Colonial BancGroup Files For Ch. 11 Amid Probes

Law360, New York (August 26, 2009, 7:03 PM EDT) -- The Colonial BancGroup Inc. has filed for Chapter 11 protection, on the heels of Alabama regulators shutting down one of the banks the group held.

The company filed a voluntary petition Tuesday in the U.S. Bankruptcy Court for the Middle District of Alabama.

Colonial BancGroup, which is based in Alabama, has a total of $45 million in assets and $380 million in debts, according to its bankruptcy petition. It has not articulated the reason it filed for bankruptcy, and a representative for the company refused to...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.