Davis Polk is advising Capital Z Partners as an investor in the $175 million recapitalization of Anchor BanCorp Wisconsin Inc. In order to facilitate the recapitalization, Anchor BanCorp has filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Wisconsin to implement a “pre-packaged” plan of reorganization to restructure Anchor BanCorp and recapitalize its wholly owned subsidiary, AnchorBank, fsb. The reorganization process is expected to be completed within 45-90 days.
Capital Z Partners is one of the most experienced and longest tenured private equity investors in the financial services industry. AnchorBank, a wholly owned subsidiary of Anchor BanCorp, has 55 offices located in Wisconsin.
The Davis Polk corporate team includes partners Leonard Kreynin and William L. Taylor and associate Lee Hochbaum. Partner Damian S. Schaible and associates Eli J. Vonnegut and P. Alexandre de Richemont are providing insolvency and restructuring advice. Partner Margaret E. Tahyar and associates Alexander Young-Anglim and Brandon Smith are providing financial institutions advice. Partner Kathleen L. Ferrell and associate Ankur Dalal are providing tax advice. All members of the Davis Polk team are based in the New York office.
