Bank Holding Co. CIB Marine Files Prepack Ch. 11

Law360, New York (September 17, 2009, 2:41 PM EDT) -- CIB Marine Bancshares Inc., the holding company of CIBM Bank, which has branches in Illinois, Wisconsin, Indiana and Arizona, has filed a prepackaged bankruptcy petition in federal court and is hoping to emerge from Chapter 11 protection within 60 days, its CEO said Thursday.

The petition and reorganization plan were filed in the U.S. Bankruptcy Court for the Eastern District of Wisconsin on Tuesday and Wednesday, respectively. The plan calls for holders of the bank's trust-preferred securities to exchange their debt securities for preferred stock. All...
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