NU Online News Service, March 15, 11:31 a.m. EDT

Troubled bond insurer Ambac Financial Group Inc. says a federal-bankruptcy judge granted approval late yesterday for its plan to reorganize the company.

The New York-based insurer says Judge Shelly C. Chapman sitting in the U.S. Bankruptcy Court for the Southern District of New York approved the plan yesterday. The company says the time table for implementation of the plan will be based on what is outlined in court documents.

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