WaMu Strikes Deal To Secure Votes On Ch. 11 Plan

Law360, Wilmington (February 16, 2012, 9:02 PM EST) -- Washington Mutual Inc. cut a deal Thursday with dissenting investors that gives the bank holding company the required votes to move forward on its reorganization plan, which now awaits final approval from a Delaware bankruptcy judge.

After 3 1/2 years in bankruptcy — and two rejections of its plan by the court in 2011 — WaMu failed to clear one last hurdle this week when voting results showed that only 62 percent of preferred shareholders had accepted the plan, just shy of the two-thirds majority needed....
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