Wis. Insurance Regulator Targets Ambac's Ch. 11 Plan

Law360, New York (July 7, 2011, 3:38 PM EDT) -- Wisconsin's insurance regulator on Thursday blasted Ambac Financial Group Inc.'s Chapter 11 restructuring plan, which was filed a day earlier in New York, setting the stage for potentially costly and brutal litigation and the possible dissolution of the company.

Ambac filed the plan Wednesday in New York bankruptcy court without the consent of the Wisconsin Office of the Commissioner of Insurance, which is overseeing the rehabilitation of Ambac's operating unit, Ambac Assurance Corp. The plan calls for Ambac Assurance to recover $4 billion in net operating...
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