Ambac: Plan conditions satisfaction deadline extended until June 12

By Caroline Salls

Pittsburgh, March 7 - Ambac Financial Group, Inc. has received consent from the Department of Justice on behalf of the Internal Revenue Service to extend the date by which a condition to the effectiveness of Ambac's fifth amended plan of reorganization must be met, according to a news release.

The plan, which was confirmed on March 14, 2012, specifies that the terms of the company's settlement with the IRS must be approved by the United States and that all conditions to the effectiveness of the settlement must be satisfied on or before one year from the plan confirmation date.

According to the release, the IRS has agreed to extend the deadline for meeting the conditions through June 12.

Ambac Financial Group is a New York-based company that provides financial guarantee insurance for public and structured finance obligations. The company filed for bankruptcy on Nov. 8, 2010 in the U.S. Bankruptcy Court for the Southern District of New York under Chapter 11 case number 10-15973.

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