Downey Savings Prepares To File For Ch. 7

Law360, New York (November 24, 2008, 12:00 AM EST) -- In one of the latest in a slew of bank failures, Downey Savings and Loan Association FA is preparing to file for bankruptcy on Wednesday after being shut down by the U.S. Office of Thrift Supervision, the company reported in a regulatory filing.

In the filing with the U.S. Securities and Exchange Commission, California-based regional bank Downey Savings said intends to file for Chapter 7 liquidation bankruptcy “no later than November 26” in U.S. Bankruptcy Court for the District of Delaware.

As of Sept. 30, Downey...
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