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steel58

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steel58

Re: None

Tuesday, 02/08/2011 11:57:42 AM

Tuesday, February 08, 2011 11:57:42 AM

Post# of 730760
From Reuters:

Reuters) - Washington Mutual Inc (WAMUQ.PK) filed a modified plan to exit bankruptcy on Tuesday after a bankruptcy judge rejected its previous plan last month.

The modified plan scraps a rights offering that the company proposed last year. Under that plan, Washington Mutual would have sold shares of the reorganized company, mostly to hedge funds, which would have controlled the company after exiting Chapter 11.

So what happens to the company? Is it now just a public offering for shares of new company?

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