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Walter Investment Gets OK To Tap $1.9B DIP Loan

Law360, New York (December 4, 2017, 8:43 PM EST) -- Mortgage lender and servicer Walter Investment Management Corp. received interim approval on Monday from a New York bankruptcy court to access a $1.9 billion debtor-in-possession warehouse lending facility it says is needed to finance its primary operating subsidiaries.

The Pennsylvania-based company filed for Chapter 11 bankruptcy late last week to execute a prepackaged financial restructuring plan that will reduce the company’s debt by just over $800 million and swap some prepetition debt for equity.

To get across the finish line and see its way through the...
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