FGIC Corp., the holding company of beleaguered bond insurer Financial Guaranty Insurance Co., announced Wednesday that it had filed for Chapter 11 bankruptcy protection.

The insurance holding company, which was founded in 1983, filed in the U.S. Bankruptcy Court for the Southern District of New York. The document includes a plan of reorganization providing holders of unsecured claims “substantially all” of FGIC Corp.’s $11.5 million in cash.

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