Capitol Bancorp Judge OKs Bank Sale Over Creditor Protests

Law360, New York (November 22, 2013, 5:19 PM ET) -- Capitol Bancorp Ltd. on Friday received a bankruptcy court's approval of its bid to sell off its remaining subsidiary banks for $4 million in cash and a $90 million equity contribution despite creditors' cries that the sale offers them almost no recovery.

The bank holding company can sell the banks to Wilbur Ross-controlled Talmer Bancorp Inc. under its proposed plan of liquidation following U.S. Bankruptcy Judge Marci B. McIvor's order greenlighting the transaction. The banks include Michigan Commerce Bank, Indiana Community Bank, Bank of Las Vegas...
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