August 31, 2013

Judge approves Anchor BanCorp reorganization

A federal bankruptcy judge approved the Chapter 11 reorganization plan for Anchor BanCorp Wisconsin Inc. on Friday.

Anchor BanCorp, the parent company of AnchorBank, filed for Chapter 11 bankruptcy Aug. 13 as part of a plan to recapitalize the bank. Investors have pledged $175 million to pay off the parent companyâ;€™s debts and boost bank operations.

Under the plan, Madison-based Anchor will pay U.S. Bank, Bank of America and Associated Bank $49 million to pay off an $186 million debt. It willâ;€¦;

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