Ambac Holding Said to Plan Filing for Bankruptcy This Week
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Ambac Financial Corp., the holding company for the bond insurer being rehabilitated by Wisconsin regulators, may file for bankruptcy in Manhattan as early as this week to restructure more than $1 billion in bonds and other claims, according to a person familiar with the situation.
Ambac said earlier this month it was trying to negotiate terms of a bankruptcy court restructuring with senior lenders. If it’s unable to reach agreement with creditors “in the near term,” the company said, it would file for bankruptcy by the end of the year without creditor approval.