On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1450 AM Holland, MI

Weather

Current Conditions(Holland,MI 49422)

More Weather »
66° Feels Like: 66°
Wind: SSW 7 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 77°

Tonight

Thundershowers 66°

Tomorrow

Isolated Thunderstorms 79°

Alerts

Washington Mutual's disclosure statement to get court hearing

By Tom Hals

WILMINGTON, Delaware (Reuters) - Washington Mutual Inc <WAMUQ.PK> was cleared on Monday to begin court hearings to approve its disclosure statement, which will allow the bank holding company to seek a creditor vote on its reorganization to end its two-year bankruptcy.

Shareholders and the U.S. Trustee, a government official who oversees bankruptcy proceedings, asked Judge Mary Walrath to postpone the hearing until next month, after a court-appointed examiner issues his report.

The examiner is investigating the assets of Washington Mutual Inc and the settlement among creditors that is aimed at ending its bankruptcy.

Washington Mutual's bank was seized at the height of the financial turmoil in September 2008 in the biggest bank failure in U.S. history. The lending business was quickly sold to JPMorgan Chase & Co <JPM.N> for $1.9 billion and the holding company filed for bankruptcy the next day.

The company's disclosure statement hearing has been postponed for months for creditor negotiations.

The case is In re Washington Mutual Inc, U.S. Bankruptcy Court, District of Delaware, No. 08-12229.

(Reporting by Tom Hals, editing by Dave Zimmerman)

Comments