Washington Mutual, one of the biggest corporate casualties of the 2008 financial crisis, on Monday emerged from bankruptcy protection, just two weeks after Lehman Brothers Holdings also emerged from Chapter 11. According to a CNBC report the Seattle-based company, the largest U.S. bank or thrift to fail, said it plans to begin repaying about $7 billion to creditors. Many of these are hedge fund investors specializing in buying securities of bankrupt companies.
Washington Mutual's emergence from Chapter 11 ends nearly 3 1/2 years of court battles that saw the company propose seven reorganization plans. U.S. Bankruptcy Judge Mary Walrath in Delaware officially approved the seventh plan on Feb. 23, court records show….
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