Washington Mutual granted three-month extension of exclusivity period

By Jennifer Lanning Drey

Portland, Ore., May 20 - Washington Mutual, Inc. was granted an extension of its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended to July 23 from April 24 and the solicitation period to Sept. 21 from June 23.

When requesting the extension, Washington Mutual said although it had made significant progress during the first seven months of its bankruptcy case, there was still substantial uncertainty about the legal ownership of some of its major assets.

As a result, the company said it was impossible to propose a plan until it knew the amount of assets available for distribution.

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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