Colonial BancGroup Files Chapter 11

MONTGOMERY, Ala. (CN) - The Colonial BancGroup filed for bankruptcy Tuesday, listing more than $360 million in debts. Regulators seized the bank last week after it unsuccessfully tried to stave off bankruptcy by borrowing $300 million from mortgage lender Taylor, Bean & Whittaker - which filed for bankruptcy on Monday.

Colonial's top creditor is The Bank of New York Trust - $358 million.

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