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Ambac misses interest payment

|Includes:AGO, Ambac Financial (AMBC), MBI
Bond insurer Ambac decided to skip a $2.8 million interest payment on its $75mm 7.5% May 1, 2023 senior bond issue today and then warned it could file for Chapter 11 bankruptcy protection before year-end in an effort to strong-arm creditors into more favorable negotiations to restructure its debt.

Disclosure: long all stocks,
Stocks: AMBC, AGO, MBI