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Colonial BancGroup Inc., the real estate lender which was sold to BB&T Corp earlier this month after being closed by the government has filed for bankruptcy protection under Chapter 11, Colonial listed $380 million in debt and assets of $45 million in its filing in U.S. Bankruptcy Court.
Colonial represents the largest failure this year with $25 billion in deposits, and the sixth-largest in the U.S. history, the company was deeply affected by the failure of the U.S. Sub-prime mortgages, as it wrote off millions in residential construction and mortgage loans, as the company continued to report losses over several consecutive quarters.
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