Ambac plan deadlines extended; confirmation hearing set for Feb. 15

By Caroline Salls

Pittsburgh, Dec. 21 - Ambac Financial Group, Inc.'s plan of reorganization confirmation hearing and related plan deadlines have been pushed back to give the company more time to negotiate a final settlement of its dispute with the Department of Treasury - Internal Revenue Service, according to a company news release.

The plan confirmation hearing was postponed to Feb. 15 from Jan. 19. The voting deadline has been extended to Jan. 30, and the plan objection deadline to Jan. 26.

Ambac Financial Group, Inc. 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. Its Chapter 11 case number is 10-15973.

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