"I don't think it will happen," Ross said on CNBC television, referring to the Buffett plan, which CNBC on Tuesday reported that Ambac Financial Group Inc <ABK.N>, the No. 2 bond insurer, had rejected.
NEW YORK (Reuters) - Turnaround specialist Wilbur Ross said in a television interview on Wednesday that he did not expect billionaire investor Warren Buffett's proposal to reinsure top bond insurer's portfolios to go forward.
"I don't think it will happen," Ross said on CNBC television, referring to the Buffett plan, which CNBC on Tuesday reported that Ambac Financial Group Inc <ABK.N>, the No. 2 bond insurer, had rejected.
Still, he said the offer by Berkshire Hathaway Inc's <BRKa.N> chief executive to reinsure $800 billion of municipal debt guaranteed by bond insurers could put pressure on regulators and others to find another solution for the troubled industry.
"I do think Mr. Buffett's speech yesterday will intensify the pressures so it hopefully will let this whole thing get resolved quickly," Ross said.
!ADVERTISEMENT!He reiterated that he expected his own plan, which he said would offer the bond insurers better economics than Buffett's, to come together in "a few weeks."
"We're making progress. We're getting through the due diligence," he said. "Municipal bondholders need a solution, and they will get a solution."
(Reporting by Christian Plumb and Joseph A. Giannone, editing by Maureen Bavdek)
