Ambac Set To Exit Bankruptcy After $102M IRS Deal Gets Nod

Law360, New York (April 29, 2013, 1:57 PM ET) -- Ambac Financial Group Inc. is set to exit bankruptcy within days thanks to a judge's approval Monday of a $101.9 million settlement with the Internal Revenue Service to end a dispute over tax liabilities from certain contracts Ambac signed years ago.

Under the deal with the IRS, Ambac will pay $1.9 million to the U.S. Department of the Treasury, while $100 million will be paid by Ambac Assurance Corp. or a segregated account of the unit. The deal limits Ambac's entitlement to claim any portion of...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Ambac Financial Group, Inc.


Case Number

1:10-bk-15973

Court

New York Southern

Nature of Suit

Date Filed

November 8, 2010

Law Firms

Companies

Government Agencies