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Ambac flies on amended Wisconsin plan

  • Ambac (AMBC +9.9%) has its tail in the air after the Wisconsin Commissioner of Insurance - clearly more comfortable with the loss outlook for the company - amends the confirmed Plan of Rehabilitation of the Segregate Account. In English, the initial cash payment for permitted policy claims will be boosted to 45% from 25%, effective July 20 (if approved by the Rehabilitation Court).
  • Total catch-up payments of Deferred Amounts would be about $1.1B (on balances as of Dec. 31), and payments on Surplus Nots would be about $415M.
  • Press release
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