Whitebox Advisors to vote in favor of seventh Washington Mutual plan

By Caroline Salls

Pittsburgh, Jan. 26 - Whitebox Advisors, LLC and its affiliated funds intend to vote in favor of Washington Mutual, Inc.'s seventh amended joint plan of reorganization, according to a news release.

Whitebox said it had previously indicated that it intended to vote against the plan.

"After careful consideration of all publicly available data, including the disclosure statement, Whitebox has determined that confirmation and consummation of the company's plan is in the best interests of the holders of the junior PIERS securities," Whitebox said in the release.

"Whitebox encourages all stakeholders, including PIERs holders, to vote to accept the plan."

Washington Mutual is a Seattle-based savings and loan holding company. It filed for Chapter 11 bankruptcy on Sept. 26, 2008 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 08-12229.

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