRS Settlement pursuant to Bankruptcy Rule 9019 will satisfy one of the remaining significant conditions precedent to the consummation of Ambac’s confirmed Fifth Amended Plan of Reorganization (the “Plan”). If the order is obtained, Ambac and the IRS will then consummate the IRS Settlement. The effective date of the Plan should occur shortly thereafter.