Walter Investment Management Corp. has successfully emerged from bankruptcy. The surviving organization is a restructured entity with a new name for the parent.
Late last year, the Fort Washington, Pennsylvania-based company filed a voluntary chapter 11 petition in a Manhattan bankruptcy court.
A news release Thursday indicated that Walter expected to complete its bankruptcy today and change its name to Ditech Holding Corp. on Feb. 12.
As promised, Walter emerged from bankruptcy on Friday as Ditech Holding Corp., an announcement said. As a result of the bankruptcy process, around $800 million in outstanding corporate debt was wiped out.
Shares of the restructured company’s common stock will trade under the symbol DHCP beginning Monday.
“Ditech Holding is beginning its next chapter with increased financial flexibility and continued momentum in our efforts to transform our business,” George M. Awad, who sits on the board of directors, said in today’s statement. “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.”
The emergence from bankruptcy comes
a week after Walter disclosed that its chief executive officer and president, Anthony N. Renzi, will be leaving.
