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Sunday, September 28, 2008 11:51:25 PM
Puget Sound Business Journal (Seattle)
Washington Mutual Inc. disclosed debts of $8.1 billion and assets of $32.8 billion in documents filed late Sept. 26 with the U.S. Bankruptcy Court in Delaware.
The Washington Mutual holding company (NYSE: WM), along with its affiliate WMI Investment Corp., voluntarily filed for Chapter 11 bankruptcy protection, court records show.
The federal Office of Thrift Supervision on Sept. 25 put Washington Mutual Bank into receivership after depositors withdrew $16.7 billion in eight days, plunging the 119-year-old savings and loan into a liquidity crisis, the regulatory agency said in a statement. It was the largest bank failure in U.S. history.
JPMorgan Chase & Co. acquired Washington Mutual’s banking operations and loan portfolio for $1.9 billion in an auction conducted by the Federal Deposit Insurance Corporation, leaving WaMu’s holding company and its affiliate to chart their own course.
More than 500 entities hold either unsecured or unsecured subordinated debt in the holding company and its affiliate, court documents show. The Bank of New York is trustee for the holders of the 20 largest unsecured claims.
The bank also hired three East Coast law firms to handle its Chapter 11 case. The firms are: Weil, Gotshal & Manges LLP of New York; Richards, Layton & Finger PA of Wilmington, Del.; and Simpson Thacher & Bartlett LLP of New York.
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