WaMu Adviser Defends Pivotal Deal In Ch. 11 Plan

Law360, New York (December 2, 2010, 7:07 PM EST) -- Washington Mutual Inc.’s restructuring plan, two years in the making, went before a bankruptcy court for confirmation on Thursday, with the company’s chief restructuring officer taking the stand to defend a pivotal settlement against attacks from shareholders and other interests.

Bill Kosturos, a managing director at Alvarez & Marsal, testified in the U.S. Bankruptcy Court for the District of Delaware that the settlement, which would divvy up $6.8 billion in assets between creditors, was “fair and reasonable.”

The global settlement is designed to resolve a complex...
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