February 12, 2019 / 12:41 PM / 6 days ago

Ditech back in bankruptcy, will pursue restructuring with sale option

Mortgage originator Ditech Holding Corp sought bankruptcy protection on Monday a year after emerging from a previous bankruptcy, saying it has a deal with senior creditors to slash more than $800 million of its $961 million in term loan debt after suffering a cash crunch and failing to find a buyer.

Ditech in a filing in U.S. Bankruptcy Court for the Southern District of New York said its term loan lenders will take ownership of a reorganized company under provisions of their restructuring support agreement.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2IaTHJh

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