Ambac Financial Group Inc. recently announced plans to file for bankruptcy by the end of the year. The bond insurer is considering filing for Chapter 11 bankruptcy or using a prepackaged plan with senior debt holders. The company has suffered over the past two years since the downturn in the housing market. Stock in the company fell by 50 percent to 41 cents per share. In 2007, stocks traded a $95 per share.
A spokesperson for the company said that the company has been considering bankruptcy since March and has gone through several stages of debt negotiation. ”We’ve been in negotiation with an adhoc group of debt holders for a while, for several months,” stated Peter Pollion. Wisconsin regulators took over some of Ambac’s assets from its main subsidiary Ambac Assurance Corp. in March.
If you are struggling to pay off debts, you may want to consider talking to a debt negotiations lawyer before considering filing for bankruptcy. Contact the Milwaukee debt negotiations attorneys of DeLadurantey Law Office, LLC at 414-377-0518 to learn more.