Reuters: Bankruptcy News: UPDATE 1-Washington Mutual plans to come back to life

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UPDATE 1-Washington Mutual plans to come back to life Jul 19th 2012, 22:01 Thu Jul 19, 2012 6:01pm EDT July 19 (Reuters) - The company formerly known as Washington Mutual Inc is back in business after going through bankruptcy. In an unusual step for the parent of company of a failed bank, WMI Holdings is considering buying companies or starting businesses up itself. It has hired Blackstone to advise it, and has lined up a $125 million credit facility. It said it has "substantial cash" as well. Based in Seattle, Washington Mutual once had $307 billion in assets and was one of the biggest corporate casualties of the 2008 financial crisis. It remains the largest U.S. bank or thrift to fail. Regulators seized the lender on Sept. 25, 2008, and arranged the sale of its main banking operations that day to JPMorgan Chase & Co for $1.88 billion. Washington Mutual's holding company filed for bankruptcy protection the next day. The company exited bankruptcy in March, after nearly three and a half years of court battles. Blackstone had served as an advisor to the company during its Chapter 11 proceedings. WMI Holdings's assets include a unit that is winding down a Washington Mutual reinsurance business.

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