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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Current
Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January&nbsp;14, 2019 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Ditech Holding Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-</FONT> 13417</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-3950486</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1100 Virginia Drive, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Fort Washington, PA 19034 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(844) <FONT STYLE="white-space:nowrap">714-8603</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to <FONT STYLE="white-space:nowrap">Rule&nbsp;14a-12</FONT> under the Exchange Act
(17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to <FONT
STYLE="white-space:nowrap">Rule&nbsp;13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Entry into a Material Definitive Agreement</U>. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, the Board of Directors (the &#147;Board&#148;) of Ditech Holding Corporation (the &#147;Company&#148;) elected not to make the
approximately $9&nbsp;million cash interest payment (the &#147;Interest Payment&#148;) due and payable on December&nbsp;17, 2018 with respect to the Company&#146;s outstanding 9.0% Second Lien Senior Subordinated PIK Toggle Notes due 2024 (the
&#147;Second Lien Notes&#148;) issued under the indenture governing the Second Lien Notes (the &#147;Indenture&#148;). The Company had sufficient liquidity on December&nbsp;17, 2018 to make the Interest Payment. However, the Board elected not to
make the Interest Payment as active discussions continue with certain of the Company&#146;s creditors and other parties in interest regarding the Company&#146;s previously announced evaluation of strategic alternatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s failure to make the Interest Payment within thirty days after it was due and payable constitutes an &#147;event of default&#148; under the
Indenture. As active discussions are still ongoing regarding the Company&#146;s evaluation of strategic alternatives, the Board determined that the Company would not make the Interest Payment prior to the expiration of the thirty day grace period
even though it had sufficient liquidity to do so as of January&nbsp;16, 2019, resulting in an event of default under the Indenture. An event of default under the Indenture also constitutes an &#147;event of default&#148; under the Company&#146;s
Second Amended and Restated Credit Agreement, dated as of February&nbsp;9, 2018 (as amended, the &#147;Credit Agreement&#148;) and certain of the Company&#146;s warehouse facility agreements (the &#147;Warehouse Facility Agreements&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;16, 2019, the Company and, as applicable, certain of its subsidiaries, entered into forbearance agreements (each a &#147;Forbearance
Agreement&#148; and collectively the &#147;Forbearance Agreements&#148;) with (i)&nbsp;certain holders of greater than 75% of the aggregate principal amount of the outstanding Second Lien Notes (collectively, the &#147;2L Holders&#148;),
(ii)&nbsp;certain lenders holding greater than 50% of the sum of (a)&nbsp;the loans outstanding, (b)&nbsp;letter of credit exposure and (c)&nbsp;unused Commitments under the Credit Agreement at such time and the administrative agent and collateral
agent under the Credit Agreement (collectively, the &#147;Credit Agreement Forbearing Parties&#148;) and (iii)&nbsp;the requisite buyers and variable funding noteholders, as applicable, under the Warehouse Facility Agreements (collectively, the
&#147;Warehouse Lenders&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Forbearance Agreements, subject to certain terms and conditions, the 2L Holders, Credit Agreement
Forbearing Parties and Warehouse Lenders have agreed to temporarily forbear from the exercise of any rights or remedies they may have in respect of the aforementioned events of default or other defaults or events of default arising out of or in
connection therewith. The Forbearance Agreements terminate on February 8, 2019, unless certain specified circumstances cause an earlier termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
above descriptions of the terms of the Forbearance Agreements do not purport to be complete and are qualified in their entirety by the full text of the Forbearance Agreements, which are attached as exhibits hereto and are incorporated herein by
reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;2.04.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an <FONT
STYLE="white-space:nowrap">Off-Balance</FONT> Sheet Arrangement</U>. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The disclosure under Item 1.01 above is incorporated herein by
reference. </P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers</U>. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On January&nbsp;14, 2019, the Company entered into a Termination Letter Agreement
(the &#147;Letter Agreement&#148;) with its Chief Operating Officer, Ritesh Chaturbedi, pursuant to which Mr.&nbsp;Chaturbedi&#146;s employment with the Company has terminated as of the date specified therein. Under the terms of the Letter
Agreement, and consistent with the terms of Mr.&nbsp;Chaturbedi&#146;s employment letter agreement with the Company dated April&nbsp;18, 2018, Mr.&nbsp;Chaturbedi is entitled to receive a severance benefit equal to
<FONT STYLE="white-space:nowrap">one-times</FONT> Mr.&nbsp;Chaturbedi&#146;s current base salary, payable in installments over a period of 12 months, subject to Mr.&nbsp;Chaturbedi executing and not revoking a release of claims against the Company.
