Anchor BanCorp Wisconsin (ABCW) finally has a lifeline and it is determined to prevent a creditor — which is also a competitor — from holding up its rescue.

On Tuesday the $2.4 billion-asset company announced it has $175 million of capital committed from private and institutional investors, and it plans to get it in the door by filing for Chapter 11 in the U.S. Bankruptcy Court for the Western District of Wisconsin.

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