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WMI Liquidating Trust announces launch of final plan distributions
By Caroline Salls
Pittsburgh, Jan. 10 – WMI Liquidating Trust, which was formed under the confirmed seventh amended Chapter 11 plan of Washington Mutual, Inc., announced Thursday that it would initiate a $39 million final cash distribution on Jan. 10.
According to a trust news release, the distribution will be paid to holders of subordinated claims in plan class 18.
After the distribution, members of class 18 will have received a recovery of roughly 82% of the face amount of their allowed subordinated claims, including post-bankruptcy interest.
The trust said the distribution follows the entry by the U.S. Bankruptcy Court for the District of Delaware of an order authorizing the closing of the WMI debtors’ Chapter 11 cases.
Concurrently with the distribution, the trust said it will also initiate a final distribution of all shares of common stock of Mr. Cooper Group Inc. currently on deposit in a disputed equity escrow held on behalf of former common shareholder interests.
The trust said any redistribution of this common stock will be made only to members of plan class 22.
No additional distributions of cash or equity will be made by the trust, according to the release, other than a potential distribution to one or more charities of unused cash reserves. The trust said these reserves are being retained for purposes of managing the winding-down of the trust.
William C. Kosturos will resign as the liquidating trustee, and John Maciel will resign as the trust’s chief financial officer, in each case effective immediately following the distribution.
Washington Mutual, a Seattle-based savings and loan holding company, emerged from bankruptcy on March 19, 2012.
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