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Ambac Financial posts $83.52 million net profit for January, no sales
By Caroline Salls
Pittsburgh, Feb. 28 - Ambac Financial Group, Inc. posted an $83.52 million net profit for January on zero revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
In comparison, Ambac reported a $97.41 million net loss for December, also on zero revenues.
The company had $41.16 million in cash and cash equivalents at Jan. 31, up from $40.99 million at the end of December.
Ambac is a New York-based company that provides financial guarantee insurance for public and structured finance obligations. The company filed for bankruptcy on Nov. 8, and its Chapter 11 case number is 10-15973.
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