Colonial BancGroup names liquidation plan trustee, committee members

By Caroline Salls

Pittsburgh, April 28 - The Colonial BancGroup, Inc. has named Ben S. Branch as its plan of liquidation trustee, according to a Thursday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.

Branch's appointment is subject to negotiation of the final terms of his hiring, which must be completed before the conclusion of the plan confirmation hearing.

In addition, unsecured creditors Marble Arch Investments, LP, Davidson Kempner Capital Management LLC, Owl Creek Asset Management, LP and Morgens, Waterfall, Vintiadis & Co., Inc. are the proposed members of Colonial's plan committee.

Colonial BancGroup is the Montgomery, Ala.-based holding company for Colonial Bank. The company filed for bankruptcy on Aug. 25, 2009. Its Chapter 11 case number is 09-32303.

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