Washington Mutual Offered Extension

Washington Mutual Inc. was given an extension this week to come to an agreement with shareholders who continue to have objections to the proposed reorganization plan.

In Delaware, Judge Mary Walrath, the reorganization plan hearing was pushed back to July 5, giving the company additional time to draft a revised plan. Brian Rosen, a WaMu attorney, said: "I am pleased to report that all of the parties have been diligently working toward getting this documented." Should the final agreement be reached by July, Judge Walrath would be given the chance to consider the revised plan.

After its final collapse in 2008, Washington Mutual filed for Chapter 11 bankruptcy protection. It proved to be the largest bank failure in history; the federal government seized the Seattle-based flagship bank and sold its assets to JP Morgan Chase. The final sale came to $1.9 billion.

Are you considering Chapter 11 bankruptcy? If so, contact us to discuss your situation with a Chicago bankruptcy attorney today.