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Morning Commentary: Walter Investment Management convertibles slump on reorganization plan
By Rebecca Melvin
New York, Oct. 23 – Walter Investment Management Corp.’s convertibles traded down to a new low early Monday on news of the mortgage banking company’s reorganization plan.
The company is seeking restructuring support agreements from lenders and said it expects to file a pre-packaged plan of reorganization under Chapter 11 bankruptcy in late November.
The Walter 4.5% convertible notes due 2019, which are included in the recovery, were seen at 11.5 early Monday, according to a market source. The bonds were recently trading in the 30 to 40 range.
Walter Investment sold $265 million of the convertibles in October 2012.
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