SAN FRANCISCO -- Glenfed Inc. on Monday disclosed details of a restructuring aimed at raising up to $425 million in new capital and averting a federal takeover of its thrift unit.

But the big California thrift company admitted that it has not yet nailed down essential commitments from new investors to put in fresh equity. It also conceded that the plan would not bring its thrift unit into full compliance with regulatory capital requirements.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.