Bond Insurer Ambac's Ch. 11 Plan Moves Forward

Law360, New York (October 5, 2011, 2:28 PM EDT) -- A New York bankruptcy judge on Wednesday approved Ambac Financial Group Inc.'s disclosure statement, advancing a reorganization plan that calls for the bankrupt bond insurer to use money from a subsidiary to restructure some $1.68 billion in debt.

U.S. Bankruptcy Judge Shelley C. Chapman gave her approval to the disclosure statement at a morning hearing. The decision clears the way for the insurer, which faltered in the run-up to the financial crisis, to move forward with a complicated plan to stay afloat.

Ambac filed for bankruptcy...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.