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Ambac reschedules Disclosure Statement hearing for additional mediation time.

M2 EQUITYBITES-August 29, 2011-Ambac reschedules Disclosure Statement hearing for additional mediation time(C)2011 M2 COMMUNICATIONS http://www.m2.com

Holding company of financial guarantees and services providers, Ambac Financial Group Inc (OTC:ABKFQ) disclosed on Friday that it has rescheduled the hearing for the approval of the Disclosure Statement due to ongoing negotiations with the Commissioner of Insurance of the State of Wisconsin and Ambac Assurance Corporation.

Additionally, the company said that the hearing for the Plan of Reorganisation of Ambac Financial will be held on 5 and 6 October 2011, giving the parties more time to mediate the outstanding issues between Ambac Financial and Ambac Assurance.

The Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for 8 and 9 December 2011.

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Date:Aug 29, 2011
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