Indiana bank's bankruptcy entering the '341 meeting'
It's been nearly two months since Evansville, Indiana-based Integra Bank filed for protection under Chapter 7 bankruptcy law, but the first meeting of creditors is now taking place.
It's been nearly two months since Evansville, Indiana-based Integra Bank filed for protection under Chapter 7 bankruptcy law, but the first meeting of creditors is now taking place.
According to the Evansville Courier & Press, the bank's creditors will meet this afternoon in Evansville in what is known as the "341 meeting." The court-appointed trustee and those owed money will use the event to ask questions of the debtor.
Upon filing, Integra Bank listed its liabilities at $106.6 million compared to $8.2 million in assets. Jay Jaffe, an Indianapolis attorney, told the newspaper the 341 meeting can be uncomplicated but that is not the case with Integra Bank whose creditors mostly have unsecured non priority claims.
According to a separate Evansville Courier & Press article, Old National Bank will buy up Integra's remaining assets under arrangement by federal banking regulators as the bank's holding company files for protection.
Under Chapter 7 law, the trustee is appointed to liquidate all non exempt assets, with the proceeds going to pay off creditors in order; secured creditors are at the front of the line. All eligible debts are discharged after the assets have been liquidated.
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