2008-11-24 — freedomblogging.com
Downey Financial in Newport Beach said it will file for bankruptcy by Wednesday, five days after federal regulators seized its savings and loan subsidiary amid mounting losses on delinquent home loans.
In a brief filing today, Downey said it will do a Chapter 7 liquidation. The company also said the NYSE suspended trading of its stock and will delist it from the exchange. Downey will not contest the stock suspension or delisting.
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