Ambac Financial Group, Inc. (OTC: ABKFQ) (“Ambac Financial”) today announced that, at the request of the Commissioner of Insurance of the State of Wisconsin (“OCI”), and with the approval of Ambac Assurance Corporation (“Ambac Assurance”), it has agreed to provide additional time for OCI to complete its analysis of the Plan of Reorganization of Ambac Financial Group, dated July 6, 2011 (the “Plan”), as filed with the U.S. Bankruptcy Court (“Bankruptcy Court”). In addition, the agreement by Ambac Financial to provide additional time will allow Ambac Financial, the Official Creditor’s Committee of Ambac Financial, Ambac Assurance and OCI to mediate the outstanding issues between Ambac Financial and Ambac Assurance under the Plan.
Under the original terms of the Plan, Ambac Assurance and OCI could accept a settlement proposed in the Plan by filing notice with the Bankruptcy Court by July 29, 2011 (“Plan Settlement Deadline”). Pursuant to the agreement among Ambac Financial, Ambac Assurance, OCI, and the Official Creditor’s Committee of Ambac Financial (“Agreement”), the Plan Settlement Deadline has been changed to August 25, 2011. As a consequence of the Agreement, the Bankruptcy Court hearing relating to the approval of the Disclosure Statement, originally scheduled for August 12, 2011, has been rescheduled for September 8, 2011, and the Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for November 8 and 9, 2011.
The terms and conditions of the Agreement are more fully described in a motion filed with the Bankruptcy Court today. A copy of the Bankruptcy Court motion can be obtained at www.kccllc.net/ambac under the heading "Court Documents."
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