NU Online News Service, June 8, 3:30 p.m. EDT

Ambac Financial Group, Inc. has come to an agreement with policyholders to convert all of its remaining $16.4 billion of collateralized debt obligations of asset-backed securities in a combination cash and debt payment, the company said.

Ambac also reiterated its uncertain future up to and through the 2011 second quarter.

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