FORT WASHINGTON, Pa.,
Feb. 7, 2018 /PRNewswire/ -- As
previously announced, Walter Investment Management Corp. (the
"Company") (NYSE: WAC.BC) received approval of its prepackaged
financial restructuring plan (the "Prepackaged Plan") from the
United States Bankruptcy Court for the Southern District of
New York on January 17, 2018. The Company currently
anticipates that all remaining conditions precedent to the
Prepackaged Plan will be satisfied and that the Company will emerge
from Chapter 11 on February 9, 2018
(the "Effective Date"). Assuming the Company emerges on
February 9, 2018, trading in the
Company's new common stock will commence on February 12, 2018. The Company intends to change
its name to Ditech Holding Corporation on the Effective Date and
will trade under the symbol "DHCP" thereafter.
Additional Information
Additional information about the Company's financial
restructuring is available on the Company's website at
http://walterinvestment.com/restructuring.html or by calling the
Company's Restructuring Hotline, toll-free at 866-430-6844 or
1-646-796-6176 for calls originating outside the U.S. Questions can
also be emailed to walterinfo@primeclerk.com. In addition, court
filings and other documents related to the court proceedings are
available on a separate website administered by Walter's claims
agent, Prime Clerk, at http://cases.primeclerk.com/Walter.
Advisors
Weil, Gotshal & Manges LLP is acting as legal counsel,
Houlihan Lokey is acting as
investment banking debt restructuring advisor and Alvarez &
Marsal North America, LLC is acting
as financial advisor to the Company in connection with the
financial restructuring.
About Walter Investment Management Corp.
The Company is an independent servicer and originator of
mortgage loans and servicer of reverse mortgage loans. Based in
Fort Washington, Pennsylvania, the
Company has approximately 4,100 employees and services a diverse
loan portfolio. For more information about the Company, please
visit the Company's website at www.walterinvestment.com. The
information on the Company's website is not a part of this
release.
Cautionary Statements Regarding Forward-Looking
Information
Certain statements in this press release constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act, as amended. Statements that are not
historical fact are forward-looking statements. Certain of these
forward-looking statements can be identified by the use of words
such as "believes," "anticipates," "expects," "intends," "plans,"
"projects," "estimates," "assumes," "may," "should," "could,"
"would," "shall," "will," "seeks," "targets," "future," or other
similar expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors, and
our actual results, performance or achievements could differ
materially from results, performance or achievements expressed in
these forward-looking statements. Such statements include, but are
not limited to, statements relating to the Effective Date of the
Prepackaged Plan.
These forward-looking statements are based on the Company's
current beliefs, intentions and expectations and are not guarantees
or indicative of future performance, nor should any conclusions be
drawn or assumptions be made as to any potential outcome of any
proposed transactions or senior executive changes the Company
announces, considers or seeks to implement. Important assumptions
and other important factors that could cause actual results to
differ materially from those forward-looking statements include,
but are not limited to, those factors, risks and uncertainties
described in more detail under the heading "Risk Factors" and
elsewhere in the Company's annual and quarterly reports, including
amendments thereto, and other filings with the Securities and
Exchange Commission.
In light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the results or conditions
described in such statements or the Company's objectives and plans
will be achieved. These forward-looking statements speak only as of
the date such statements were made or any earlier date indicated,
and the Company does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, changes in underlying assumptions or
otherwise. If the Company were in any particular instance to update
or correct a forward-looking statement, investors and others should
not conclude that the Company would make additional updates or
corrections thereafter.
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SOURCE Walter Investment Management Corp.
