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Walter Investment Management to File Prepack

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On October 20, 2017, Walter Investment Management Corp. announced that it has entered into a Restructuring Support Agreement with certain holders of more than 50% by principal amount of the Company’s 7.875% Senior Notes due 2021 that contemplates a financial restructuring which, if consummated, is expected to strengthen the Company’s balance sheet. The Company plans to implement the terms of the RSAs by soliciting votes from the Lenders, the Noteholders and the Convertible Noteholders on a pre-packaged Chapter 11 plan of reorganization. Following the solicitation, which is intended to begin next month, the Company intends to voluntarily file a pre-packaged plan of reorganization under Chapter 11 of the United States Bankruptcy Code in late November 2017, to execute the various transactions contemplated by the RSAs. The Company also announced that it has entered into an Amended and Restated Restructuring Support Agreement with certain lenders holding term loans under the Company’s Amended and Restated Credit Agreement, dated as of December 19, 2013, in an amount more than 48% of the outstanding Term Loans. Read more on distressed companies.

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