SEATTLE, July 19, 2012 /PRNewswire/ -- WMI Holdings Corp.,
(OTC: WMIH) ("WMI Holdings" or the "Company"), formerly Washington
Mutual, Inc., today announced that it has retained Blackstone
Advisory Partners L.P. ("Blackstone") to assist the Company in
developing its acquisition strategy and to provide financial
advisory services in connection with potential
transactions.
Under the terms of the agreement, Blackstone will work with the
Company to consider potential mergers, acquisitions or business
combinations. Blackstone will assist with developing an
acquisition strategy, identifying and evaluating strategic
opportunities, collecting and analyzing information regarding
potential target companies, determining the valuation of potential
target companies and advising on capital raising, if needed,
to fund this external growth strategy.
Michael Willingham, the Company's
Chairman of the Board of Directors, stated, "Having successfully
emerged from bankruptcy, WMI Holdings has substantial cash and
access to a $125 million credit
facility to support a growth strategy through acquisitions and
organic initiatives. We look forward to working with
Blackstone to evaluate and pursue such opportunities."
There can be no assurance that any transaction will occur or if
so on what terms.
Blackstone, which served as an advisor to the Company during the
pendency of the Company's chapter 11 proceedings, is one of the
world's leading investment and advisory firms. It provides
financial and strategic advisory, restructuring and reorganization
advisory and fund placement services. Since the firm's
inception, Blackstone has advised clients on M&A deals
representing over $495 billion in
value and restructuring assignments involving approximately
$1.1 trillion of total
liabilities.
Tom Stoddard, a senior managing
director of Blackstone Advisory Partners, commented, "Blackstone is
excited for the opportunity to work with WMI Holdings and looks
forward to assisting the Company in evaluating acquisition
opportunities involving strong management teams across a
broad-segment of the marketplace, including opportunities in the
financial services sector."
About WMI Holdings
WMI Holdings Corp., formerly Washington Mutual, Inc.,
consists primarily of WM Mortgage Reinsurance Company, Inc.
("WMMRC"), a wholly owned subsidiary of WMI that is incorporated in
Hawaii. The primary business of
WMI Holdings is a legacy reinsurance business that is currently
operated in runoff mode by WMMRC.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may be
deemed to be forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on the Company's current
plans, expectations, estimates and management's beliefs about the
Company's future performance. Words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates" or
variations of such words and similar expressions are intended to
identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to risks and uncertainties that are difficult to predict and which
may cause the Company's actual results and performance to differ
materially from those expressed or forecasted in any such
forward-looking statements. These risks include, among
other factors, changes in business, economic and market conditions,
changes in government regulation, and changes in the competitive
environment in which the Company operates. Some of the
specific risks that are associated with the Company include, but
are not limited to, the following: (i) the Company does not
currently intend to have any of its securities listed on an
exchange or a national market and, therefore, its common stock may
have less liquidity than exchange-traded securities;
(ii) transfers of the common stock of the Company are and will
continue to be subject to certain transfer restrictions as set
forth in the Articles and Bylaws; (iii) there is no guarantee
that the Company will be able to successfully utilize the net
operating losses that will be retained by the Company;
(iv) the Company may need to seek regulatory approval from the
Hawaii State Insurance Commissioner from time to time with respect
to certain aspects of WM Mortgage Reinsurance Company, Inc.'s
operations; and (v) the Company has limited management and staffing
resources available to it to manage its operations and implement
its corporate strategies. However, readers should
carefully review the statements set forth in the reports, which the
Company has filed or will file from time to time with the
Securities and Exchange Commission.
SOURCE WMI Holdings Corp.