Capitol Bancorp Ltd., based in Lansing, filed for bankruptcy with a prepackaged reorganization plan after a proposed restructuring failed.
Capitol Bancorp, in its Chapter 11 petition filed Thursday in U.S. bankruptcy court in Detroit, listed total assets of $112.2 million and debt of $195.6 million.
The company also reported Thursday a net loss of $10.3 million in the quarter that ended June 30, compared with a loss of $16.4 million a year earlier. The loss was due to “continued costs associated with problem asset resolution.”
“Capitol continues to focus on liquidity to manage its balance sheet in the face of ongoing economic challenges and regulatory constraints,” the company said in its earnings release Thursday.
Capitol Bancorp announced in June a voluntary
http://www.crainsdetroit.com/article/20120810/FREE/120819993#
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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