Mortgage

Walter Investment reveals new date for bankruptcy exit, name change

Currently expected to happen later this week

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.”

Most Popular Articles

3 housing trends to watch for in 2020

The year 2020 is now upon us, and as we say goodbye to 2019, we welcome a new decade and all the twists and turns it will bring for the housing industry.

Dec 02, 2019 By

Latest Articles

When it comes to their home, Millennials are picky

According to a new data set from the National Association of Home Builders, Millennials care just as much (if not more) about they want in a house rather than what they need.

Dec 05, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please