Anchor BanCorp Recapitalizes With $175M Stock Sale

Law360, New York (August 13, 2013, 4:10 PM EDT) -- Anchor BanCorp Wisconsin Inc. said Tuesday that private investors and directors have agreed to pump $175 million into the bankrupt bank by buying up common stock, a step to recapitalize that joins the bank's recently filed prepackaged reorganization plan.

The stock purchase agreements sell common stock for $.10 per share, granting each investor either 4.9 or 9.9 percent ownership of the company, according to Anchor's filings with the U.S. Securities and Exchange Commission. The sale follows Anchor's petition for Chapter 11 protection filed Monday, which listed...
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