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Ditech's board decides not to pay cash interest on senior subordinated notes

Ditech Holding Corp.'s board decided not to pay the approximately $9 million cash interest related to the company's outstanding 9.0% second-lien senior subordinated PIK toggle notes due 2024.

Although the company had enough liquidity to make the payment that was due Dec. 17, its board decided not to pay the cash interest as it continues active discussions with creditors and other parties regarding the evaluation of strategic alternatives.

The notes were issued under an indenture, which allows the company a 30-day grace period to make the cash interest payment.