Centerbridge Said to Seek $1 Billion for Green Tree Servicing

Centerbridge Capital Partners LLC is seeking to sell Green Tree Servicing LLC, the loan servicer it acquired in 2007, for about $1 billion, according to two people with knowledge of the matter.

Morgan Stanley is running the sale and has contacted private-equity firms and potential strategic buyers about purchasing Green Tree, said the people, who declined to be identified because the process is private. Green Tree has about $175 million of annual earnings before interest, taxes, depreciation and appreciation, the people said.