Washington Mutual granted three-month exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 18 - Washington Mutual, Inc. has received an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing for the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company's exclusive plan-filing period was extended to April 24 from Jan. 24 and the solicitation period to June 23, 2009 from March 25.

According to the motion, the company is addressing a number of significant legal and economic issues affecting its assets and potential debts.

The company said resolution of these issues is key to its formulation of a reorganization plan.

Washington Mutual also cited the size and complexity of its bankruptcy case.

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

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