Reuters: Bankruptcy News: Ambac gets court's OK on plan to exit bankruptcy

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Ambac gets court's OK on plan to exit bankruptcy Mar 14th 2012, 20:45 Wed Mar 14, 2012 4:45pm EDT March 14 (Reuters) - Ambac Financial Group Inc gained court approval on Wednesday on a plan to emerge from bankruptcy by restructuring nearly $1.7 billion in notes and settling a key tax dispute with the Internal Revenue Service. As part of the plan, Ambac has proposed a $101.9 million settlement with the IRS, which had challenged Ambac's tax accounting practices related to credit default swap contracts. The settlement needs IRS approval before Ambac can officially exit bankruptcy.

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