by Calculated Risk on 8/08/2008 05:45:00 PM

From Bloomberg: ACA Terminates $65 Billion of Credit-Default Swaps (hat tips Sam & Brian)

ACA Capital Holdings Inc. ... terminated $65 billion in credit-default swap contracts and turned over most of the company to creditors.

Counterparties now own a 95 percent residual interest in New York-based ACA Capital's insurance unit through surplus notes, the company said in a statement today.