среда, 13 июля 2011 г.

CIB Marine seeks clearance for expedited Chap. 11 - Phoenix Business Journal:

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The Pewaukee-based company said Thursday afternoon it is seekin g approval ofits trust-preferred securitiexs holders to proceed with the plan. Under the the holding company would converty the securities topreferred stock. Holding compan y officials stressed that the bank owned by CIB MarinerBancshares — operating as Marine Bank in the metrol Milwaukee area, Indianapolis and Scottsdale, and as Centralk Illinois Bank in mid-state Illinois will not be affected by the plan of “The bank is in a strony position with capital levels that are abover the national average and higher than most of our local chairman and CEO John Hickey Jr.
“Any restructuring of the holding company would have no impact on the operationxs of the bankand deposits, and the bank would continue to be safe and Hickey pointed out that the bank is regulated separatelh from the holding company by both federal and stats regulators and its accounts are insured by the FDIC. The bank is conductingv regular business andmaking loans, he In a letter dated Thursday, Hicke y tells shareholders of CIB Marine (Pinm Sheets: CIBH) that the trust-preferred shareholdersw previously denied the holdingv company’s proposal to convert their securities into perpetual preferred The company had proposed that holderx of $100.
9 million in debentures accepg about $94.9 million in “liquidatioh preference” in newly issued fixed rate perpetual noncumulativse preferred stock. In a new solicitationh to trust preferred securities the holding company said approvap of the reorganization will allow the company to emergse as a stronger and better Hickey said that if the plan is approvedf by holders of the trust preferred the reorganization could be completexd within about60 days, pendingf confirmation by the U.S. Bankruptcy Court. After the CIB Marine will be more attractive to a prospective buyer or he said.
Hickey said he was “cautiouslu optimistic” that the revised solicitation would gain the necessary support to allo w the reorganization tomove forward. The reorganization plan callswfor $105.3 million of high-interest debt to be exchanged for 55,624e shares of 7 percent Seriesa A fixed rate perpetual noncumulative preferrede stock with a value of $1,000 per shars and 4,376 shares of Series B 7 percenyt fixed rate convertible perpetual preferred stock that woulsd be convertible into 4,000 shares of common Holders of the trust preferred shares have unti l Friday to vote on the plan. The company has not yet filedd abankruptcy petition.
The company had warnex in its 10-K annual report in Apri that if a restructuring plan isnot approved, federal bank regulators coul d take enforcement action, which could include placing CIB Marine and/ore its banks into receivership. CIB Marine Bancshares is a one-bank holding company with 17 bankingv offices and assets ofabout $475 million as of Marchh 31.

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