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Judge approves get out of bankruptcy plan for Anchor Bank, Wis. 4th largest

MADISON, WI (WTAQ) - A judge in Madison approved a plan today to get Wisconsin’s fourth-largest bank out of bankruptcy.

Federal Bankruptcy Judge Robert Martin approved a Chapter-11 reorganization of Madison-based Anchor Bank.

The deal forgives $183-million which Anchor owed to U.S. Bank and others, in exchange for a cash payment of $49-million.  Also, Martin said Anchor does not have to pay back $139-million it owed the federal government from Troubled Asset Relief Program that was designed to keep banks afloat during the Great Recession.

The plan cancels Anchor Bancorp’s current stock shares.

Meanwhile, Anchor is still waiting for $175-million from investors, designed to help the bank increase its lending.  Anchor will not get the money until the court approves it.

Chris Bauer of Anchor’s holding company says the investors are a broad group from around the country.