Mr.&nbsp;Chaturbedi&#146;s obligations under his Confidentiality, <FONT STYLE="white-space:nowrap">Non-Interference,</FONT> and Invention Assignment Agreement with the Company dated April&nbsp;18, 2018 will continue in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The above description of the terms of the Letter Agreement does not purport to be complete and is qualified in its entirety by the full text of the Letter
Agreement, which is attached as Exhibit 10.4 hereto and is incorporated by herein by reference. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Financial Statements and Exhibits</U>. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See Exhibit Index </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT INDEX </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit<BR>No.</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Description</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top"><A HREF="d681677dex101.htm">Forbearance Agreement, dated January 16, 2019 by and among the Company, the guarantors under the Indenture and the 2L Holders </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.2</TD>
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<TD VALIGN="top"><A HREF="d681677dex102.htm">Forbearance Agreement, dated January 16, 2019 by and among the Company and the Credit Agreement Forbearing Parties </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
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<TD VALIGN="top"><A HREF="d681677dex103.htm">Forbearance Agreement, dated January 16, 2019 by and among the Company and certain of its subsidiaries and the Warehouse Lenders </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d681677dex104.htm">Termination Letter Agreement, dated January&nbsp;14, 2019 between Ritesh Chaturbedi and the Company </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>Ditech Holding Corporation</B></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:2.00em; font-size:10pt; font-family:Times New Roman">Date: January 17, 2019</P></TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ John J. Haas</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John J. Haas, General Counsel, Chief Legal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Officer and Secretary</P></TD></TR>
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{"company-data": {"conformed-name": "DITECH HOLDING Corp", "cik": "0001040719", "assigned-sic": "6162", "irs-number": "133950486", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-13417", "film-number": "19530036"}, "business-address": {"street1": "1100 VIRGINIA DRIVE, SUITE 100", "city": "FORT WASHINGTON", "state": "PA", "zip": "19034", "phone": "(844) 714-8603"}, "mail-address": {"street1": "3000 BAYPORT DRIVE, SUITE 860", "city": "TAMPA", "state": "FL", "zip": "33607"}, "former-company": [{"former-conformed-name": "WALTER INVESTMENT MANAGEMENT CORP", "date-changed": "20090420"}, {"former-conformed-name": "HANOVER CAPITAL MORTGAGE HOLDINGS INC", "date-changed": "19970917"}]}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
Current
Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 14, 2019
Ditech Holding Corporation
(Exact Name of Registrant as Specified in its Charter)
Maryland
001-
13417
13-3950486
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1100 Virginia Drive, Suite 100
Fort Washington, PA 19034
(Address of principal executive offices, including zip code)
(844)
714-8603
(Registrant's telephone number, including area code)
Not applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the
Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to
Rule 14a-12
under the Exchange Act
(17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to
Rule 14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to
Rule 13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company  ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 1.01.
Entry into a Material Definitive Agreement
.
As previously disclosed, the Board of Directors (the "Board") of Ditech Holding Corporation (the "Company") elected not to make the
approximately $9 million cash interest payment (the "Interest Payment") due and payable on December 17, 2018 with respect to the Company's outstanding 9.0% Second Lien Senior Subordinated PIK Toggle Notes due 2024 (the
"Second Lien Notes") issued under the indenture governing the Second Lien Notes (the "Indenture"). The Company had sufficient liquidity on December 17, 2018 to make the Interest Payment. However, the Board elected not to
make the Interest Payment as active discussions continue with certain of the Company's creditors and other parties in interest regarding the Company's previously announced evaluation of strategic alternatives.
