Ambac Financial Group Inc., parent of the troubled bond insurer Ambac Assurance Corp., said Monday that it is pursuing the restructuring of its debt with a group of debt holders through a pre-packaged bankruptcy filing. The Company added that if it is unable to reach a debt restructuring agreement, it will file for bankruptcy by the end of this year. The Company's statement can be read by clicking here. Back in March, Wisconsin insurance regulators took charge of most of the assets of Ambac Assurance Corp., which insures bonds, as part of a plan to create sufficient capital to pay claims on defaulted mortgage backed securities and other financial products. The bankruptcy of the parent company is not expected to affect the subsidiary's ability to make bond insurance payments. Still, as with any significant financial event, this should be monitored going forward.