NU Online News Service, May 18, 12:50 p.m. EDT

Ambac Financial Group, Inc. reported a 2010 first quarter net loss of more than $690 million–almost double the loss it experienced for the same period last year–and reiterated its expectation that it may seek bankruptcy.

The New York surety insurer’s reported net loss amounted to $2.39 a share, compared to a net loss of $392 million or net loss of $1.36 a share for the 2009 first quarter.

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