FDIC Endorses Washington Mutual's Ch. 11 Plan

Law360, New York (August 4, 2011, 6:54 PM EDT) -- The Federal Deposit Insurance Corp., the receiver for Washington Mutual Bank NA, on Wednesday declared its support for Washington Mutual Inc.'s Chapter 11 plan in Delaware bankruptcy court.

“The FDIC-receiver strongly supports confirmation of the plan,” the motion said. “The plan represents the best opportunity for creditors to receive maximum distributions in these cases, and any further delay in its confirmation will only reduce any creditor recoveries.”

That support comes weeks after a series of hearings during which shareholders and creditors argued against the reorganization plan,...
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