Wa-Mu postpones key hearing

Bankrupt Washington Mutual postponed a key hearing yesterday, which the company’s attorney said would allow more time to discuss with shareholders changes to its planned reorganisation.

The company, whose bankruptcy stems from the biggest bank failure in US history, said the hearing on the company’s disclosure statement and shareholders’ request for an independent examiner would be heard on 8 July. The parties hope to “see if a resolution can be reached to modify the plan,” said Brian Rosen, an attorney with Weil, Gotshal & Manges, which represents the company.