Debevoise & Plimpton LLP advised Ambac Financial Group, Inc. (NYSE: AMBC) (“Ambac”), a financial services holding company, in an exchange whereby its subsidiary, Ambac Assurance Corporation (“AAC”), acquired 100% of the outstanding obligations of Corolla Trust in return for AAC’s 5.1% Senior Surplus Notes. For more information, please see the company’s press release.

Ambac is a financial services holding company whose subsidiaries, Ambac Assurance Corporation and Ambac Assurance UK Limited, are financial guarantee insurance companies currently in runoff.

The Debevoise team was led by capital markets partner Steve Slutzky and includes partner Eric Juergens and associates Alice Gu, Devon Klein, and Priya Soni.