FORT WASHINGTON, Pa.,
Feb. 9, 2018 /PRNewswire/ -- Walter
Investment Management Corp. (NYSE: WAC.BC) today announced that it
successfully completed its financial restructuring plan and emerged
from Chapter 11 under the name Ditech Holding Corporation
("Ditech Holding" or the "Company"). Trading in Ditech Holding's
new common stock is expected to commence on February 12, 2018 under the symbol "DHCP".
Through its financial restructuring, the Company eliminated
approximately $800
million1 of outstanding corporate debt from its
balance sheet and enhanced its financial flexibility.
The Company has chosen Ditech Holding Corporation as the new
name for its parent company, as it reflects the Company's focus on
its strong core business and its commitment to serving customers.
The Company remains committed to enhancing the customer experience
through the growth of its origination and servicing businesses and
by focusing on new technology, innovation, and other areas that are
critical to the Company's success. With an industry leading team,
the Company expects demand for its quality products, services and
single source convenience to grow as it builds on its legacy as a
customer-driven organization.
George M. Awad, a continuing
member of Ditech Holding's Board of Directors, said, "We are
emerging from this process with a new name and an even stronger
focus and ability to serve our customers. Ditech Holding is
beginning its next chapter with increased financial flexibility and
continued momentum in our efforts to transform our business. We are
excited about the prospects of our core business and are confident
that we are well positioned to drive profitable growth and create
value for our shareholders."
Mr. Awad added, "We would like to thank all of our employees for
their dedication throughout this process. They have been and will
continue to be the ultimate driver of our success. We also thank
our customers and other business partners for their support
throughout this process. Looking ahead, we are committed as ever to
our mission of enabling the dream of homeownership for our
customers and caring for them throughout their homeownership
lifecycle."
Following the completion of the restructuring, Ditech Holding
will continue to serve customers through its operating
subsidiaries, Ditech Financial LLC and Reverse Mortgage Solutions,
Inc.
Additional information about Ditech Holding is available on the
Company's new website: www.ditechholding.com
Additional information regarding Walter Investment Management
Corp.'s financial restructuring, including court filings and other
documents related to the court proceeding is available at
http://cases.primeclerk.com/Walter or by calling the Company's
Restructuring Hotline, toll-free at 866-430-6844 or 1-646-795-6176
for calls originating outside of the U.S. Questions can also be
emailed to walterinfo@PrimeClerk.com.
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. The consenting term
lenders are represented by Kirkland & Ellis LLP as counsel and
FTI Consulting as financing adviser and the consenting senior
noteholders are represented by Milbank Tweed as counsel and Moelis
& Company as financial adviser.
About Ditech Holding Corporation
Ditech Holding 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 Ditech Holding, please visit the Company's
website at www.ditechholding.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 trading of our common
stock, descriptions of management's strategy, plans, objectives,
expectations, or intentions and descriptions of assumptions
underlying any of the above matters and other statements that are
not historical fact.
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 the Company considers. 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.
The above factors, risks and uncertainties are difficult to
predict, contain uncertainties that may materially affect actual
results and may be beyond the Company's control. New factors, risks
and uncertainties emerge from time to time, and it is not possible
for management to predict all such factors, risks and
uncertainties. Although the Company believes that the assumptions
underlying the forward-looking statements contained herein are
reasonable, any of the assumptions could be inaccurate, and
therefore any of these statements may prove to be inaccurate. 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.
Contact
Kimberly
Perez
SVP & Chief Accounting Officer
813.421.7694
investorrelations@ditech.com
Or
Michael Freitag / Andy Brimmer / Aaron
Palash
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
1 As compared to the amount of outstanding corporate
debt of the Company as of June 30,
2017.
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SOURCE Walter Investment Management Corp.
