Impac Mortgage Holdings, Inc. and its affiliates emerged from Chapter 11 on June 10, 2026, when the Joint Prepackaged Plan of ReorganizationDkt. 169 became effective following confirmation by Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware on May 29, 2026 (Confirmation OrderDkt. 165). The plan implements a pre-negotiated restructuring anchored by Hildene Re SPC, Ltd. — the Debtors' prepetition secured lender and proposed DIP and exit financier — and restructures approximately $119.7 million of funded debt accumulated as Impac's legacy REIT and mortgage-lending model collapsed under COVID-era liquidity pressure, rising interest rates, and the loss of direct-lending relationships with the government-sponsored enterprises.
The Debtors, a twelve-entity consolidated group led by the Irvine, California residential mortgage brokerage that trades over the counter under the symbol IMPM, filed their voluntary petitionDkt. 1 on April 26, 2026, backed by a Restructuring Support Agreement signed four days earlier. According to the first-day declaration of CEO George A. MangiaracinaDkt. 17, Impac had already pivoted to a mortgage-broker model operating CashCall Mortgage and was developing loan-origination software, but carried a debt stack dominated by approximately $76.4 million of Junior Subordinated Notes due March 30, 2034 (SOFR + 375 bps, with Bank of New York as indenture trustee and HCMC III, LLC as collateral manager), a roughly $23.95 million Hildene first-lien revolver at SOFR + 7.5%, a $2.0 million Hildene/Trinity Park bridge note at 12%, about $16.4 million of Enterprise Bank & Trust loans secured by life-insurance policies and pledged cash, and roughly $1 million of contingent unsecured claims.
The prepackaged plan — solicited prepetition with acceptance secured from all voting classes and confirmed under section 1129(b) over the deemed rejection of Classes 5, 6, 7, and 8(a) — issues New Common Stock and a Contingent Payment Certificate, establishes an Exit Loan Facility with the DIP lender, and reinstates and extends the Enterprise obligations to April 30, 2031 while preserving their original lien priority. The in-case restructuring was funded through a $5.0 million senior secured DIP facility from Hildene that combined a $2.0 million bridge-note roll-up with $3.0 million of new-money capacity, supported by use of cash collateral tied to an approved budget.
Post-effective-date, the case is in claim administration running in parallel with a confirmation appeal. Bar dates set under the plan and confirmation order extend through the fall: general unsecured, administrative, and professional-fee claims on July 10, 2026; rejection claims on August 10, 2026; and the governmental bar date on October 23, 2026. Confirmation is under collateral attack by Waseem Zaka Naik, who filed a Motion to Stay Pending AppealDkt. 171; the record has been transmitted to the District Court for BAP No. 26-39 (Transmittal of RecordDkt. 172), and the Clerk has noticed the appeal (Clerk's NoticeDkt. 175). Reorganized Impac is therefore operating under the confirmed plan while the stay motion, appeal, and claim-resolution processes advance concurrently.
