IndyMac Files for Bankruptcy Protection


Reuters
August 1, 2008

IndyMac Bancorp, the third-largest banking failure in United States history, said Friday that it had filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors.

The company, based in Pasadena, Calif., filed for Chapter 7 protection on Thursday with the federal bankruptcy court in Los Angeles, indicating it plans to liquidate. IndyMac said it expected the court will appoint a bankruptcy trustee promptly.

The filing was widely expected. It does not include IndyMac Federal Bank, which is now run by the Federal Deposit Insurance Corp and is the successor to IndyMac’s former banking unit. Most deposits in IndyMac Federal are insured up to $100,000.

IndyMac Bancorp, the holding company, has $50 million to $100 million of assets, $100 million to $500 million of liabilities, and fewer than 50 creditors, according to the bankruptcy filing.

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