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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ambac Financial Grp. Common Stock | NYSE:ABK | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.52 | 0.00 | 01:00:00 |
www.bedfordreport.com/2010-11-ABK
www.bedfordreport.com/2010-11-MBI
Shares of Ambac plummeted over 50% to kick off November after the company decided to skip an interest payment on senior notes due in 2023. This news prompted Standard & Poor's Ratings Services to downgrade some ratings for Ambac to "D," or default status.
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Ambac also stated that it is working with bondholders to restructure debt through a "prepackaged bankruptcy," but may file for Chapter 11 bankruptcy before the end of the year. Earlier in the year Ambac said it might seek a prepackaged bankruptcy, but that its liquidity might not run out until the first quarter of 2011.
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