NU Online News Service, Nov. 2, 3:52 p.m. EDT

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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