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Washington Mutual to pay out
Washington Mutual could be out of bankruptcy in March after reworking its recently rejected plan of reorganisation, the attorney overseeing the company’s bankruptcy said yesterday. “Our goal is to go effective in March,” said Brian Rosen, an attorney from law firm Weil, Gotshal & Manges, representing the bank. Once the company’s reorganisation plan is approved and goes into effect, it will begin distributing more than $7bn (£4.4bn) to creditors. Those creditors range from hedge funds that hold the company’s securities to vendors such as phone companies and software providers. The bank has been in bankruptcy since September 2008 after its savings and loan was seized by regulators and it was sold to JPMorgan.