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Walter Investment Management Corp. Announces Anticipated Date of Emergence From Chapter 11 Proceedings and Start of Trading in New Common Stock

FORT WASHINGTON, Pa., Feb. 7, 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. The Company currently anticipates that all remaining conditions precedent to the Prepackaged Plan will be satisfied and that the Company will emerge from Chapter 11 on February 9, 2018 (the "Effective Date"). Assuming the Company emerges on February 9, 2018, trading in the Company's new common stock will commence on February 12, 2018. The Company intends to change its name to Ditech Holding Corporation on the Effective Date and will trade under the symbol "DHCP" thereafter.

Additional Information

Additional information about the Company's financial restructuring is available on the Company's website at http://walterinvestment.com/restructuring.html or by calling the Company's Restructuring Hotline, toll-free at 866-430-6844 or 1-646-796-6176 for calls originating outside 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.

The Company 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 the Company, 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 of 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 or senior executive changes the Company announces, considers or seeks to implement. 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.

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.

Investor Contact: Kimberly Perez, SVP & Chief Accounting Officer, 813.421.7694, investorrelations@walterinvestment.com