Current posture

What matters now

Impac Mortgage Holdings has emerged from chapter 11 and is now in post-confirmation administration following confirmation on May 29 and plan effectiveness on June 10, 2026, as reflected in the affiliate post-confirmation report Dkt. 228. The company and 11 affiliates entered chapter 11 on April 26 after the mortgage platform had retrenched from direct and wholesale lending toward brokerage and mortgage-software development. Pandemic-era liquidity pressure, rising interest rates and the loss of direct relationships with government-sponsored enterprises drove that transition; by the petition date, the debtors had only about $130,000 of cash and approximately $118.7 million of funded debt, including Hildene secured debt, Enterprise Bank loans and junior subordinated notes, according to the first-day declaration Dkt. 17. The cases were filed around a restructuring support agreement with Hildene Re SPC, Ltd. and a prepackaged plan. To bridge the short case, Impac sought a $5 million senior secured, superpriority DIP facility from Hildene, comprising $3 million of new money and a $2 million roll-up of Hildene's bridge note; the proposed financing also carried milestones for confirmation within 45 days and effectiveness…

Updated Aug 6, 2026