Ambac Pays Claim After Wilkes-Barre Authority Defaults on Debt Payment

Smith, Aaron
December 2002
Bond Buyer;12/20/2002, Vol. 342 Issue 31537, p4
Trade Publication
Reports that in the U.S., Ambac Assurance Corp. has paid a multi-million dollar claim to cover the interest payment on taxable guaranteed revenue bonds issued in 1998 by the Wilkes-Barre, Pennsylvania, Redevelopment Authority. Comments of an Ambac executive regarding the rare occurrence of such a settlement; Reason why the authority has not been able to make payments on time.


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