WaMu Bankruptcy continues
News came in the ongoing Washington Mutual Inc. bankruptcy this week.
News came in the ongoing Washington Mutual Inc. bankruptcy this week. Since filing for Chapter 11 protection in September 2008, the nation's sixth-largest credit-card company has company has been battling its way out of over $8 billion in liabilities.
Recently the case had been marred in confidentiality disputes between JP Morgan Chase, The Federal Deposit Insurance, and the credit giant.
The case's lead examiner, Josua Hochberg, is set to file a report on a potential settlement between the parties. The results of which are to be filed publicly on Nov. 1. with bankruptcy Judge Mary F. Walrath set to hear objections to the disclosure in late October, reports Bloomberg.
This follows news that WaMu recently reached a $335 million settlement with its note-holders, in hopes that it could soon exit its bankruptcy. The company labored for months in order to strike the deal, eventually agreeing to the settlement agreement, according to a separate report by Reuters.
Last week, WaMu filed a revised plan which included the potential settlement with the FDIC and JPMorgan as well as plans to grant more than $7 billion to its creditors.
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