It appears that the financial troubles of Ditech Holding Corp., the nonbank formerly known as Walter Investment Management, are far from over, HousingWire.com reported. Last year, the company emerged from chapter 11 protection after completing a financial restructuring plan that eliminated $800 million in corporate debt and changed its name to Ditech Holding. But that wasn’t enough to put the nonbank’s troubles behind it. Now, just 14 months after filing for chapter 11, the company is filing for chapter 11, again. Ditech announced yesterday that it, along with its subsidiaries Ditech Financial and Reverse Mortgage Solutions, have entered into a “restructuring support agreement” that will seek to restructure the company’s debt, because the last time wasn’t enough, apparently. According to the company, through the restructuring, the company is attempting to eliminate $800 million more in debt, recapitalize, improve its liquidity, and build an “appropriately sized working capital facility.” To facilitate this restructuring, Ditech has filed for reorganization under chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.
