1. Ambac files for Chapter 11
- Author
-
Holm, Erik and Morath, Eric
- Subjects
United States. Internal Revenue Service -- Investigations ,AMBAC Financial Group Inc. -- Remodeling and renovation ,AMBAC Financial Group Inc. -- Finance ,AMBAC Financial Group Inc. -- Accounting and auditing ,AMBAC Financial Group Inc. -- Taxation ,Insurance industry -- Remodeling and renovation ,Insurance industry -- Finance ,Insurance industry -- Accounting and auditing ,Insurance industry -- Taxation ,Bankruptcy reorganizations -- Management ,Administrative agencies -- Investigations ,Tax refunds -- Investigations ,Insurance industry ,Company bankruptcy ,Company legal issue ,Company financing ,Company business management ,News, opinion and commentary - Abstract
Ambac Financial Group Inc. received over $700 million in tax refunds, a move that gained the scrutiny of the United States Internal Revenue Service, which questioned the accounting used. Now, Ambac is filing for Chapter 11 bankruptcy in the face of possible IRS efforts to have the refunds returned and pressure from creditors.
- Published
- 2010