ASPS Altisource Portfolio Solutions SA

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 26, 2014

 

 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

(Exact name of Registrant as specified in its charter)

 

 

 

40, avenue Monterey

L-2163 Luxembourg

Grand Duchy of Luxembourg

 (Address of principal executive offices including zip code)

 

+352 2469 7900

(Registrant’s telephone number, including area code)

 

NOT APPLICABLE

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01 Other Events.

 

On August 26, 2014, Altisource Portfolio Solutions S.A. issued a press release announcing that it completed its previously announced subsidiary restructuring on August 25, 2014, following receipt of a confirmation letter from the Luxembourg tax authorities on August 19, 2014.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
Exhibit 99.1		Press release of Altisource Portfolio Solutions S.A. dated August 26, 2014

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: August 26, 2014

 

 

	Altisource Portfolio Solutions S.A.
	By:	/s/ Michelle D. Esterman
	Name:	Michelle D. Esterman
	Title:	Chief Financial Officer

 

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Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE		FOR FURTHER INFORMATION CONTACT:
		Michelle D. Esterman
		Chief Financial Officer
		T: +352 2469 7950
		E: Michelle.Esterman@altisource.lu

 

ALTISOURCE COMPLETES SUBSIDIARY RESTRUCTURING

 

Luxembourg, August 26, 2014 - Altisource Portfolio Solutions S.A. (“Altisource” and NASDAQ: ASPS) completed its previously announced subsidiary restructuring on August 25, 2014, following the receipt of a confirmation letter from the Luxembourg tax authorities on August 19, 2014.

 

“We are pleased to complete our subsidiary restructuring which significantly increases our share repurchase and dividend capacity under Luxembourg law,” said Chief Executive Officer William Shepro.

 

With the completion of the subsidiary restructuring, the Senior Secured Term Loan is the most restrictive governor of Altisource’s share repurchase capacity.  The subsidiary restructuring created a new wholly-owned subsidiary within the consolidated Altisource structure.  The subsidiary restructuring did not change Altisource’s ownership interest in any of its subsidiaries. Notwithstanding the elimination of certain limits on the share repurchase capacity, there can be no assurance that Altisource will engage in share repurchases up to its contractual limits or at all.

 

About Altisource

 

Altisource is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries offering both distribution and content. We leverage proprietary business process, vendor and electronic payment management software and behavioral science based analytics to improve outcomes for marketplace participants. Additional information is available at www.altisource.com.

 

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