Guaranty Financial Group Files Ch. 11
The Austin, Texas-based bank and three of its affiliates submitted voluntary bankruptcy petitions Thursday in the U.S. Bankruptcy Court for the Northern District of Texas, citing $24.3 million in assets and $323.4 million in debts.
In a 17-page background statement, Guaranty blamed a portion of its bankruptcy on the subprime mortgage crisis that began in 2007, saying it lost $256 million...
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