Praise de Lord! Seriously folks, we never thought we were going to live long enough to see the end is near: WaMu’s $7 billion bankruptcy case could be wrapping up. A bankruptcy judge indicated Wednesday that creditors may not have to wait long to find out whether she will confirm Washington Mutual Inc.’s $7 billion Chapter 11 plan, according to a Wall St Journal – Deal Journal report.
“I’m a long way towards issuing a decision,” Judge Mary Walrath said at the start of a session in which she will hear a final debate over the plan.
The remark is welcome news to creditors who expect to rake in the cash and who have been clamoring for speed in a case that began nearly three years ago. Washington Mutual’s first bid to exit bankruptcy failed earlier this year, when Walrath rejected the Chapter 11 plan for assorted defects. The company said the problems–including over-generous grants of legal immunity–have been fixed, and the plan should be approved as a reasonable way out of the legal wreckage left behind when it lost Washington Mutual Bank, or WaMu, to a regulatory seizure….
Read more at http://blogs.wsj.com/deals/2011/08/24/wamus-7-billion-bankruptcy-nears-finish-line/
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