Lawyers for Ambac Financial Group said the bankruptcy plan submitted by the Wisconsin insurance regulator was unacceptable, and the company intends to issue its own plan in June.

Wisconsin’s Office of the Commissioner of Insurance, which oversees Ambac Assurance Corp., gave the Ambac lawyers a proposal in early May that they found “very disappointing,” and told Judge Shelley Chapman so in court Wednesday.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.