Wilmington Trust, as Indenture Trustee, Appointed to Unsecured Creditors’ Committee in Washington Mutual, Inc. Case
October 17 2008 - 1:18PM
Business Wire
Wilmington Trust said today that, in its capacity as indenture
trustee, it has been appointed by the United States Trustee to
serve as a member of the official unsecured creditors� committee
for holders of approximately $43 million of debt guaranteed by
Washington Mutual, Inc., which filed for Chapter 11 protection on
September 26, 2008 in the U.S. District Court in Delaware. In this
role, Wilmington Trust provides trustee and administrative services
for some creditors of Washington Mutual, Inc. Wilmington Trust is
paid a fee for these services, which are specified in documents
that govern the trust. Wilmington Trust has no credit or investment
exposure to Washington Mutual, Inc. in either its loan or
investment securities portfolios. Through its Corporate Client
Services (CCS) business, Wilmington Trust is a leading provider of
institutional trustee, agency, and administrative services. �Our
appointment in this case reflects our position as a premier
provider of trustee and administrative services for corporate
clients,� said Ted T. Cecala, Wilmington Trust�s chairman and chief
executive officer. �We receive engagements such as this because,
unlike investment banks that perform trustee services, we do not
have lending or securities underwriting conflicts of interest.
Washington Mutual, Inc.�s bankruptcy filing does not affect our
balance sheet or bottom line, and it poses no credit or investment
risk to us.� About Wilmington Trust Wilmington Trust Corporation
(NYSE:WL) is a financial services holding company that provides
Regional Banking services throughout the mid-Atlantic region,
Wealth Advisory Services for high-net-worth clients in 36
countries, and Corporate Client Services for institutional clients
in 86 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal
trust providers in the United States and the leading retail and
commercial bank in Delaware. Wilmington Trust Corporation and its
affiliates have offices in Arizona, California, Connecticut,
Delaware, Florida, Georgia, Maryland, Massachusetts, Minnesota,
Nevada, New Jersey, New York, Pennsylvania, South Carolina,
Vermont, the Cayman Islands, the Channel Islands, London, Dublin,
Frankfurt, Luxembourg, and Amsterdam.
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