Walter Investment Management Corp (WAC)

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Emerges from Chapter 11 as Ditech Holding Corporation
FORT WASHINGTON, Pa., Feb. 9, 2018 /PRNewswire/ -- Walter Investment Management Corp. (NYSE: WAC.BC) today announced that it successfully completed its financial restructuring plan and emerged from Chapter 11 under the name Ditech Holding Corporation ("Ditech Holding" or the "Company"). Trading in Ditech Holding's new common stock is expected to commence on February 12, 2018 under the symbol "DHCP". Through its financial restructuring, the Company eliminated approximately $800 million1 of outstanding corporate debt from its balance sheet and enhanced its financial flexibility.

The Company has chosen Ditech Holding Corporation as the new name for its parent company, as it reflects the Company's focus on its strong core business and its commitment to serving customers. The Company remains committed to enhancing the customer experience through the growth of its origination and servicing businesses and by focusing on new technology, innovation, and other areas that are critical to the Company's success. With an industry leading team, the Company expects demand for its quality products, services and single source convenience to grow as it builds on its legacy as a customer-driven organization.

George M. Awad, a continuing member of Ditech Holding's Board of Directors, said, "We are emerging from this process with a new name and an even stronger focus and ability to serve our customers. Ditech Holding is beginning its next chapter with increased financial flexibility and continued momentum in our efforts to transform our business. We are excited about the prospects of our core business and are confident that we are well positioned to drive profitable growth and create value for our shareholders."

Mr. Awad added, "We would like to thank all of our employees for their dedication throughout this process. They have been and will continue to be the ultimate driver of our success. We also thank our customers and other business partners for their support throughout this process. Looking ahead, we are committed as ever to our mission of enabling the dream of homeownership for our customers and caring for them throughout their homeownership lifecycle."

Following the completion of the restructuring, Ditech Holding will continue to serve customers through its operating subsidiaries, Ditech Financial LLC and Reverse Mortgage Solutions, Inc.