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AMBAC FINL GRP INC Message Board

  • jcri4322 jcri4322 Mar 20, 2013 1:07 PM Flag

    Ambac Receives Consent to Extend Period to Satisfy Condition to the Effectiveness of the Reorganization Plan

    Ambac Receives Consent to Extend Period to Satisfy Condition to the Effectiveness of the Reorganization Plan
    NEW YORK--(BUSINESS WIRE)--Mar. 7, 2013-- Ambac Financial Group, Inc. (“Ambac”) has received consent from the United States Department of Justice on behalf of the Internal Revenue Service (the “IRS”) to extend the date by which a condition to the effectiveness of Ambac’s Fifth Amended Plan of Reorganization (the “Plan”), as confirmed on March 14, 2012 (the “Confirmation Date”), must be met. Article IX of the Plan provides, in part, that the terms of Ambac’s settlement with the IRS shall have been approved by the United States, among others, and that all conditions to the effectiveness of the settlement shall have been satisfied on or before the date that is one (1) year from the Confirmation Date. As this condition has not yet been met and may only be extended with the consent of the IRS, Ambac has requested and received such consent, which shall commence on March 14, 2013 and be effective through and including June 12, 2013.

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