ResCap trust declares distribution, announces second-quarter results

By Caroline Salls

Pittsburgh, Aug. 8 – The ResCap Liquidating Trust’s board of trustees declared a $150 million cash distribution of $1.50 per unit to holders of trust beneficial interests, according to a news release.

The distribution, which includes the distribution made on account of disputed claims reserve units, will be paid on Sept. 1 to unitholders of record as of the close of business on Aug. 17.

In addition, the trust announced that its unaudited consolidated financial statements for the period ended June 30 have been posted to the trust’s website.

According to those statements, the trust had $315.48 million of net assets in liquidation as of June 30.

Cash and cash equivalents at the end of the second quarter were $378.34 million.

In addition, the trust had $710.5 million in total assets and $395.02 million in total debt as of June 30.

Residential Capital, a New York-based mortgage originator and servicer, emerged from bankruptcy on Dec. 17, 2013.

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