WMI trust’s case closure motion approved; final distribution Jan. 10

By Caroline Salls

Pittsburgh, Dec. 20 – WMI Liquidating Trust, which was formed under the confirmed seventh amended joint Chapter 11 plan of Washington Mutual, Inc., announced Friday that the U.S. Bankruptcy Court for the District of Delaware approved the trust’s motion to close Washington Mutual’s cases, according to a news release.

In connection with the case closure, the trust said it expects to initiate a final cash distribution of roughly $35 million and $40 million to trust beneficiaries on Jan. 10.

Following to the distribution, the trust said it will begin the process of terminating its operations and initiating the winding-up and dissolution of the entity in accordance with Delaware law.

No additional distributions of cash or equity will be made by the trust following the Jan 10 distribution.

Current members of the trust’s management team are expected to manage the winding-up and dissolution of the trust, the release said.

Washington Mutual, a Seattle-based savings and loan holding company, emerged from bankruptcy on March 19, 2012.

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