Bankruptcy Court Denies Confirmation of WaMu’s Plan of Reorganization

Reprinted with permission from the November 2011 edition of the Law Journal Newsletters. © 2011 ALM Media Properties, LLC. All rights reserved.

Sending the debtors back to the drawing board after almost three years in bankruptcy, the bankruptcy court has for the second time denied confirmation of the Plan of Reorganization for Washington Mutual, Inc. (“WaMu”). It is hard to recall a bankruptcy case of a similar magnitude to that of WaMu being denied confirmation, let alone twice, but that was just the beginning.