Wamu wasn't cancelled. Do you have some kind of agenda?
WILMINGTON, Del. – After a long and contentious legal battle and more than three years in bankruptcy, Washington Mutual on Friday finally won court approval of a reorganization plan.
The plan calls for some $7 billion to be distributed to creditors and includes significant recoveries for shareholders, who often are left with nothing in bankruptcy cases.
"This Chapter 11 plan is a tremendous success," said Washington Mutual attorney Brian Rosen.
"It took three and a half years, but I think the result is remarkable and well worth it," said Judge Mary Walrath, who had twice rejected reorganization plans filed by Washington Mutual before giving her blessing to a revised plan Washington Mutual submitted in December.
"I'm happy to confirm this plan," the judge added. "I thank all the parties for not giving up."
Walrath agreed with Edgar Sargent, an attorney for the equity committee, that individual shareholders had played an extraordinary role in the case.
"I have never seen a case where the shareholders had been so active and so interested in what is going on, and what their rights are and how they can protect them," she said.
Having satisfied stockholders with the December revisions to its plan, Washington Mutual cleared away the final significant obstacle on Thursday.
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