Ambac Financial (ABK) Shares Sink on Bankruptcy Warnings
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Ambac Financial Corp. (NYSE: ABK) are trading lower this morning on fears that the firm will still continue with bankruptcy proceedings. The firm was battered by turmoil in the bond market last year, amid the financial crisis.
"Ambac's available liquidity is currently insufficient to fund its needs beyond the near term and its failure to successfully execute on its current strategies could result in it running out of liquidity in the second quarter of 2011, or potentially sooner," the company said in a regulatory filing with the U.S. Securities and Exchange Commission late Monday.
Shares of ABK are down about 11.77% to $0.70, a drop of $0.09.
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