Ambac Financial Group, Inc. has provided an update on the timing of the sale of its legacy financial guarantee business. The regulatory review process for the sale of Ambac Assurance Corporation and Ambac Assurance UK Limited to funds managed by Oaktree Capital Management, L.P. is nearing completion, with a hearing expected in the third quarter. Claude LeBlanc, President and CEO of Ambac, acknowledged that the transaction has exceeded anticipated timelines but confirmed ongoing efforts with Oaktree to close the deal promptly. To ensure financial flexibility during this period, Ambac has amended its $150 million credit facility with UBS, extending the maturity date to December 31, 2025. Further details will be available in a report filed with the SEC.
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