In a strong vote of confidence for an ailing company, institutional investors have agreed to buy $113 million in new common stock from Midlantic Corp.

The private placements, equal to a 15% stake, mark a milestone in the New Jersey-based company's attempt to recover from massive losses on realty loans.

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.