Ambac Announces Insurance Commissioner Disapproves Interest Payment on
NEW YORK -- April 18, 2013
Ambac Assurance Corporation (“Ambac Assurance”) today announced that the
Commissioner of Insurance of the State of Wisconsin has disapproved the
requests of Ambac Assurance and the Segregated Account of Ambac Assurance
(“Segregated Account”) to pay accrued interest on all outstanding Surplus
Notes issued by Ambac Assurance and the Segregated Account on the next
scheduled interest payment date of June 7, 2013.
About Ambac Assurance
Ambac Assurance is a guarantor of public finance and structured finance
obligations, and is the principal operating subsidiary of Ambac Financial
Group, Inc. (“Ambac”).
On November 8, 2010, 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. 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
Bankruptcy Court. Upon consummation of the plan of reorganization, Ambac’s
existing common stock will be cancelled and extinguished and the holders
thereof will not be entitled to receive, and will not retain, any property or
interest on account of such common stock.
Ambac Assurance Corporation
Michael Fitzgerald, 212-208-3222
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