FORT WASHINGTON, Pa.,
Jan. 31, 2018 /PRNewswire/ -- As
previously announced, Walter Investment Management Corp. (the
"Company") (NYSE: WAC.BC) received approval of its prepackaged
financial restructuring plan (the "Prepackaged Plan") from the
United States Bankruptcy Court for the Southern District of
New York on January 17, 2018. Also as previously
announced, the Company will emerge from Chapter 11 on such date
that the conditions to the Prepackaged Plan are satisfied (the
"Effective Date"), which date was previously anticipated to occur
on or before January 31, 2018. The
Company announced today that, while it remains on track to complete
the work necessary to satisfy such conditions, the Effective Date
will not occur prior to February 2,
2018.
Additional Information
Additional information about Walter's financial restructuring is
available on the Company's website at
http://www.walterinvestment.com/restructuring.html 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. In
addition, court filings and other documents related to the court
proceedings are available on a separate website administered by
Walter's claims agent, Prime Clerk, at
http://cases.primeclerk.com/Walter.
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.
About Walter Investment Management Corp.
Walter Investment Management Corp. 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 Walter Investment Management Corp., please
visit the Company's website at www.walterinvestment.com. The
information on the Company's website is not a part of this
release.
Cautionary Statements Regarding Forward-Looking
Information
Certain statements in this press release constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act, as amended. Statements that are not
historical fact are forward-looking statements. Certain of these
forward-looking statements can be identified by the use of words
such as "believes," "anticipates," "expects," "intends," "plans,"
"projects," "estimates," "assumes," "may," "should," "could,"
"would," "shall," "will," "seeks," "targets," "future," or other
similar expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other important factors, and
our actual results, performance or achievements could differ
materially from results, performance or achievements expressed in
these forward-looking statements. Such statements include, but are
not limited to, statements relating to the effective date and
conditions under the Prepackaged Plan.
These forward-looking statements are based on the Company's
current beliefs, intentions and expectations and are not guarantees
or indicative of future performance, nor should any conclusions be
drawn or assumptions be made as to any potential outcome of any
proposed transactions the Company considers. Risks and
uncertainties relating to the restructuring include: the Court's
rulings in the
Chapter 11 case and the outcome of the Chapter 11 case in
general; the length of time the Company will operate under Chapter
11; risks associated with third-party motions in the Chapter 11
case, which may interfere with the Company's ability to develop and
consummate the Prepackaged Plan or other plan of reorganization;
the ability to satisfy all conditions precedent to the Prepackaged
Plan; the ability of the Company to successfully execute the
Prepackaged Plan without substantial disruption to the business of,
or a Chapter 11 bankruptcy filing by, one or more of its primary
operating or other subsidiaries; the effects of disruption from the
restructuring making it more difficult to maintain business,
financing and operational relationships, to retain key executives
and to maintain various licenses and approvals necessary for the
Company to conduct its business; increased legal and advisor costs
related to the Chapter 11 cases and other litigation and the
inherent risks involved in a bankruptcy process; the ability of the
Company to comply with the terms of the restructuring support
agreements, including completing various stages of the
restructuring within the dates specified by the restructuring
support agreements; the ability of the Company to maintain the
listing of its common stock on the New York Stock Exchange; and the
ability of the Company to continue as a going concern. Important
assumptions and other important factors that could cause actual
results to differ materially from those forward-looking statements
include, but are not limited to, those factors, risks and
uncertainties described in more detail under the heading "Risk
Factors" and elsewhere in the Company's annual and quarterly
reports, including amendments thereto, and other filings with the
Securities and Exchange Commission.
The above factors, risks and uncertainties are difficult to
predict, contain uncertainties that may materially affect actual
results and may be beyond the Company's control. New factors, risks
and uncertainties emerge from time to time, and it is not possible
for management to predict all such factors, risks and
uncertainties. Although the Company believes that the assumptions
underlying the forward-looking statements contained herein are
reasonable, any of the assumptions could be inaccurate, and
therefore any of these statements may prove to be inaccurate. In
light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by the
Company or any other person that the results or conditions
described in such statements or the Company's objectives and plans
will be achieved. These forward-looking statements speak only as of
the date such statements were made or any earlier date indicated,
and the Company does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, changes in underlying assumptions or
otherwise. If the Company were in any particular instance to update
or correct a forward-looking statement, investors and others should
not conclude that the Company would make additional updates or
corrections thereafter.
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SOURCE Walter Investment Management Corp.
