Altisource Completes Subsidiary Restructuring
LUXEMBOURG, August 26, 2014 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions
S.A. ("Altisource") (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.
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
CONTACT: Michelle D. Esterman
Chief Financial Officer
T: +352 2469 7950
Press spacebar to pause and continue. Press esc to stop.