Ambac Urges NY Court To Override Ch. 11 Plan Concerns

Law360, New York (March 7, 2012, 2:21 PM EST) -- Ambac Financial Group Inc. on Tuesday urged a New York bankruptcy court to approve its amended Chapter 11 reorganization plan over the objection of shareholders that the bankrupt bond insurer is being undervalued, potentially robbing them of recoveries.

An ad hoc group of equity security holders has said the plan shouldn't be confirmed because a valuation by Ambac's financial adviser doesn't accurately reflect the debtor's enterprise or liquidation values. The group challenged an analysis finding that, in liquidation, Ambac wouldn't see a recovery from subsidiaries such...
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