Beleaguered Corus Files For Ch. 11 With $530M In Debt

Law360, New York (June 15, 2010, 6:26 PM EDT) -- Troubled real estate lender Corus Bankshares Inc. filed for bankruptcy protection with more than $530 million in debts and assets of about $314 million on Tuesday, nine months after the Chicago-based company's banking subsidiary was placed in receivership by federal regulators.

The Chapter 11 filing in the U.S. Bankruptcy Court for the Northern District of Illinois also triggered repayment obligations for Corus under several financial instruments and agreements for about $364 million worth of unsecured debt, the company said in a regulatory filing the same day....
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