FAIRLESS HILLS, Pa. -- Ambac Financial Group, Inc. filed with a New York bankruptcy court a Chapter 11 Plan, which embodies a cost allocation agreement with its operating unit, Ambac Assurance Corporation.
The allocation is for costs incurred by AFG in disputes with the Internal Revenue Service. AFG proposes for more than 80% of the IRS-related costs will be allocated to AAC.
The plan settlement contemplates a July 29, 2011 deadline, by which time the ACC and the Wisconsin insurance regulator must decide on whether to accept or reject the settlement terms.
Details on the July 6 Plan and the plan settlement are available in AMBAC BANKRUPTCY NEWS, Issue No. 23, published by Bankruptcy Creditors' Service, Inc.
The 8-page newsletter contains stories with these headlines:
[00196] AMBAC FINANCIAL FILES CHAPTER 11 PLAN OF REORGANIZATION
[00197] DEBTOR'S OBJECTION TO IRS'S $1.64 BILLION CLAIMS
[00198] DEBTOR'S 1ST TO 16TH OMNIBUS OBJECTIONS TO CLAIMS
[00199] DEBTOR'S 17TH OMNIBUS OBJECTION TO CLAIMS
[00200] DEBTOR'S APPLICATION TO EMPLOY LATHROP & CLARK AS COUNSEL
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=AMBAC for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
AMBAC BANKRUPTCY NEWS tracks the restructuring of Ambac Financial Group Inc.
How to Subscribe to AMBAC BANKRUPTCY NEWS
AMBAC BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving AMBAC BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=AMBAC
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