Doral Financial Corporation (DFC) announced it has filed for chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. DFC intends to wind-down its businesses, liquidate its assets, and seek approval of a plan of liquidation. DFC also intends to continue to pursue causes of action on behalf of its creditors.

On February 27, 2015, the Office of the Commissioner of Financial Institutions of Puerto Rico (the OCIF) appointed the Federal Deposit Insurance Corporation (the FDIC) as receiver of Doral Bank, a state non-member bank chartered by the OCIF. Prior to the appointment of the FDIC as receiver, DFC owned 100% of the equity in Doral Bank, and Doral Bank was DFC's primary asset.

DFC's primary assets are deposit accounts, asset-backed loans, real estate owned properties (REO) in Puerto Rico, which DFC acquired through loan foreclosures, and various contractual rights under pre-bankruptcy agreements. DFC also owns Doral Insurance, a non-debtor insurance agency.

Ropes & Gray LLP is serving as DFC's bankruptcy counsel, and Zolfo Cooper LLC is acting as DFC's financial advisor. Subject to Bankruptcy Court approval,  Carol Flaton at Zolfo Cooper LLC. has been appointed DFC's Chief Restructuring Officer.