ATLANTA - Florida's utility regulators late Thursday approved a plan allowing the troubled Sebring Utilities Commission to sell its remaining assets to the Florida Power Co., a move the commission says will soon permit it to call all its outstanding bonds and dissolve itself.

Barring a possible legal challenge, the ruling by the Florida Public Service Commission will bring to a close two years of efforts by the Sebring utility to extricate itself from a potentially smothering debt load. The regulatory action is also very welcome news to AMBAC indemnity Corp., which has insured the utility's $85.6 million of tax-exempt bonds.

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