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Metropolitan Files for Bankruptcy.(Brief Article)
Metropolitan Mortgage & Securities was expected to file a petition for Chapter 11 bankruptcy protection during the week of Feb. 2, and news reports as MSN went to press indicated that the firm has indeed filed for bankruptcy protection.
The troubled company issued a statement on Jan. 30 that it expected to file the petition during the next week.
The filing would include a sister firm, Summit Securities Inc. It would allow the two to combine operations and reorganize through a "debt for equity plan."
Under the plan, the company's creditors would end up with all of the ownership of the new entity.
Bill Smith, chief financial officer of Metropolitan, said, "The companies look forward to working with their bondholders and ...
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Summit Securities, Inc. wishes to clarify certain information that appeared in...Mary Keller, Market Development & External Affairs for Summit Securities, Inc., +1-509-835-2811, or +1-509-994-8368
Source: HighBeam Research, Metropolitan Files for Bankruptcy.(Brief Article)