Walter Investment prepackaged Chapter 11 plan approved by court
Walter Investment Management announced that the United States Bankruptcy Court for the Southern District of New York has approved the company's prepackaged financial restructuring plan. The company expects to emerge from Chapter 11 by no later than January 31, 2018, after the conditions to the Prepackaged Plan are satisfied, and the company is on track to complete its financial restructuring in the first quarter of 2018. As previously announced, the company's comprehensive financial restructuring plan is expected to reduce the company's outstanding corporate debt by approximately $800M and create enhanced financial flexibility. Walter's operating entities, including Ditech Financial LLC and Reverse Mortgage Solutions, Inc., are continuing to operate in the ordinary course.