WaMu files bankruptcy petition
Monday, 29 September 2008
SCOTTSDALE, Arizona, Sept 28 (Reuters): Washington Mutual Inc has filed a petition for Chapter 11 bankruptcy protection from creditors in US bankruptcy court in Delaware.
In the voluntary petition filed late Friday, the company listed assets of US$32.90 billion, and debts of $8.20 billion, putting it in the top 10 largest US bankruptcy cases ever filed.
Bank of New York Mellon, as a trustee for debtholders, was listed as the company's largest creditor.
According to the petition, Washington Mutual is being represented by New York law firm Weil Gotshal & Manges, which also represents Lehman Brothers Holdings Inc in its Chapter 11 case.
Its subsidiary, WMI Investment Corporation, also filed for bankruptcy protection, Washington Mutual said in a statement.
The bankruptcy filing is a procedural step, as Washington Mutual was closed by the US government this week in the largest US bank failure in history. Its banking assets were sold to JPMorgan Chase & Company for $1.90 billion.
In the voluntary petition filed late Friday, the company listed assets of US$32.90 billion, and debts of $8.20 billion, putting it in the top 10 largest US bankruptcy cases ever filed.
Bank of New York Mellon, as a trustee for debtholders, was listed as the company's largest creditor.
According to the petition, Washington Mutual is being represented by New York law firm Weil Gotshal & Manges, which also represents Lehman Brothers Holdings Inc in its Chapter 11 case.
Its subsidiary, WMI Investment Corporation, also filed for bankruptcy protection, Washington Mutual said in a statement.
The bankruptcy filing is a procedural step, as Washington Mutual was closed by the US government this week in the largest US bank failure in history. Its banking assets were sold to JPMorgan Chase & Company for $1.90 billion.