Ambac Financial Group (ABK) announced that it might seek bankruptcy protection. Previously, in November 2009, Ambac had announced that it might file for bankruptcy protection if it fails to pull through its cash position.
Ambac Financial Group (ABK) said it could default on its loan obligations and was still considering filing a prepackaged bankruptcy. Shares sank over 10% in premarket trading.
Ambac has been neck deep in trouble for quite some time following the collapse of the U.S. housing market. The company has suffered multiple rating downgrades, adversely impacting its ability to generate new business.
Ambac Financial Group (ABK) loses a third of its market value after a news report says some debt holders of the struggling bond insurer will try to push it into a bankruptcy filing.
New Share holders with some patience and some pressure on the ask. 2-3 days this could bounce. Not likely but possible.
Subscribe To
Posts
Comments
