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Ambac Financial Group Files Bankruptcy to Restructure Bond Debt

Ambac Financial Group Inc., a holding company for the bond insurer being restructured by state regulators in Wisconsin, filed for bankruptcy with liabilities of $1.68 billion as of June 30 on an unconsolidated basis.

Ambac Financial, which filed its petition for Chapter 11 protection yesterday in U.S. Bankruptcy Court in Manhattan, seeks to reschedule payments on more than $1 billion in bonds and other claims. Ambac Financial said this month it was trying to negotiate terms of a bankruptcy court restructuring with senior lenders.