Ambac Eyes Bankruptcy As State Takes $35B In Assets

Law360, New York (March 25, 2010, 12:21 PM EDT) -- Troubled bond insurer Ambac Financial Group Inc. said Thursday that it was considering a prepackaged bankruptcy filing, just one day after a Wisconsin court put about $35 billion of Ambac assets under the protection of state insurance regulators.

Susan Oehrig, managing director of media relations for Ambac, said in an e-mail message Thursday that media reports swirling about a potential prepackaged Chapter 11 filing for the bond insurer were accurate.

“That is a scenario under consideration,” she said.

Ambac said in a statement that it had...
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