Ambac surplus notes payment request denied by insurance commissioner

By Caroline Salls

Pittsburgh, June 1 - Ambac Assurance Corp. said the Commissioner of Insurance of the State of Wisconsin has denied the requests of the company and the rehabilitator of its segregated account to pay interest on all outstanding surplus notes on the first scheduled interest payment date of June 7.

According to a company news release, the surplus notes were issued by Ambac and the segregated account.

Ambac Financial Group, Inc. is a New York-based company that provides financial guarantee insurance for public and structured finance obligations. The company filed for bankruptcy on Nov. 8, 2010 in the U.S. Bankruptcy Court for the Southern District of New York, and its Chapter 11 case number is 10-15973.

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