Politics & Government
City Still Awaiting Ambac Settlement Deal Approval
Nearly two weeks after coming to a tentative agreement, the city plans to approve a settlement with its bond insurer Wednesday.
A settlement of bond insurer Ambac Assurance Corp.'s lawsuit against Hercules should be approved by Wednesday, Thompson Reuters reported Monday.
Duran that the city had reached an agreement with Ambac, but it had not yet filed a stipulation, which would essentially close the deal.
“This outcome will keep the City from having to consider pre-bankruptcy mediation and a potential Chapter 9 bankruptcy protection filing,” City Manager Steve wrote in his latest .
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