Ambac Reminds Investors That Its Common Stock Will Be Cancelled upon
Emergence from Bankruptcy
NEW YORK -- March 27, 2013
Ambac Financial Group, Inc. (“Ambac”) (ticker symbol: ABKFQ) seeks to remind
investors, as previously reported, including on page 4 and elsewhere in
Ambac’s Annual Report on Form 10-K for the year ended December 31, 2012, that
our Fifth Amended Plan of Reorganization, which was confirmed by the United
States Bankruptcy Court for the Southern District of New York on March 14,
2012, provides for our common stock to be cancelled. Accordingly, holders of
our common stock will not receive any distribution with respect to, or be able
to recover any portion of, their investment in such securities. As such, all
of our currently outstanding equity securities will be cancelled and have no
value upon our emergence from bankruptcy.
On November 8, 2010, Ambac Financial Group, Inc. (“Ambac”) filed for a
voluntary petition for relief under Chapter 11 of the United States Bankruptcy
Code (“Bankruptcy Code”) in the United States Bankruptcy Court for the
Southern District of New York (“Bankruptcy Court”). The Bankruptcy Court
entered an order confirming Ambac’s plan of reorganization on March 14, 2012,
however, Ambac is not currently able to estimate when it will be able to
consummate such reorganization. Until the plan of reorganization is
consummated and Ambac emerges from bankruptcy, it will continue to operate in
the ordinary course of business as “debtor-in-possession” in accordance with
the applicable provisions of the Bankruptcy Code and the orders of the
Ambac’s principal operating subsidiary, Ambac Assurance Corporation, is a
guarantor of public finance and structured finance obligations.
Ambac Financial Group, Inc.
Michael Fitzgerald, 212-208-3222
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