Mortgage Processor Prommis Seeks Sale in Ch. 11

Law360, Wilmington (March 18, 2013, 9:35 PM EDT) -- Hit with declining receipts and a severe cash crunch, Prommis Holdings LLC, a provider of processing services for the residential mortgage industry, filed for Chapter 11 in Delaware bankruptcy court Monday in the hope of attracting a going-concern buyer.

Georgia-based Prommis entered court protection along with 10 affiliates listing approximately $80 million in debt, almost $74 million of which is secured by the bulk of its assets, according to a first-day declaration by President and CEO Charlie T. Piper.

Prommis looks to pursue a going-concern sale...
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