(March 19, 2012, Weil News)
Washington Mutual, Inc. announced today that its reorganization plan has become effective, thus marking the completion of the company’s three and one-half year-old chapter 11 restructuring process. WaMu will now commence the distribution of approximately $7 billion to parties-in-interest on account of their allowed claims, as well as commence the distribution of substantially all of the stock in the reorganized company to equity holders.
WaMu’s reorganization plan was approved and confirmed by US Bankruptcy Judge Mary Walrath
With the plan becoming effective, WaMu becomes a newly reorganized company, WMI Holdings Corp., which will consist primarily of WM Mortgage Reinsurance Company, Inc. Initially the primary business of WMI Holdings will be a legacy reinsurance business that is currently operated by WM Mortgage Reinsurance.
Weil, Gotshal & Manges has represented WaMu since it first filed for chapter 11 protection in September 2008. The team was led by Brian Rosen and included Business Finance & Restructuring partner Adam Strochak; Tax partners Stuart Goldring, William H. Horton, and Steve Margolis; Corporate partners Todd Chandler, Cathy Dixon, Simeon Gold, and Elaine Stangland; Litigation partners David Hird, Thomas Frongillo, John Mastando, and Richard Slack; Litigation counsel Lawrence Baer and Lisa Eskow; Business Finance & Restructuring associates Erica Coleman, Kelly DiBlasi, Julio Gurdian, David Litvack, Marvin Mills, Rahul Sharma, and Amy Wolper; Corporate associates Oliver DeGeest, Justin Lee, Vaughan Petherbridge, Georgia Quinn, and Kevin Yung; Litigation associates Patricia Astorga, Brianna Benfield, Lisa Cloutier, David Dummer, Diana Eng, Greg Kau, Alex Levine, Adam Schloss, Rachel Swartz, Sunny Thompson, Daniel Venditti, Patricia Wencelblat, Jennifer Wine, Eric Wolfish, and Jarrad Wright; Tax associate Todd Hatcher; Business Finance & Restructuring paralegal Nicole Aliseo; Litigation paralegals Merlyn Aaron-Betton, Deidre Fuller, Leason Hoilett, Patrick Mills, and Lamia Sampson; and Litigation graphics specialist Kim Wu.