By Rick Archer (May 10, 2019, 5:31 PM EDT) -- A New York bankruptcy judge on Friday approved mortgage service Ditech Holding Corp.'s Chapter 11 plan disclosures after hearing the company had reached a $5.5 million settlement with creditors and resolved objections to the plan's legal releases.
At a hearing Friday, counsel for Ditech told U.S. Bankruptcy Judge James Garrity Jr. that the company had changed the plan to accommodate objections to the releases and had agreed to set aside $4 million for its unsecured creditors and an additional $1.5 million for its second-tier lien holders.
Ditech, which came into being when predecessor Walter Investment Management Corp. emerged from bankruptcy last...
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