Aug 26 (Reuters) - Ambac Financial Group Inc said it is withdrawing its registration statement because the late filing of its fiscal 2009 annual report made it ineligible to issue securities.
The bond insurer, whose toxic assets worth $64 billion were seized by Wisconsin state regulators in March, is in dire need of capital and said earlier this month that it may have to file for bankruptcy if it does not restructure its liabilities by the second quarter of 2011.
Shares of the company closed at 49 cents Thursday on the New York Stock Exchange. The stock has lost 40 percent of its value in the past three months.
(Reporting by Abhinav Sharma in Bangalore; Editing by Anne Pallivathuckal) Keywords: AMBACFINANCIAL/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) 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.
The bond insurer, whose toxic assets worth $64 billion were seized by Wisconsin state regulators in March, is in dire need of capital and said earlier this month that it may have to file for bankruptcy if it does not restructure its liabilities by the second quarter of 2011.
Shares of the company closed at 49 cents Thursday on the New York Stock Exchange. The stock has lost 40 percent of its value in the past three months.
(Reporting by Abhinav Sharma in Bangalore; Editing by Anne Pallivathuckal) Keywords: AMBACFINANCIAL/ (abhinav.sharma@thomsonreuters.com; within U.S +1 646 223 8780; Outside U.S +91 080 4135 5800; Reuters messaging: abhinav.sharma.thomsonreuters.com@reuters.net) 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.