Mr Cooper Group Inc (COOP)

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On Tuesday, Washington Mutual Inc. (WAMUQ) will meet in court with its creditors and the judge who rejected its latest Chapter 11 plan to discuss mediation designed to bring the bankruptcy case to a conclusion.
The mediation is necessary after Judge Mary Walrath of the Delaware bankruptcy court earlier this month rejected the company's creditor-payment plan for a second time, further holding up the payment of billions of dollars to creditors of the former parent of Washington Mutual Bank.
Walrath refused to approve an earlier version of the plan earlier this year. This time, the judge said the revised plan awarded senior creditors interest at too high a rate.
At Tuesday's hearing, Washington Mutual will discuss the scope of mediation with disgruntled shareholders designed to reach a deal in the case that would enable payment to begin to creditors of the company.
Washington Mutual filed for Chapter 11 protection in September 2008 after WaMu bank was seized by regulators and sold to J.P. Morgan Chase & Co. (JPM) for $1.8 billion. The company's Chapter 11 plan is based on a settlement with J.P. Morgan and the Federal Deposit Insurance Corp., a deal that wasn't rejected by Walrath.

By Marie Beaudette
Of DOW JONES DAILY BANKRUPTCY REVIEW