Bond insurer ACA Capital in restructuring pact

NEW YORK, Aug 8 (Reuters) - Bond insurer ACA Capital Holdings ACAH.PK said on Friday it has reached a deal with investment banks to restructure some insurance contracts.

It said it entered into the agreements, which reduce its obligations, because its own financial condition had deteriorated.

The company, like some others in its sector, has been badly hit by losses stemming from guarantees made on repackaged debt, including mortgage-backed securities.

(Reporting by Lilla Zuill, editing by Richard Chang)