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Judge OKs Ambac reorganization
By Bloomberg News
March 15, 2012 | (2) Comments
Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, has won a judge's final approval to reorganize its $1.7 billion in debt over objections from shareholders, who will get nothing.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan on Wednesday confirmed the company's Chapter 11 plan, which calls for it to cancel all of its pre-bankruptcy shares and restructure more than $1.25 billion in senior notes. The plan relies on a proposed settlement with the Internal Revenue Service, which has yet to be consummated.
"It is with significant regret that I confirm a plan that has no recovery for equity holders," Chapman said, saying that shareholders must "unfortunately join the ranks of millions of innocent victims of the financial crisis," because there was not enough money to repay equity holders, who are last in line behind creditors.
On March 13, Chapman heard hours of arguments from individual shareholders over why they believed there should be money left for them, and testimony from a financial adviser that there wasn't.
Ganzer Artikel unter obigen Link
Courtdokumente unter www.kccllc.net/Ambac
ALPENKLIMMER HAT HIER KEINE AHNUNG VON DEM FALL
Judge OKs Ambac reorganization
By Bloomberg News
March 15, 2012 | (2) Comments
Ambac Financial Group Inc., the bankrupt holding company for a failed bond insurer, has won a judge's final approval to reorganize its $1.7 billion in debt over objections from shareholders, who will get nothing.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan on Wednesday confirmed the company's Chapter 11 plan, which calls for it to cancel all of its pre-bankruptcy shares and restructure more than $1.25 billion in senior notes. The plan relies on a proposed settlement with the Internal Revenue Service, which has yet to be consummated.
"It is with significant regret that I confirm a plan that has no recovery for equity holders," Chapman said, saying that shareholders must "unfortunately join the ranks of millions of innocent victims of the financial crisis," because there was not enough money to repay equity holders, who are last in line behind creditors.
On March 13, Chapman heard hours of arguments from individual shareholders over why they believed there should be money left for them, and testimony from a financial adviser that there wasn't.
Ganzer Artikel unter obigen Link
Courtdokumente unter www.kccllc.net/Ambac
ALPENKLIMMER HAT HIER KEINE AHNUNG VON DEM FALL
