NEW YORK (

TheStreet

) --

Ambac Financial

( ABK) was one of several stocks trading near $5 were poised to move on above-average volume Thursday as investors continue to weigh the chances of a prepackaged bankruptcy.

Ambac Financial

said in a regulatory filing Wednesday that it may seek a negotiated restructuring through a prepackaged bankruptcy as liquidity may run out before the second quarter of 2011.

In addition, senior debtholders of the company have formed a committee to nudge

Ambac toward a prepackaged bankruptcy plan

,

Reuters

reports, citing people familiar with the matter.

After falling nearly 40% Wednesday, Ambac shares were down another 2.5% to 63 cents in Wednesday's after-market session. The three-month average daily volume for Ambac is 89,000, according to Yahoo! Finance.

Elsewhere,

PMA Capital

( PMACA) jumped by 73 cents, or 12%, to $6.84 in the premarket session after

Old Republic

(ORI) - Get Report

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agreed to acquire the company in a stock deal worth $365 million. The 50-day average daily volume for PMA Capital is 104,000, according to the

Nasdaq

.

New Frontier Media

( NOOF) may see increased volume after the company reported a fourth-quarter loss of 26 cents a share, compared to the lone analyst estimate for a profit of 7 cents a share. The 50-day average daily volume for New Frontier Media is 27,000. The stock closed Wednesday at $1.77.

Phoenix Technologies

( PTEC) may also see increased share volume after the company said

Hewlett-Packard

(HPQ) - Get Report

agreed to purchase Phoenix's HyperSpace assets for $12 million in cash. The 50-day average daily volume for Phoenix Technologies is 116,000.

-- Written by Robert Holmes in Boston

.

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