Canyon Capital Nominates Three Candidates For Election To Ambac's Board

(RTTNews) - Alternative asset manager Canyon Capital Advisors LLC, which manages funds and accounts that own almost 5 percent of the outstanding shares of Ambac Financial Group, Inc. (AMBC) said it has nominated three highly-qualified independent candidates for election to Ambac's board of directors.

Canyon Capital noted that Ambac stockholders will have the opportunity to vote on these nominees at the company's 2016 annual meeting of stockholders, scheduled to be held on May 12, 2016.

Canyon Capital repeatedly has voiced significant concerns with the company's underperformance and lack of strategic direction under its existing management.

The alternative asset manager's nominees to the Ambac board are : Frederick Arnold - Chief Financial Officer of ConvergEx Group; John Brecker - Director of ACA Financial Guaranty Corporation, The PMI Group, Inc., Broadview Networks, Inc. and Catalyst Paper Corporation; and Eugene Davis - Founder, Chairman and Chief Executive Officer of PIRINATE Consulting Group, LLC.