Bankruptcy judge postpones hearing on disclosure statement on WaMu’s reorganization plan

Judge postpones Washington Mutual hearing

WILMINGTON, Del. — A bankruptcy judge has postponed a hearing to consider approving the disclosure statement that outlines Washington Mutual Inc.’s proposed reorganization plan.

The judge in Delaware continued Wednesday’s hearing until June 3 to allow parties in the case more time to review what Washington Mutual says about its Chapter 11 reorganization plan.

The bank holding company amended its plan earlier this week but plans to revise it further by Friday.

Washington Mutual says it is working on the final version of a settlement agreement with the Federal Deposit Insurance Corp. and JPMorgan Chase that is the basis for its reorganization plan. The parties sued one another after the FDIC seized WaMu’s flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion.