CIB Marine’s Pre-Pack Plan Effective; Company Emerges From Ch. 11 After Months

CIB Marine Bancshares Inc., also known as FDBA Central Illinois Bancorp. Inc., announced Jan. 4, 2010, that its pre-packaged reorganization plan is now effective, and the company has emerged from Chapter 11 protection (In re CIB Marine Bancshares Inc.).

Under the plan, according to court documents, $105.3 million of high-interest cumulative debt will be exchanged for 55,624 shares of Series A 7 percent fixed-rate perpetual noncumulative preferred stock with a stated value of $1,000 per share and 4,376 shares of Series B 7 percent fixed-rate convertible perpetual preferred stock with a stated value of $1,000 per share.

CIB ...