Ambac Ch. 11 Plan OK'd With No Shareholder Recovery

Law360, New York (March 14, 2012, 7:39 PM EDT) -- Commending the parties' “herculean efforts,” a New York bankruptcy judge on Wednesday confirmed an Ambac Financial Group Inc. Chapter 11 plan that will restructure $1.7 billion in debt, though she expressed regret that equity holders will be left out to dry.

“In the court's view, this was not a close call,” U.S. Bankruptcy Judge Shelley C. Chapman told the courtroom, which had assembled for the second consecutive day of the confirmation hearing to hear the judge read her decision. “However, it is with significant regret that...
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