Tex. Holding Cos. Get Bidder For Dallas Bank, Seek Ch. 11

Law360, Wilmington (October 16, 2013, 10:39 PM EDT) -- A pair of Texas-based holding companies filed for Chapter 11 in Delaware bankruptcy court Wednesday, after lining up a stalking horse bidder to purchase and recapitalize their main asset, a Dallas-area community bank.

North Texas Bancshares Inc. and its subsidiary plan to sell their interest in Park Cities Bank through a Section 363 sale, in a deal that will bring the debtors $7.35 million in cash and infuse the nondebtor bank with up to $40 million in additional equity.

The holding companies have been seeking a...
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