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Ambac May File for Bankruptcy by Year End

Ambac Financial Group Inc. said it intends to file for Chapter 11 bankruptcy before the end of the year if it cannot reach an agreement with debt holders.

By Chad Hemenway | Updated on November 02, 2010

NU Online News Service

Ambac Financial Group Inc. said it intends to file for Chapter 11 bankruptcy before the end of the year if it cannot reach an agreement with debt holders.

In a filing with the U.S. Securities and Exchange Commission, Ambac said it chose not to make a scheduled interest payment on senior notes due in 2023, which could allow its debtors to accelerate the maturity of the notes if a payment is not made within 30 days.

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