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Corus Bankshares, Inc. Files for Chapter 11 Protection

|Includes: Corus Bankshares Inc. (CORS)

Chicago's  Corus Bankshares, Inc.  voluntarily filed for chapter 11 protection today in the Northern District of Illinois.  Its wholly-owned, federally-chartered banking subsidiary, Corus Bank, N.A., had total assets and deposits of $7 billion in mid-2009 before being closed on September 11, 2009 by the Office of the Comptroller of the Currency.  All of Corus Bank's deposits were assumed by  MB Financial Bank, N.A.  and its remaining assets were sold to a consortium managed by Starwood Capital Group .  As of today's bankruptcy filing, Corus Bankshares reported assets of $314 million and liabilities of $533 million.  The debtor is represented by  Kirkland & Ellis LLP .


Read more: http://www.netdocketsblog.com/2010/06/bankruptcy-news-in-brief-for-june-15.html#ixzz0qyh5le00


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