Washington Mutual eyes exclusivity extension amid ownership dispute

By Caroline Salls

Pittsburgh, July 23 - Washington Mutual, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend its exclusive plan of reorganization filing period to Oct. 21 from July 23.

The company also wants to extend its exclusive vote solicitation period to Dec. 21 from Sept. 21.

Washington Mutual said its official committee of unsecured creditors has agreed to support the extension.

According to the motion, there is still substantial uncertainty about the legal ownership of some of the company's significant assets.

The company said it would be extremely difficult to propose a plan until it knows the amount of assets available for distribution to creditors.

A hearing is scheduled for Aug. 24.

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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