WASHINGTON (dpa-AFX) - Bond insurer Ambac Financial Group, Inc. (ABKFQ.PK) said Wednesday that the United States Bankruptcy Court for the Southern District of New York has entered an order confirming the company's fifth amended plan of reorganization.
The effective date of the plan will be determined in accordance with the plan terms, including the satisfaction of the conditions precedent to the consummation of the plan, Ambac said.
Ambac's President and Chief Executive Officer, Diana Adams, said, 'I am pleased that through the diligent efforts of all of those involved, and months of negotiations with various constituents, we have successfully secured Plan confirmation. While many challenges lie ahead, this is a key milestone in our work to reorganize Ambac Financial. The court's decision positions us to focus on consummation of the Plan and on our future.'
Ambac filed for Chapter 11 bankruptcy protection in November 2010.
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