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Anchor BanCorp Wisconsin (ACBW) in Madison has filed for bankruptcy in a bid to restructure its debt and recapitalize its struggling bank.
August 13 -
The struggling Anchor (ABCW) in Madison has commitments of $175 million of fresh capital, but creditor Associated Banc-Corp (ASBC) refused to sign off on the deal, according to bankruptcy court documents. Anchor then filed for Chapter 11 to facilitate it recapitalization.
August 14
A judge has approved Anchor Bancorp Wisconsin's (ACBW) plan to file for bankruptcy.
A U.S. Bankruptcy Court judge approved Anchor's Chapter 11 plan on Friday, the Madison, Wis., company announced. The plan,
The $2.3 billion-asset Anchor has agreed to sell $175 million in stock to institutional and private investors in a bid to recapitalize its AnchorBank. The capital raise requires regulatory approval.
Anchor's bankruptcy filing came after Associated Banc-Corp (ASBC), one of its creditors, refused to approve a previous recapitalization plan, according to legal documents. Associated later
