Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, will seek court approval of a settlement with the Internal Revenue Service that paves the way to finalize its bankruptcy.
Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, filed a new plan to restructure more than $1.25 billion in senior notes after a proposed settlement with the Internal Revenue Service.
Wisconsin Insurance Commissioner Sean Dilweg is seeking a state judge’s approval of a plan to “rehabilitate” a $50 billion Ambac Assurance Corp. portfolio of policies to insure bonds and mortgage-backed securities.
The city of Stockton, California, due in bankruptcy court today to face creditors, settled a dispute with Ambac Assurance Corp. by capping payments on $21.6 million in debt, officials said in a statement.
The $3.7 trillion municipal market is proving an oasis for Wall Street job hunters as the dwindling role of bond insurance and yields at four-decade lows fuel demand for analysis of the 89,000 U.S. local governments.