Bankruptcy Judge OKs Anchor BanCorp's Reorganization

Law360, New York (September 3, 2013, 6:44 PM EDT) -- Anchor BanCorp Wisconsin Inc. has received a Wisconsin bankruptcy judge’s approval for its prepackaged reorganization plan that relies on a $175 million recapitalization backed by private investors, the company announced Tuesday.

U.S. Bankruptcy Judge Robert Martin signed off on the plan at a hearing Tuesday, allowing the bank holding company to move ahead with stock purchase agreements it reached with institutional and private investors as part of the recapitalization of Anchor’s wholly-owned subsidiary AnchorBank, which is not involved in the bankruptcy proceeding.

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