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First Guaranty Mortgage Corp. (FGMC) and its affiliate, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection today in the U.S. Bankruptcy Court for the District of Delaware, while also announcing it has “identified one or more potential partners” that can provide financial support. The bankruptcy filing comes just six days after FGMC laid off more than 400 people during a 10-minute virtual meeting online.

/PRNewswire/ -- First Guaranty Mortgage Corp. ("FGMC" or "the Company") today announced that the Company and affiliate Maverick II Holdings, LLC filed for...

Pennsylvania-based Customers Bank is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million.

The move comes after 428 workers were unceremoniously fired via Microsoft Teams

The declaration comes less than a week after the firm laid off 471 workers, or over 75% of its staff, because of significant operating losses and cash flow challenges.