Washington Mutual Inc., now in Chapter 11 bankruptcy, wants to hire a half-dozen restructuring experts at up to $695 an hour.
A half-dozen well-paid turnaround executives may be installed to oversee the Chapter 11 bankruptcy of Washington Mutual Inc., whose banking operations were taken over by federal regulators last month.
The Seattle company asked a bankruptcy judge’s permission Friday to designate William C. Kosturos as the company’s chief restructuring officer and hire six other members of his firm, Alvarez & Marsal North America, as advisers.
Kosturos would be paid $695 an hour, while the others would bill their services at $335 to $600 an hour. The filing says their job is to devise strategies to maximize the value of Washington Mutual Inc.’s remaining assets and to communicate with creditors, among other things.
A hearing on hiring Alvarez & Marsal and three other professional firms is scheduled for Oct. 30.
- With Marshawn Lynch retired, what will Seahawks do with money they save?
- Police: Ohio newborn appears to have died from dog bite
- Panthers' Cam Newton and Seahawks' Russell Wilson handled Super Bowl losses very differently
- Seahawks' Russell Wilson writes a thank-you letter to Peyton Manning
- $3.7 million in 3 months: I-405 tolls rake in more than 3 times expected income
Most Read Stories
Kosturos, who has advised bankrupt and troubled companies for 19 years, most recently served as the chief restructuring officer of Movie Gallery, and previously he ran The Spiegel Group, parent of Eddie Bauer, while it was in bankruptcy.