Washington Mutual receives OK of three-month exclusivity extension

By Caroline Salls

Pittsburgh, Nov. 23 - Washington Mutual, Inc. received an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Jan. 19 from Oct. 21 and the solicitation period to March 22 from Dec. 21.

Washington Mutual said its Chapter 11 case is large and complex and "fraught with unresolved contingencies relating to the ownership of certain of the debtors' significant assets."

In addition, the company said it is in the middle of a lawsuit with the Federal Deposit Insurance Corp. and JPMorgan Chase Bank, NA.

Washington Mutual, a Seattle-based savings and loan holding company, filed for Chapter 11 bankruptcy on Sept. 26, 2008. Its Chapter 11 case number is 08-12229.

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