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Ambac settles with Detroit over LTGO bonds

  • The LTGO - limited tax general obligation - bond settlement is comprised of new LTGO notes equivalent to 34% of the LTGO allowed claim and a 20% share of notes remaining in a litigation reserve related to Detroit's pension bond litigation.
  • Ambac (AMBC) expects to continue to pay claims of scheduled principal and interest on the bonds insured by Ambac Assurance.
  • Source: Press Release
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