NU Online News Service, Feb. 2, 2004, 5:35 p.m. EST – Metropolitan Mortgage & Securities Co. Inc., Spokane, Wash., says it plans to seek bankruptcy court protection next week.[@@]
Metropolitan’s insurance company subsidiaries and the insurance subsidiaries of its securities arm will continue normal operations, and they will not be part of the Chapter 11 reorganization filing, Metropolitan says.
Metropolitan says it hopes to reorganize its finances by giving its debenture holders and other creditors ownership of the reorganized entity.