Ambac Financial Group, Inc. AMBC 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.
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