Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Ambac files for Chapter 11 Bankruptcy
SAN FRANCISCO (11/10/10)--Ambac Financial Group Inc. Monday filed for Chapter 11 bankruptcy after failing to raise additional capital, the bond insurer said. Several corporate credit unions have mortgage-related investments insured by Ambac and incurred losses during the financial crisis. Ambac will continue to operate as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court (MarketWatch Nov. 10). The company also failed to reach an agreement on restructuring its debt with creditors. However, it has agreed to a non-binding term sheet that will allow it to further negotiate with the creditors and emerge from bankruptcy more quickly, it said, according to MarketWatch. As of June 30, the company had outstanding debt of $1.62 billion. Ambac, a bond insurer for mortgage-backed securities (MBS) whose losses have contributed to losses at several corporate credit unions, had been sued by a group of hedge funds trying to block transfers of funds from its bond-insurance unit to the holding company (News Now Sept. 2).


RSS print
News Now LiveWire
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
10 hours ago
LA Laker and NBA Legend Earvin "Magic" Johnson was the keynote speaker Tuesday @CCULReach, hosted by the Cal/Nev #CreditUnion Leagues
11 hours ago
.@growfinancial's #salsa sensation spices up seed giveaway #NewsNow http://t.co/rKmWVwwzot
11 hours ago
.@TheNCUA Office of Small CU Initiatives soon--maybe Nov.--will launch website for #CUs 2 research #creditunion vendors or service providers
11 hours ago
.@TheNCUA says late 2Q Call Report filers 2 pay total of $17,111 in penalties.Individual penalty range is $52 to $1,824;median is $256. 2of2
12 hours ago