Stearns Plan of Reorganization Confirmed by Court
Stearns Expects to Emerge from Chapter 11 in Early November
Upon emergence, Stearns will reduce its debt by more than
“The Court’s confirmation of our Plan enables us to emerge from this process with a capital structure that matches the strong operating performance of our business and repositions Stearns for future growth,” said
Mr. Schneider added, “I look forward to working closely with Blackstone and the rest of the Board and management team to grow and enhance the Stearns platform for the benefit of our customers. Together, I am confident we will successfully complete this process in the next few weeks as we celebrate the Company’s 30th anniversary next month and enter our next decade positioned for long-term success.”
Additional information is available on the restructuring page of the Company’s website at www.stearnsrestructuring.com. In addition, court filings and other documents related to the court proceedings are available on a separate website administered by the Company’s claims agent, Prime Clerk, at https://cases.primeclerk.com/stearns. Information is also available by calling toll-free at 844-234-1461 or 917-942-6399 for calls originating outside of the U.S. or emailing Stearnsinfo@primeclerk.com.
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with
Caution Regarding Forward-Looking Information and “Safe Harbor” Statement
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the expected timing, completion, financial benefits and other effects of the proposed comprehensive financial restructuring plan and related transactions. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. These forward-looking statements are made only as of the date of this news release, and neither Stearns nor Blackstone undertakes an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this news release.
Stearns Lending, LLC
Steve Smith, Chief Financial Officer
Michael Freitag / Jon Keehner
Joele Frank, Wilkinson Brimmer Katcher