AmFin Files Ch. 11 Plan Under $765M FDIC Cloud

Law360, New York (January 6, 2011, 6:26 PM EST) -- AmFin Financial Corp., the former parent of AmTrust Bank, is seeking court approval for a Chapter 11 reorganization plan it would implement if successful in a $765 million dispute with the Federal Deposit Insurance Corp.

AmFin filed a reorganization plan and a disclosure statement Tuesday in the U.S. Bankruptcy Court for the Northern District of Ohio that would pay back most creditors from cash or proceeds from the sale of its assets.

Cleveland-based AmFin and several subsidiaries filed for bankruptcy protection in November 2009, blaming loans...
To view the full article, register now.