One week ago, Walter Investment Management Corp. disclosed that it would not be exiting bankruptcy on Jan. 31, 2018 as the company originally expected when its bankruptcy plan was approved by a federal court.
Now, the company is providing more detail on when it now plans to exit bankruptcy.
Back in December, Walter announced that it planned to file for Chapter 11 bankruptcy as part of a prepackaged restructuring plan to cut its debt by $800 million and secure the company’s future.
When the company announced that the court approved its bankruptcy plan, it said that it expected to exit bankruptcy at the end of January. But as January ended, Walter said that it would be in bankruptcy for a little while longer, until Feb. 2, 2018, at the earliest.
As it turns out, the company’s stay in bankruptcy may only be extended by one week.
On Wednesday, Walter announced that it now plans to exit bankruptcy at the end of this week, Feb. 9, 2018.
If the company does indeed exit bankruptcy at the end of this week, it will begin the next phase of its existence on Monday, February 12.
And that next phase will include a new name for the company.
Last week, Walter disclosed in a filing with the Securities and Exchange Commission that upon exiting from bankruptcy, it will be changing its name to Ditech Holding Corporation, adopting the name of its prominent subsidiary Ditech Financial.
The company did not provide any additional information on the reason for the name change.
If the company does exit bankruptcy on Friday, it will adopt its new name on Monday and begin trading new common stock on the New York Stock Exchange under a new symbol, “DHCP.”