Ambac Relocates Headquarters to Disaster Recovery Site

Before you go, we thought you'd like these...
Before you go close icon

Ambac Relocates Headquarters to Disaster Recovery Site

KINGSTON, N.Y.--(BUSINESS WIRE)-- Ambac Financial Group, Inc. and Ambac Assurance Corporation, (the "Companies"), in response to the effects of Hurricane Sandy, have indefinitely closed their headquarters at One State Street Plaza, New York, New York. The Companies have relocated their headquarters to their disaster recovery site in Kingston, New York.

The Companies do not anticipate that the relocation will have any material adverse impact on their business operations.


About Ambac

On November 8, 2010, Ambac Financial Group, Inc. ("Ambac") filed for a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York ("Bankruptcy Court"). The Bankruptcy Court entered an order confirming Ambac's plan of reorganization on March 14, 2012 however, Ambac is not currently able to estimate when it will be able to consummate such reorganization. Until the plan of reorganization is consummated and Ambac emerges from bankruptcy, it will continue to operate in the ordinary course of business as "debtor-in-possession" in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Currently, Ambac's common stock trades in the over-the-counter market under ticker symbol ABKFQ. Upon consummation of the plan of reorganization, Ambac's existing common stock will be cancelled and extinguished and the holders thereof will not be entitled to receive, and will not retain, any property or interest on account of such common stock.

Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations.



Ambac Financial Group, Inc.
Michael Fitzgerald, 845-810-3000
mfitzgerald@ambac.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article Ambac Relocates Headquarters to Disaster Recovery Site originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners