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Aug. 09, 2018

Kramer Levin Advises AMPS Holders in Exchange Agreement with Ambac

Kramer Levin represented certain holders of auction market preferred shares (AMPS) of Ambac Assurance Corporation (Ambac), a subsidiary of Ambac Financial Group Inc. (AFG), in connection with an agreement with Ambac and AFG. Under the agreement, Ambac agreed to initiate an exchange offer, whereby all $660.2 million aggregate liquidation preference of outstanding AMPS would be offered the opportunity to exchange their AMPS for Ambac senior surplus notes, cash and warrants. The exchange offer expired on Aug. 1, 2018, with approximately  84.4% of AMPS having been tendered.

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