MADISON (WKOW) – The parent company of Madison's Anchor Bank has filed for Chapter 11 reorganization.
According to the Wisconsin State Journal, a group of institutional and private investors from all over the U.S. agreed to put $175 Million into Anchor BanCorp to help it get out of debt and keep serving customers.
As part of the deal, Anchor BanCorp filed for Chapter 11 Bankruptcy late Monday night and will pay back some of the money it owes to a group of lenders led by U.S. Bank and the U.S. Treasury.
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