NEW YORK, Dec. 28, 2017 (GLOBE NEWSWIRE) -- Ambac Financial Group, Inc. (Nasdaq:AMBC) (“Ambac”), a holding company
whose subsidiaries, including Ambac Assurance Corporation (“AAC”), provide financial guarantees, announced today that AAC has
entered into a purchase agreement with a group of bondholders to purchase certain sales tax revenue capital appreciation bonds (the
“COFINA Bonds”) held by such bondholders. With this purchase, when combined with AAC’s existing holdings and other bond purchases
made during the quarter, AAC now owns 58% of its insured COFINA Bonds.
In connection with the purchase, the COFINA bondholders have withdrawn with prejudice, their Objection to the Rehabilitator’s
September 25, 2017 Motion to Further Amend the Plan of Rehabilitation Confirmed On January 24, 2011 To Facilitate An Exit From
Rehabilitation of AAC’s Segregated Account.
About Ambac
Ambac Financial Group, Inc. ("Ambac"), headquartered in New York City, is a holding company whose subsidiaries, including its
principal operating subsidiaries, Ambac Assurance Corporation ("AAC"), Everspan Financial Guarantee Corp. and Ambac Assurance UK
Limited ("Ambac UK"), provide financial guarantees to clients in both the public and private sectors globally. AAC, including the
Segregated Account of AAC (in rehabilitation), is a guarantor of public finance and structured finance obligations. Ambac’s primary
goal is to maximize stockholder value by executing the following key strategies: (i) active runoff of Ambac Assurance and its
subsidiaries through transaction terminations, policy commutations, settlements and restructurings, with a focus on known and
potential future adversely classified credits, that we believe will improve our risk profile, and maximizing the risk-adjusted
return on invested assets, (ii) rationalization of Ambac's and its subsidiaries' capital and liability structures, enabling
simplification of corporate governance and facilitating the successful rehabilitation of the Segregated Account of Ambac Assurance,
(iii) loss recovery through active litigation management and exercise of contractual and legal rights, (iv) ongoing review of
organizational effectiveness and efficiency of the operating platform, and (v) evaluation of opportunities in certain business
sectors that meet acceptable criteria that will generate long-term stockholder value with attractive risk-adjusted returns. Ambac‘s
common stock trades on the NASDAQ Global Select Market under the symbol “AMBC”. The Amended and Restated Certificate of
Incorporation of Ambac contains substantial restrictions on the ability to transfer Ambac’s common stock. Subject to limited
exceptions, any attempted transfer of common stock shall be prohibited and void to the extent that, as a result of such transfer
(or any series of transfers of which such transfer is a part), any person or group of persons shall become a holder of 5% or more
of Ambac’s common stock or a holder of 5% or more of Ambac's common stock increases its ownership interest. Ambac is
committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory
obligations. To that end, we use our website to convey information about our businesses, including the anticipated release of
quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates to the
status of certain residential mortgage backed securities litigations. For more information, please go to www.ambac.com.
Contact
Lisa A. Kampf
Managing Director, Investor Relations
(212) 208-3177
lkampf@ambac.com
