NU Online News Service, Nov. 9, 2:16 p.m. EST
Ambac Financial Group was not able to reach an agreement with debt holders and has filed for Chapter 11 bankruptcy relief.
According to a statement from Ambac, the company has not been able to raise capital and could not agree to terms with a committee of debt holders to restructure its debt under a pre-packaged bankruptcy agreement.
As of the end of June, Ambac's debt stood at more than $1.6 billion. Payment obligations are put on hold due to the bankruptcy filing.
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