Wilbur Ross eyes bond insurance announcement soon

The billionaire investor Wilbur Ross said on Wednesday he expects within a few days to have an announcement regarding plans for his involvement in the troubled bond insurance industry.

Ross, known for making investments in distressed companies, has been reported to have been in talks with Ambac Financial Group Inc. He told  earlier this month that he was more likely to invest in a bond insurer than start one.

"We'll have an announcement within the next few days," Ross said on the sidelines of a conference in New York.