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, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers