Ambac Financial announces IRS settlement approval
Ambac Financial announced that the United States Bankruptcy Court for the Southern District of New York approved a settlement with the United States that brings resolution to claims filed against Ambac by the Internal Revenue Service and related litigation. Additionally, the Bankruptcy Court approved Ambac's entry into an amendment to the existing tax sharing agreement with Ambac Assurance Corporation as well as certain modifications to Ambac's Fifth Amended Plan of Reorganization. Ambac is scheduled to execute a closing agreement with the IRS on April 30, concurrent with its payment of $1.9M, and the Segregated Account of Ambac Assurance Corporation's payment of $100M, to the United States. Ambac expects to fulfill the remaining conditions to the effectiveness of the Plan on or before May 1. Pursuant to the Plan, Ambac will distribute 45M new common shares and 5.05M new warrants to holders of allowed claims, in full and final satisfaction of such claims, on the Effective Date. In addition, all existing common stock of the company will be cancelled on the Effective Date and the holders of such stock will not receive any distributions under the Plan. Ambac has received approval from the NASDAQ OMX Group to list the New Common and New Warrants on the NASDAQ Global Select Market, as of the Effective Date, under the ticker symbols "AMBC" and "AMBCW," respectively.
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