BankruptcyData’s detailed analysis and summary of Walter Investment Management’s Amended Prepackaged Chapter 11 Plan of Reorganization [Modified], dated January 17, 2018, is now available.
The U.S. Bankruptcy Court confirmed the Plan on January 18, 2018; however, an effective date has not yet been issued.
BankruptcyData notes, “Through the Restructuring Support Agreement, the Debtor expects to reduce its outstanding corporate debt by approximately $600 million (from approximately $2.1 billion as of September 30, 2017, to approximately $1.5 billion as of the day after the Effective Date of the Restructuring), extend the maturity date of its Term Loan, and enhance the Debtor’s financial flexibility as it continues the ongoing transformation of its business. The Restructuring is expected to leave the Debtor’s businesses intact and its balance sheet de-levered.”
In addition, “The Restructuring Support Agreement is expected to enhance the Debtor’s long-term growth prospects and to allow the Debtor’s management team to increase its focus on operational performance and value creation.”
BankruptcyData premium level subscribers receive access to the full summary, which provides further details on corporate background, events leading to Walter Investment Management’s November 30, 2017 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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