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.