NU Online News Service, Aug. 16, 11:39 a.m. EDT

Creditors could become the new owners of Ambac Financial Group under the company’s restructuring plans as creditors exchange their debt for Ambac’s common stock, according to Moody’s.

“They [creditors] could influence the insurance subsidiaries’ operations,” continued Moody’s in its Weekly Credit Outlook, but a planned prepackaged bankruptcy of the holding company is “unlikely to have a direct material effect on the group’s operating subsidiaries and their policyholders,” Moody’s said.

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