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Colonial BancGroup's Chapter 11 liquidation plan effective June 3
By Lisa Kerner
Charlotte, N.C., June 3 - Colonial BancGroup, Inc.'s second amended Chapter 11 plan of liquidation became effective as of June 3, according to a Friday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.
The plan was confirmed on June 2.
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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