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Ditech Holding Corp. and a few of its subsidiaries have entered into an asset purchase agreement with New Residential Investment Corp. and a stock and asset purchase agreement with Mortgage Assets Management LLC and its affiliate.

Ditech, a nonbank financial institution formerly known as Walter Investment Management, filed for Chapter 11 bankruptcy protection in February, a year after exiting bankruptcy with a financial restructuring plan that eliminated $800 million in debt.

Through the deals, New Residential will acquire the assets of the Ditech's forward mortgage servicing and originations business, Ditech Financial LLC, and Mortgage Assets will acquire the stock and assets of the Ditech's reverse mortgage business, Reverse Mortgage Solutions Inc.

Under the terms of each of the agreements, New Residential and Mortgage Assets will serve as proposed "stalking horse bidders" in court-supervised sale processes.

"We believe the agreements with New Residential and Mortgage Assets position us to maximize value and create the best path forward for our stakeholders, including homeowners and customers," Ditech Holding CEO Thomas F. Marano said.

The deadline for submitting bids is currently scheduled for July 8.

Weil, Gotshal & Manges LLP is acting as legal counsel, Houlihan Lokey is acting as investment banking debt restructuring advisor and AlixPartners LLP is acting as financial adviser to the Ditech in connection with the financial restructuring.

Sidley Austin LLP is acting as legal counsel and Moelis & Company LLC is acting as financial adviser to New Residential in connection with the acquisition of the Ditech's forward servicing and originations business.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel and Barclays Capital Inc. is acting as financial adviser to Mortgage Assets in connection with the agreement.