Key Developments: WMI Holdings Corp (WMIH.PK)
0.88USD
23 May 2013
$0.02 (+2.33%)
$0.86
$0.85
$0.89
$0.84
1,137,734
480,533
$0.89
$0.40
Latest Key Developments (Source: Significant Developments)
Washington Mutual, Inc. Completes Chapter 11 Restructuring Process
Washington Mutual, Inc. announced that its Seventh Amended Joint Plan of Affiliated Debtors Pursuant to Chapter 11 of the United States Bankruptcy Code, became effective, marking the completion of the chapter 11 restructuring process. In connection with the Plan becoming effective, the Company will commence the distribution of funds of approximately $7 billion to parties-in-interest on account of their allowed claims and the distribution of substantially all of the stock in the reorganized company to equity holders. The Company's common stock, traded over the counter under the ticker symbol WAMUQ, has been cancelled. As a result of the Plan becoming effective, WMI has emerged as a newly reorganized company, WMI Holdings Corp. (WMI Holdings), which will consist primarily of WM Mortgage Reinsurance Company, Inc. (WMMRC), a wholly owned subsidiary of WMI that is incorporated in Hawaii, and which will be funded by a $75 million contribution from certain WMI creditors. In addition, the Company will have access to a $125 million senior credit facility to be used for working capital and permitted acquisitions and originations in the financial services sector. Initially, the primary business of WMI Holdings will be a legacy reinsurance business that is operated in runoff mode by WMMRC. Full Article
Washington Mutual, Inc. Announces Settlement With Significant Creditors and Equity Committee; Files New Plan of Reorganization
Washington Mutual, Inc. announced that the Company and certain significant parties in the Company's chapter 11 proceedings (including the Official Committee of Equity Security Holders (the Equity Committee) have reached a comprehensive settlement of the disputes that the Company and the settling parties believe facilitates the filing of, and confirmation of, the Company's Plan. In connection with the foregoing, and in accordance with chapter 11 of the United States Bankruptcy Code, the Company and WMI Investment Corp. (together, the Debtors) filed the Seventh Amended Joint Plan of Affiliated Debtors (as amended, modified or supplemented from time to time, the Plan) and a related disclosure statement for the Plan (as amended, modified or supplemented from time to time, the Disclosure Statement). The Plan and Disclosure Statement were filed earlier on Decemebr 12, 2011, with the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court). In addition, under the terms of the comprehensive settlement announced, which remains subject to approval by the Bankruptcy Court, the parties have agreed to the following: Upon the effective date of the Plan, reorganized WMI's assets will consist of its equity interests in WMI Investment Corp. and WM Mortgage Reinsurance Company, Inc. (WMMRC); the reorganized Company will be funded by a $75 million contribution from certain creditors. Full Article
Washington Mutual, Inc. Settles Share Investor Suit For $208.5 Million-DJ
Dow Jones reported that Washington Mutual, Inc. agreed to settle a large shareholder class-action lawsuit for $208.5 million, according to a court filing by the plaintiff's lawyers. The suit in federal court in Seattle was the consolidated version of several other class action lawsuits filed by shareholders, in multiple courts, that all essentially alleged that Washington Mutual failed to stop them from investing when the now-failed bank knew, or should have known, how much trouble it was in. Some of the lawsuits were actually filed long before the bank collapsed, though the plaintiffs regularly updated the consolidated case to include the latest reports on Washington Mutual. Full Article
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