Takefuji needs help from Ambac

Just goes to show how bad of an investor I am, two of my diasterous investments are crossing paths and are in talks with each other to resolve some serious problems. Apparently, Takefuji needs a waiver of sorts from Ambac; or else Ambac will seize some of Takefuji's assets. WSJ picks up a story supposedly from FT (I don't have access to FT):

Takefuji Corp. (8564.TO) has entered talks with bond insurance group Ambac Financial Group Inc. (ABK) after its credit rating was downgraded to junk by Standard & Poor's, The Financial Times reported Tuesday. Takefuji will have to redeem its Y109 billion in ABSs earlier than scheduled unless it can come to an agreement with Ambac for easier terms. Ambac, which has provided guarantees to investors in Takefuji's ABS, has the right to take ownership of Y302 billion worth of Takefuji's loan receivables if Takefuji fails to redeem its Y109 billion ABS issue. Takefuji said it had entered discussions with the guarantor of its ABS, but declined to provide details.

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