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NEW YORK--([ BUSINESS WIRE ])--Ambac Financial Group, Inc. (OTC: ABKFQ) (aAmbac Financiala) today announced that, in order to provide holders of claims against Ambac Financial with additional time to review the terms of any proposed settlement with the Department of the Treasury a" Internal Revenue Service and vote to accept or reject the Second Amended Plan of Reorganization of Ambac Financial, dated September 21, 2011 (the aPlana), the Plan voting deadline has been extended to January 4, 2012. In addition, the Plan objection deadline has been extended to December 30, 2011 and the Bankruptcy Court hearing relating to the confirmation of the Plan has been rescheduled for January 19, 2012.

About Ambac

Ambac Financial Group, Inc., headquartered in New York City, is a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world. Ambac filed for a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Company will continue to operate in the ordinary course of business as adebtor-in-possessiona under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. Ambac Financial Group, Inc.as common stock trades in the over-the-counter market under the ticker symbol ABKFQ.

Ambac's principal operating subsidiary, Ambac Assurance Corporation, is a guarantor of public finance and structured finance obligations.