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U.S. insurance company Ambac Financial filed for bankruptcy Monday after failing to reach a deal with its creditors on restructuring.
The insurer, the holding firm of Ambac Assurance Corp., has liabilities of 1.68 billion U.S. dollars as of June 30 on an unconsolidated basis.
Ambac was once the second largest insurer in the United States, but sustained significant losses as a result of the subprime mortgage crisis plaguing the U.S. housing and financial sector.
- michael mazur
- Mike Rivero
Member Submitted News
Spain Likely To Pass 'Google Tax'; Makes Paying For News Snippets An 'Inalienable Right' And A New Bureaucracy To Collect Itmalterwitty
False Flag? Fake Video of Alleged Pro-Russian Militia Claiming Responsibility for MH 17 Attack Was Made Before Plane CrashMTJ
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