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. 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.
