Stearns to Implement Comprehensive Financial Restructuring With Support From Blackstone – Business Wire

SANTA ANA, Calif.–()–Stearns Holdings, LLC (Stearns or the Company), the parent company of Stearns Lending, LLC, a leading provider of residential mortgage lending services in Wholesale, Retail and Strategic Alliances sectors, today announced that it has reached an agreement with its majority equity holder, funds affiliated with Blackstone (Blackstone, NYSE: BX), on the terms of a comprehensive financial restructuring plan. This plan is expected to significantly reduce the Companys outstanding debt, continue Stearns operations and preserve the jobs of its employees, and better position the Company for long-term success.

To implement the restructuring, Stearns and certain of its subsidiaries today filed volunta…

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