With Bankruptcy, United Western Buys Time in Bid to Regain Thrift

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Byline: Robert Barba

United Western Bancorp Inc. in Denver has filed for chapter 11 bankruptcy in a move that would allow the company more time to pursue its lawsuit against federal regulators for seizing its thrift in January 2011.

On Monday, the company said in a press release that it filed for relief in United States Bankruptcy Court for the District of Colorado. The restructuring is hinged on the company getting support from the creditors and equity holders and attracting additional capital as it pursues its litigation to regain control of the operations, assets and liabilities of United Western Bank, the $2 billion-asset failed thrift.

The company's …