Washington Mutual Inc., the former owner of the biggest U.S. bank to fail, resolved a dispute that had threatened to block common shareholders from getting stock in the only part of the company to exit bankruptcy.
Preferred shareholders of Washington Mutual Inc., the former owner of the biggest U.S. bank to fail, voted against the company’s $7 billion reorganization proposal, jeopardizing a plan to pay common shareholders.
Tribune Co. agreed to back a plan by two of its hedge fund lenders that lets the publisher’s newspapers and television stations exit bankruptcy while creditors sue one another over the company’s 2007 buyout.
Tribune Co. dropped its opposition to a court-supervised examination of its 2007 leveraged buyout, a victory for junior bondholders who claim the $8.3 billion transaction caused the publisher’s bankruptcy.
Energizer Holdings Inc. , known for its battery powered pink bunny and Schick shavers, won court permission to bid for bankrupt competitor American Safety Razor Co. as a judge rejected the outcome of an earlier auction.
Washington Mutual Inc.’s agreement with shareholders, aimed at ending opposition to the company’s more than $7 billion reorganization proposal, has fallen apart, three people with direct knowledge of the negotiations said.