WMI Liquidating Trust Announces Court Approval to Close Chapter 11 Cases
SEATTLE, Dec. 20, 2019 /PRNewswire/ -- WMI Liquidating Trust (the “Liquidating Trust”) (the “Trust”), formed pursuant to the confirmed Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the “Plan”) of Washington Mutual, Inc., today announced that the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) has approved an order authorizing the closing of the Debtors’ Chapter 11 cases, among other things.
In connection with the Bankruptcy Court’s approval, the Trust expects to initiate a final cash distribution (the “Distribution”) of approximately $35 million and $40 million to beneficiaries of the Trust in accordance with the provisions of the Plan on or about January 10, 2020.
Following to the Distribution, the Trust 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 final Distribution. Current members of the Trust’s management team are expected to manage the winding-up and dissolution of the Trust.
Further information about WMI Liquidating Trust, including Frequently Asked Questions, can be found at www.wmitrust.com.
Andrew Siegel / Jed Repko / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
SOURCE WMI Liquidating Trust