Filing Alert: Impac Mortgage Holdings Chapter 11

Update (Apr. 27, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Impac Mortgage Holdings, Inc.

Impac Mortgage Holdings, Inc. and its debtor affiliates⁽¹⁾, an Irvine, CA-based residential mortgage lender, filed for Chapter 11 protection on Apr. 26 in the U.S. Bankruptcy Court for the District of Delaware.

The company attributes its filing to a convergence of legacy preferred equity litigation that severely constrained capital access, the historical loss of direct GSE takeout capabilities, and consecutive Federal Reserve interest rate hikes that reduced origination volumes. The loss of direct GSE access further forced the company to sell loans through aggregators, compressing margins and weakening profitability. These structural and macroeconomic headwinds drove the wind-down or repositioning of the debtors’ lending and servicing channels, leaving the company focused on a streamlined mortgage broker business. A heavy funded-debt burden, including approximately $76.3 million in floating-rate junior subordinated notes, contributed to the debtors’ liquidity strain, resulting in the full draw of their $20 million prepetition revolving facility by July 2025.

The prepackaged filing aims to execute a comprehensive balance sheet recapitalization pursuant to a Restructuring Support Agreement (RSA) with prepetition lender Hildene and holders of 100% of the junior subordinated notes. Under the plan, Hildene will act as Plan Sponsor, exchanging its secured debt for 100% of the reorganized equity, while preserving the debtors’ estimated $850 million in federal net operating loss carryforwards. Junior subordinated noteholders will receive contingent payment certificates with a minimum recovery of $250,000 and a maximum of $5,000,000, while general unsecured creditors (GUCs) will share in a cash pool of up to $300,000. To fund the expedited case, the sponsor is providing a senior secured DIP term loan, which includes a roll-up of the $2 million prepetition bridge note and will refinance into an exit facility upon emergence to support post-confirmation working capital.

Impac Mortgage Holdings, Inc. reports $10 million to $50 million in assets and $100 million to $500 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-10593.

⁽¹⁾ For a complete list of debtor entities, see the Chapter 11 Debtors table.

Chapter 11 Debtors

Top Unsecured Claims

Key Parties

Counsel:

• Laura Davis Jones
  Pachulski Stang Ziehl & Jones LLP
  Email: [email protected]

General Bankruptcy Counsel:

• Dentons US LLP

Financial Advisor:

• Development Specialist, Inc.

Signatories:

• George A. Mangiaracina – Chief Executive Officer

Claims Agent:

• Kurtzman Carson Consultants, LLC dba Verita Global

Equity Security Holders:

• Cede & Co. – 94.72% (Common)
• Trustees of The Vintage TR II DTD July 19 2007 – 2.46% (Common)
• TD Investments LLC – 0.88% (Common)
• AST Exchange Agent Impac Mortgage Holdings Inc. C/O Corporate Actions – <0.01% (Common)
• Comptroller State Of New York Office Of Unclaimed Funds – <0.01% (Common)
• Valley Trading Inc – <0.01% (Common)
• First Baptist Church Of Whiteville NC Inc – <0.01% (Common)
• First Atlas Corp – <0.01% (Common)
• Jeffrey R Zone JHSC&S Enterprises Pension Qualified Retirement – <0.01% (Common)
• Cede & Co. – 82.24% (Series D Preferred Stock)
• Tydings & Rosenberg LLP – 17.75% (Series D Preferred Stock)
• Cede & Co. – 0.01% (Series D Preferred Stock)
• Cede & Co. – 100% (Warrants)

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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