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First Enterprise Financial Group Inc. of Evanston and its First Enterprise Acceptance Co. unit filed for protection under Chapter 11 of the U.S. Bankruptcy Code, citing inability to obtain replacement financing. First Enterprise operates in nine states, buying and servicing installment sales contracts originated with automobile dealers for financing used-vehicle sales. The company said it has negotiated debtor-in-possession financing with its senior lending group, which will allow it to continue servicing retail installment sale contracts through the end of the month.
