CIB Marine Bancshares announces reorganization plans under Chapter 11

by DeLadurantey Law Office, LLC on September 16, 2009

CIB Marine Bancshares filed for Chapter 11 bankruptcy Tuesday, according to the company’s CEO. The bank holding company received trust security-holder approval to exchange the securities for preferred stock.

The exchange will help the company reorganize under Chapter 11. Pending a confirmation by a bankruptcy judge, a company spokesperson said the company expects the reorganization effort to last 45-60 days.

If your company is considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.

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