GE GE Aerospace

--General Electric Co.'s (GE) WMC Mortgage unit entered bankruptcy Tuesday, Reuters reported.

--The unit filed for chapter 11 bankruptcy just weeks after GE agreed to pay the U.S. Justice Department a $1.5 billion civil penalty to resolve claims involving subprime mortgage loans originated by WMC.

--At the time, a GE spokesperson said the settlement contained no admission of any allegations and concludes the investigation of WMC.

--WMC's Chief Executive, Mark Asdourian, said in the filing the unit had limited cash and support from its parent, the report said.

Full story: https://www.reuters.com/article/us-ge-wmc-bankruptcy/ges-wmc-mortgage-unit-felled-by-financial-crisis-files-chapter-11-bankruptcy-idUSKCN1RZ1OI

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 23, 2019 14:13 ET (18:13 GMT)

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