Capital Z Partners is part of an investment group that is recapitalizing Anchor BanCorp Wisconsin (NASDAQ: ABCWQ). Davis Polk is advising Capital Z on the transaction, which is valued at $175 million. Anchor BanCorp has voluntarily petitioned for Chapter 11 protection as part of a reorganization plan for the company. It's reportedly looking at more than $300 million in debt obligations to various lenders, including a $139 million TARP tab from the U.S. Treasury. Its subsidiary, AnchorBank, operates 55 regional banks throughout Wisconsin.