Impac is at the confirmation/emergence stage of a fast prepackaged chapter 11, with the Court having found the disclosure-statement and confirmation standards satisfied at the May 28 hearing but indicating that entry of the confirmation order would follow resolution of remaining informal comments from the SEC, U.S. Trustee, and DOJ in the May 28 confirmation hearing recordDkt. 162. The company entered chapter 11 on April 26 in Delaware through a prepackaged case for Impac Mortgage Holdings and 11 affiliates, after a long shift away from its historical mortgage-lending platform toward mortgage brokerage and loan-origination software, and after liquidity pressure tied to COVID-era disruption, rising rates, loss of direct GSE lending relationships, asset sales, and balance-sheet debt left the enterprise needing a negotiated deleveraging path, as described in the Mangiaracina first-day declarationDkt. 17 and the voluntary petitionDkt. 1.
The restructuring was built around an April 22 RSA with Hildene and a prepackaged plan rather than a postpetition marketing process. The plan would hand 100% of reorganized Impac’s new common stock to Hildene and secured lenders on account of senior indebtedness, reinstate Enterprise Bank obligations, leave general unsecured creditors to share a fixed GUC consideration pool, cancel existing equity, and give subordinated noteholders contingent payment certificates tied to a limited share of post-emergence earnings, according to the prepackaged plan disclosure statementDkt. 9. To bridge the case, Hildene also provided the proposed $5 million senior secured superpriority DIP facility, including $3 million of new money and a $2 million roll-up of prepetition bridge debt, after the debtors reported entering chapter 11 with about $130,000 of liquidity in the .
The current path is therefore plan consummation, not a sale or extended free-fall restructuring. The proposed confirmation order would authorize the exit facility, new common stock, contingent payment certificates, asset vesting in the reorganized debtors, cancellation of the DIP loan, bridge note, and subordinated notes except as otherwise reinstated, and post-effective-date claims administration through a plan administrator, as set out in the proposed confirmation orderDkt. 157. The open near-term gating items are entry of the confirmation order and satisfaction of effectiveness conditions, including the tax opinion issue flagged at the hearing; once effective, the plan sets 30-day bar dates for administrative, professional-fee, and GUC claims, a 60-day rejection-claim bar date, and an October 23, 2026 governmental bar date under the same proposed confirmation orderDkt. 157.