Ambac Emerges from Bankruptcy
01 Maggio 2013 - 3:53PM
Business Wire
Ambac Financial Group, Inc. (“Ambac” or the “Company”)
announced today the effectiveness of its Second Modified Fifth
Amended Plan of Reorganization (the “Plan”), which marks the
completion of its financial restructuring and Ambac’s emergence
from Chapter 11 bankruptcy protection. “I would like thank all of
those who dedicated so much time and effort, including our
employees and advisors, in helping us complete our restructuring,”
said Diana Adams, Ambac’s President and CEO. “This is an exciting
day and the start of a new chapter for all of us at Ambac,” Ms.
Adams added. “We emerge with a stronger balance sheet and a
commitment to a successful future. Looking forward, we expect to
pursue a number of new initiatives and identify the best
opportunities for Ambac and our stakeholders.”
Under the terms of the restructuring, all allowed claims of
Ambac’s former creditors were discharged and such creditors
received new common stock, and in certain instances, new warrants,
issued by the reorganized company. Ambac’s new common stock and
warrants are listed on the NASDAQ Global Select Market under the
ticker symbols AMBC and AMBCW, respectively. All common stock of
the Company in existence prior to Ambac’s emergence from bankruptcy
has been cancelled. Holders of such existing stock have not, and
will not, receive distributions under the Plan.
About Ambac
Ambac Financial Group, Inc. (“Ambac”), headquartered in New York
City, is a holding company whose subsidiaries, including its
principal operating subsidiary, Ambac Assurance Corporation (“Ambac
Assurance”), Everspan Financial Guarantee Corporation, and Ambac
Assurance UK Limited, provided financial guarantees and other
financial services to clients in both the public and private
sectors globally. Ambac Assurance, including the Segregated Account
of Ambac Assurance (in rehabilitation), is a guarantor of public
finance and structured finance obligations. Ambac is also exploring
opportunities involving the development or acquisition of new
financial services businesses. Ambac’s common stock trades on the
NASDAQ Global Select Market (NASDAQ: AMBC).
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