Ambac Financial Group, Inc. and Ambac Assurance Corporation, (the
“Companies”), will reopen their headquarters at One State Street Plaza,
New York, New York on Monday, November 26, 2012.
As a result of storm damage, the Companies’ telephone system will not be
fully operational. A temporary system is available for inbound calls,
and inquiries may be directed via telephone to (845) 810-3000 or through
regular e-mail channels.
The Companies will be closed from Wednesday, November 21, 2012 through
Friday, November 23, 2012, to facilitate the migration of their systems
and operations back to the New York City headquarters from the disaster
recovery site in Kingston, NY, during this period.
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
Ambac’s principal operating subsidiary, Ambac Assurance Corporation, is
a guarantor of public finance and structured finance obligations.