First Place Financial Corp.(fka FPFCQ)

[jaxstraw]

'Move out of bankruptcy' is referring to the fact included in the 'deal' is that Talmer Corp is funding all the bankruptcy expenses that will total about $2.75mm. It's included in the APA.

Officials from the bankrupt First Place Financial Corp. are asking a judge to set up rules for the presumed new owner of First Place Bank to pay the expenses of the attorneys and advisers involved in the case.

Under the Asset Purchase Agreement between Warren-based First Place and Michigan-based Talmer Bancorp., the purchaser agreed to pay all professional fees and expenses incurred from the Oct. 29 bankruptcy filing and the purchase closing date, totaling up to $2.75 million. The fees include attorneys for the debtor, financial advisers and claims and noticing agents.

http://tribune-chronicle.com/page/content.detail/id/580946/New-First-Place-owner-to-fund-bankruptcy-expenses.html?nav=5003