Ambac Ch 11
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Ambac Financial Group Inc ., the bankrupt holding company for a failed bond insurer, won a four- month extension of its time to reorganize after a judge called disputes in the case “ugly” and ordered mediation of a tax dispute between Ambac and the U.S. U.S.
Ambac Gets Four-Month Extension as Judge Calls Disputes ‘Ugly’ - Bloomberg
Dewey, Other Firms Prepare for Possible Ambac Bankruptcy
Ambac Financial Group, once the nation's second-largest bond insurer before suffering huge losses during the subprime mortgage crisis, could file for bankruptcy before year-end after skipping a $2.8 million bond interest payment. Reuters reports that if Ambac cannot reach an agreement on a prepackaged bankruptcy filing soon, the company will seek Chapter 11 protection sometime this year without the support of its creditors.
Lenders Beware: The Threat of Equitable Subordination in Bankruptcy Cases | The National Law Review
Desperate times call for desperate measures, so in the next few years lenders are likely to see more threats by debtors, bankruptcy trustees or competing creditors to subordinate their claims.
Ambac Financial Group, Inc.
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Ambac Default-Swap Traders Seek Ruling on Bankruptcy Trigger - Bloomberg
Traders are looking to trigger $1.56 billion in credit-default swap protection on Ambac Financial Group Inc. after the holding company for the bond insurer filed for bankruptcy.
Anthony Princi | Morrison Foerster
Anthony Princi is a partner in the Bankruptcy and Restructuring practice. His practice is concentrated in debt capital markets and restructuring, and he has extensive experience in representing corporate debtors and secured and unsecured creditors' committees in cross-border bankruptcy proceedings and out-of-court restructurings. Mr.
The holding company case is In re Ambac Financial Group Inc., 10-15973, U.S. Bankruptcy Court, Southern District of New York (Manhattan). by eric.wiechert Nov 11