Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
FPFCQ > SEC Filings for FPFCQ > Form 8-K on 12-Mar-2013All Recent SEC Filings

Show all filings for FIRST PLACE FINANCIAL CORP /DE/ | Request a Trial to NEW EDGAR Online Pro



Bankruptcy or Receivership, Financial Statements and Exhibits

Item 1.03 Bankruptcy or Receivership.

As previously disclosed, on October 29, 2012, First Place Financial Corp. (the "Company") filed a voluntary petition (the "Bankruptcy Filing") under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") as contemplated by the Asset Purchase Agreement, dated as of October 26, 2012 (the "Purchase Agreement"), that the Company entered into with Talmer Bancorp, Inc., a Michigan corporation (the "Purchaser"). In connection with the bankruptcy proceeding, the Company and the Purchaser submitted an Amended and Restated Asset Purchase Agreement, dated as of December 14, 2012 (the "Amended Purchase Agreement"), by and among the Company and the Purchaser, concerning the Purchaser's proposed acquisition of First Place Bank, the Company's wholly-owned subsidiary, for approval by the Bankruptcy Court. On December 14, 2012, the Bankruptcy Court entered an order approving and authorizing the Company to enter into the Amended Purchase Agreement. On January 1, 2013, pursuant to the terms of the Amended Purchase Agreement, the Company completed the sale of substantially all of its assets, including all of the issued and outstanding shares of common stock of the Company's wholly-owned subsidiaries, First Place Bank and First Place Holdings, Inc., and certain other assets held in the name of the Company but used in the business of First Place Bank, to the Purchaser.

On March 6, 2013, the Company filed a "Motion for an Order Converting this Case to a Proceeding Under Chapter 7 of the Bankruptcy Code, Pursuant to 11 U.S.C. 1112(a)" with the Bankruptcy Court. Following the Company's sale of substantially all of its assets to the Purchaser, the Company has diligently worked to wind-down its remaining business, while also evaluating its options for final resolution of the Bankruptcy Filing. Given that all of the Company's primary creditors received direct payment in satisfaction of their claims, pursuant to the terms of the Amended Purchase Agreement, and the Company does not have any funds to distribute under a Chapter 11 plan of reorganization, the Company determined that it would be in the best interest of all creditors and stakeholders to convert this case to a liquidation proceeding under Chapter 7 of the Bankruptcy Code.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Motion for an Order Converting this Case to a Proceeding Under Chapter 7 of the Bankruptcy Code, Pursuant to 11 U.S.C. 1112(a) filed with the Bankruptcy Court.

  Add FPFCQ to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for FPFCQ - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.