After a bumpy couple of years, Walter Investment Management Corp. has emerged from Chapter 11 bankruptcy with a new name.
The company has announced that it will now be known as Ditech Holding Corporation. The company eliminated about $800 million of outstanding corporate debt during its bankruptcy. Trading in Ditech Holding’s new common stock is expected to begin today.
The company – which is the parent of mortgage company Ditech – said in a news release that it had changed its name to Ditech Holding to reflect its focus on growing its origination and servicing businesses.
“We are emerging from this process with a new name and an even stronger focus and availability to serve our customers,” said George M. Awad, a member of the company’s board of directors. “Ditech Holding is beginning its next chapter with increased financial flexibility and continued momentum in our efforts to transform our business.”
The company has navigated rough seas of late. It filed for bankruptcy last year and endured several executive shakeups and a virtual revolving door of CEOs. Earlier this month, CEO Anthony N. Renzi announced that he would be resigning when the company located a successor. Renzi’s departure will mark the company’s fifth CEO exit in just over two years.
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