IndyMac Bancorp Inc., the California mortgage lender seized last month by the Federal Deposit Insurance Corp., says it filed for Chapter 7 bankruptcy protection. In a filing with the Securities and Exchange Commission on Thursday, IndyMac says it expects the court will appoint a bankruptcy trustee promptly. Alston & Bird is representing IndyMac, once the nation's second-largest independent mortgage lender. The company now has liabilities that are estimated between $100 million and $500 million.
August 01, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
IndyMac Bancorp Inc., the California mortgage lender seized last month by the Federal Deposit Insurance Corp., says it filed for Chapter 7 bankruptcy protection.
In a July 31 filing with the Securities and Exchange Commission, IndyMac says it expects the court will appoint a bankruptcy trustee promptly. A Chapter 7 bankruptcy case usually seeks to liquidate the assets of a company.
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