2008-02-25 — nakedcapitalism.com
'Ambac plans to raise $2.5 billion in a rights issue, in which shares are offered to existing shareholders at a discount to the market price, according to the people familiar with the matter. The bank group, which includes Citigroup Inc., UBS AG, Royal Bank of Scotland PLC and Wachovia Corp., would likely "backstop" the issue, meaning they would commit to buying up any unsold shares.'
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