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Northwest Bancorporation of Illinois, Inc., a bank holding company for First Bank and Trust Company of Illinois
, a single-branch community bank located in Palatine, Ill., filed for chapter 11 protection today in the Bankruptcy Court for the Northern District of Illinois. The company reports $10 million to $50 million in both assets and liabilities. The debtor is represented by Taft Stettinius & Hollister in Chicago as counsel and Janney Montgomery Scott as investment banker. The case number is 21-08123. The case has been assigned to Judge Janet S. Baer.
Northwest Bancorporation of Illinois previously filed
for chapter 11 relief in April 29, 2015, in the same court to effectuate a prepackaged reorganization pursuant to a plan support agreement that contemplated: (a) a restructuring of the debtor’s balance sheet through amendments to the its trust preferred securities and (b) a sale of the equity interests in the debtor in connection with an ultimate recapitalization of the debtor and its bank subsidiary. The debtor’s plan and disclosure statement were confirmed
approximately three weeks after the petition date, and the plan went effective on July 1, 2015.
The debtor’s list of largest unsecured creditors consists of seven claims, as listed below:
The debtor’s equity is held 100% by Robert Hershenhorn.
Reorg First Day is monitoring this case and will provide further coverage as appropriate.