Taylor Bean Files Ch. 11 Plan After Sealing FDIC Deal

Law360, New York (September 21, 2010, 7:04 PM EDT) -- Taylor Bean & Whitaker Mortgage Corp. launched a Chapter 11 plan with the backing of its creditors Tuesday after finalizing a deal with the Federal Deposit Insurance Corp. related to the reconciliation of the cash and assets of Colonial BancGroup Inc.

The company’s plan of liquidation, filed jointly with the official committee of unsecured creditors in the U.S. Bankruptcy Court for the Middle District of Florida, incorporates the terms of the FDIC settlement, which received the go-ahead from Judge Jerry Funk on Friday.

The deal relates...
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