News & Announcements

WaMu Reorganization Plan Wins Court Approval

Conclusion to Largest Commercial Bank Restructuring in U.S. History
Washington Mutual, Inc. today announced that Judge Mary Walrath of the United States Bankruptcy Court for the District of Delaware has approved its reorganization plan, thus concluding the three and one-half year-old bankruptcy. Weil, Gotshal & Manges has represented WaMu since it first filed for chapter 11 protection in September 2008.

Under the reorganization plan, WaMu will establish a liquidating trust to make distributions to parties-in-interest on account of their allowed claims, which are expected to total more than $7 billion. In addition, the plan includes significant recoveries for creditors and distribution of substantially all of the stock in the reorganized company to current equity holders. It will become effective after the court enters a written order reflecting this ruling and other conditions have been satisfied.

The Weil team representing WaMu was led by Brian Rosen and included Tax partners Stuart Goldring and William H. Horton; Tax, Benefits, and Executive Compensation partner Steve Margolis; Corporate partner Cathy Dixon; Litigation partners David Hird, John Mastando, and Richard Slack; 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.