Gibraltar Files for Protection: Gibraltar Financial Corp.,...
Gibraltar Files for Protection: Gibraltar Financial Corp., whose savings and loan subsidiaries were seized by the federal government two years ago, said it has filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. James N. Thayer, the corporation’s chairman and chief executive, said in a statement that the move was necessary to dissolve a writ of attachment, or claim against its assets, obtained by Bank of America. The filing will not affect Gibraltar Savings, which is still operating under government ownership.
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