Ambac Offers Deal To Settle IRS Dispute In Ch. 11

Law360, New York (February 27, 2012, 7:22 PM EST) -- Ambac Financial Group Inc. has proposed a settlement with the Internal Revenue Service to end its dispute with the agency over tax liabilities from certain contracts it signed before the housing market collapse and filed a third amended reorganization plan, the bankrupt bond insurer said Monday. 

Under the terms of the proposed settlement, Ambac Financial unit Ambac Assurance Corp. will pay $100 million, while Ambac Financial will pay $1.9 million and will be entitled to keep $3.4 billion in net operating loss carry-overs in conjunction with...
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