Ambac Financial Group announced Thursday that it entered into a pair of debt-for-equity exchanges June 11, meaning that it purchased back its own debt by offering debt-holders a stake in the company.

The exchanges come as Ambac Financial, the holding company of troubled bond insurer Ambac Assurance Corp., is pondering bankruptcy. Ambac Financial has previously stated that it may decide “not to pay interest on its debt” as early as this month and that a bankruptcy proceeding could take place with or without a prepackaged agreement with major creditor groups.

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