India, April 7 -- Ambac Financial Group Inc. (AMBC) Monday announced that it has met all of its necessary pre-closing conditions under its deal to sell its legacy financial guarantee businesses, Ambac Assurance Corp. and Ambac Assurance UK Limited, to funds managed by Oaktree Capital Management, L.P.
Oaktree continues to pursue the final outstanding regulatory approval, which is expected to be received in the second quarter. With this, and consistent with the terms of the purchase deal, the term of the purchase agreement has been automatically extended to July 3 from April 4.
Ambac President and Chief Executive Officer Claude LeBlanc said, "The regulatory review process between Oaktree and the regulator continues to progress. Ambac is pre...