The following parts of the WaMu 6th Amended Plan made it into the 7th Amended Plan:
Reorganization: The 7th Amended Plan retained the basic reorganization structure of the 6th Amended Plan, with Washington Mutual, Inc. (WMI) emerging from bankruptcy as a wholly owned subsidiary of a new holding company.
Credit Facility: The 7th Amended Plan included a $125 million credit facility for the reorganized WMI, which was the same amount as in the 6th Amended Plan.
Creditor Cash: The 7th Amended Plan provided for the payment of cash to certain creditors, including unsecured creditors and holders of subordinated debt. The specific amounts of the cash payments were different in the 7th Amended Plan than in the 6th Amended Plan, but the overall amount of cash to be paid to creditors was approximately the same.
The Liquidating Trust: The 7th Amended Plan retained the liquidating trust established in the 6th Amended Plan to liquidate the assets of the old WMI and distribute the proceeds to creditors.
Reorganized WMI's Board of Directors: The 7th Amended Plan specified the composition of the board of directors of the reorganized WMI, which was to consist of a majority of independent directors.
In addition to these key features, the 7th Amended Plan also included a number of other modifications that were agreed to by the bankruptcy judge. These modifications were designed to address concerns raised by the judge in his rulings on the 6th Amended Plan.
Overall, the 7th Amended Plan was a substantially similar plan to the 6th Amended Plan, but it did include a number of important modifications that were agreed to by the bankruptcy judge. These modifications were designed to address the judge's concerns and to ensure that the plan was fair and equitable to all creditors.
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