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: Breaking Legal NewsWaMu files amended Chapter 11 plan
By (Breaking Legal News)
Bank holding company Washington Mutual Inc. has filed an amended Chapter 11 reorganization plan.
The plan filed Sunday in Delaware bankruptcy court is based on a settlement involving WMI, the Federal Deposit Insurance Corporation and JPMorgan Chase Bank, which filed lawsuits against one another after the FDIC seized Washington Mutual's flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion.
The FDIC objected to the initial settlement plan, resulting in negotiations that led to the amended plan.
In addition distributing some $7 billion in funds among various parties as part of the settlement, the plan allows certain creditors to buy new shares in the reorganized company. Holders of existing shares would receive nothing.
Full post as published by Breaking Legal News on May 17, 2010 (boomark / email).
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