Nov 1 (Reuters) - Ambac Financial Group Inc:
* Decided not to make regularly scheduled interest payment on 7.50% debentures
due may 1, 2023
* Says next scheduled payment of interest on the company's indebtedness is
November 15, 2010
* Company has been unable to raise additional capital as an alternative to
seeking bankruptcy protection
* If interest not paid within 30 days of November 1, an event of default will
occur under the indenture for the 2023 notes
* Says if unable to reach agreements intends to file for bankruptcy under
Chapter 11
* Currently pursuing with ad hoc committee of debt holders restructuring of
debt through prepackaged bankruptcy proceeding
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Decided not to make regularly scheduled interest payment on 7.50% debentures
due may 1, 2023
* Says next scheduled payment of interest on the company's indebtedness is
November 15, 2010
* Company has been unable to raise additional capital as an alternative to
seeking bankruptcy protection
* If interest not paid within 30 days of November 1, an event of default will
occur under the indenture for the 2023 notes
* Says if unable to reach agreements intends to file for bankruptcy under
Chapter 11
* Currently pursuing with ad hoc committee of debt holders restructuring of
debt through prepackaged bankruptcy proceeding
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2010 AFX News
