Colonial Asks Judge To Reconsider Ch. 11 Plan

Law360, New York (May 26, 2011, 7:17 PM EDT) -- Colonial BancGroup Inc. on Monday asked an Alabama bankruptcy judge to reconsider his refusal to confirm its Chapter 11 plan, saying it has made changes addressing concerns that retaining a plan administrator would be more expensive than hiring a liquidation trustee.

The Federal Deposit Insurance Corp., the receiver for Colonial's collapsed subsidiary Colonial Bank, and others objected to the plan amid their push to have the case converted to a Chapter 7 liquidation. On May 20, U.S. Bankruptcy Judge Dwight H. Williams Jr. agreed.

Judge Williams...
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