Ambac Dropping Sharply (ABK)

Ambac Financial Group, Inc.

is dropping sharply in pre-market trading, as the company has said it missed its bond payment due today intentionally, and will most likely file Chapter 11, if it can not raised capital. The company is already in talks with its lenders about a prepackaged bankruptcy. Here is a

to the 8-K filed with the SEC. At last check, shares of Ambac were down 40 cents to 43 cents, a loss of 50%.