Ambac Gets More Time To Negotiate With Tax Creditors

Law360, New York (August 10, 2011, 5:45 PM EDT) -- A New York bankruptcy judge on Wednesday gave bond insurance holding company Ambac Financial Group Inc. more time to submit a restructuring plan as it tries to negotiate settlements for nearly $1 billion in mostly tax-related claims.

Ruling from the bench, U.S. Bankruptcy Judge Shelley C. Chapman granted Ambac's request for a 90-day extension to its exclusivity period, which was set to expire Sept. 6, during which the debtor has the sole right to advance a bankruptcy exit proposal.

The company intends to submit an amended...
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