Originally published Sunday, September 28, 2008 at 12:00 AM
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WaMu Inc. files for Chapter 11 bankruptcy
Washington Mutual Inc. filed for Chapter 11 bankruptcy protection late Friday, one day after federal regulators seized its banking operations and sold them to JPMorgan Chase in the nation's largest bank failure.
Seattle Times staff
Washington Mutual Inc. filed for Chapter 11 bankruptcy protection late Friday, one day after federal regulators seized its banking operations and sold them to JPMorgan Chase in the nation's largest bank failure.
The bankruptcy documents, filed in Delaware, list more than $8 billion in total debts.
Washington Mutual Inc. survives as a holding company because the Federal Deposit Insurance Corp. on Thursday took over its main assets but left the shell company untouched.
JPMorgan acquired WaMu's banking operation, so account holders at WaMu are unaffected by the bankruptcy.
Bondholders and other creditors of Washington Mutual Inc. will be left to sort out what assets are actually left.
Copyright © 2008 The Seattle Times Company
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