Bank holding company Washington Mutual Inc. has agreed to a
settlement with some creditors involved in its Chapter 11 bankruptcy
case and has filed a new reorganization plan.
Washington Mutual said in a statement late Monday that the
settlement will allow it to distribute more than $7 billion to its
creditors. The settlement must still be approved by the U.S. Bankruptcy
Court for the District of Delaware.
“The comprehensive settlement announced today represents a fair and
reasonable recovery for the thousands of equity holders of the company
who have been following this case closely for three years,” Michael
Willingham, chairman of the committee of equity security holders
appointed in the company’s Chapter 11 proceedings.
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