The Company's failure to make the Interest Payment within thirty days after it was due and payable constitutes an "event of default" under the
Indenture. As active discussions are still ongoing regarding the Company's evaluation of strategic alternatives, the Board determined that the Company would not make the Interest Payment prior to the expiration of the thirty day grace period
even though it had sufficient liquidity to do so as of January 16, 2019, resulting in an event of default under the Indenture. An event of default under the Indenture also constitutes an "event of default" under the Company's
Second Amended and Restated Credit Agreement, dated as of February 9, 2018 (as amended, the "Credit Agreement") and certain of the Company's warehouse facility agreements (the "Warehouse Facility Agreements").
On January 16, 2019, the Company and, as applicable, certain of its subsidiaries, entered into forbearance agreements (each a "Forbearance
Agreement" and collectively the "Forbearance Agreements") with (i) certain holders of greater than 75% of the aggregate principal amount of the outstanding Second Lien Notes (collectively, the "2L Holders"),
(ii) certain lenders holding greater than 50% of the sum of (a) the loans outstanding, (b) letter of credit exposure and (c) unused Commitments under the Credit Agreement at such time and the administrative agent and collateral
agent under the Credit Agreement (collectively, the "Credit Agreement Forbearing Parties") and (iii) the requisite buyers and variable funding noteholders, as applicable, under the Warehouse Facility Agreements (collectively, the
"Warehouse Lenders").
Pursuant to the Forbearance Agreements, subject to certain terms and conditions, the 2L Holders, Credit Agreement
Forbearing Parties and Warehouse Lenders have agreed to temporarily forbear from the exercise of any rights or remedies they may have in respect of the aforementioned events of default or other defaults or events of default arising out of or in
connection therewith. The Forbearance Agreements terminate on February 8, 2019, unless certain specified circumstances cause an earlier termination.
The
above descriptions of the terms of the Forbearance Agreements do not purport to be complete and are qualified in their entirety by the full text of the Forbearance Agreements, which are attached as exhibits hereto and are incorporated herein by
reference.
Item 2.04.
Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an
Off-Balance
Sheet Arrangement
.
The disclosure under Item 1.01 above is incorporated herein by
reference.
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
.
On January 14, 2019, the Company entered into a Termination Letter Agreement
(the "Letter Agreement") with its Chief Operating Officer, Ritesh Chaturbedi, pursuant to which Mr. Chaturbedi's employment with the Company has terminated as of the date specified therein. Under the terms of the Letter
Agreement, and consistent with the terms of Mr. Chaturbedi's employment letter agreement with the Company dated April 18, 2018, Mr. Chaturbedi is entitled to receive a severance benefit equal to
one-times
Mr. Chaturbedi's current base salary, payable in installments over a period of 12 months, subject to Mr. Chaturbedi executing and not revoking a release of claims against the Company.
Mr. Chaturbedi's obligations under his Confidentiality,
Non-Interference,
and Invention Assignment Agreement with the Company dated April 18, 2018 will continue in full force and effect.
The above description of the terms of the Letter Agreement does not purport to be complete and is qualified in its entirety by the full text of the Letter
Agreement, which is attached as Exhibit 10.4 hereto and is incorporated by herein by reference.
Item 9.01.
Financial Statements and Exhibits
.
(d) Exhibits.
See Exhibit Index
3
EXHIBIT INDEX
Exhibit
No.
Description
10.1
Forbearance Agreement, dated January 16, 2019 by and among the Company, the guarantors under the Indenture and the 2L Holders
10.2
Forbearance Agreement, dated January 16, 2019 by and among the Company and the Credit Agreement Forbearing Parties
10.3
Forbearance Agreement, dated January 16, 2019 by and among the Company and certain of its subsidiaries and the Warehouse Lenders
10.4
Termination Letter Agreement, dated January 14, 2019 between Ritesh Chaturbedi and the Company
4
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Ditech Holding Corporation
Date: January 17, 2019
By:
/s/ John J. Haas
John J. Haas, General Counsel, Chief Legal
Officer and Secretary