Ambac Announces Closing of Ballantyne Restructuring Following Irish and U.S. Court Approvals
Ambac Financial Group, Inc. (AMBC)
US:NASDAQ Investor Relations:
ir.ambac.com/investor-relations
Company Research
Source: GlobeNewswire
NEW YORK, June 18, 2019 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc. (Nasdaq: AMBC) ("Ambac"), a holding company whose subsidiaries, including Ambac Assurance Corporation (“AAC”) and Ambac Assurance UK Limited (“Ambac UK”), provide financial guarantees, announced today the closing of a restructuring transaction proposed by Ballantyne Re plc ("Ballantyne") in relation to its obligations following approval from the Irish High Court and the Bankruptcy Court of the Southern District of New York. This restructuring eliminates Ambac’s $900 million of insured Ballantyne net par exposure. The key features of the restructuring are as follows: The novation of the indemnity reinsurance agreement between Ballantyne and Security Life of Denver Insurance Company dated November 19, 2008 (as amended) to Swiss Re Life and Health America Inc.;The disbursement of the assets from Ballantyne's reinsurance trust account to effectuate the novation and make payment to the holders of the affected Balla
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