Altisource plans to discontinue its BRS Business and repay $50M of debt

|About: Altisource Portfolio Solu... (ASPS)|By:, SA News Editor

Altisource Portfolio Solutions (ASPS -0.5%) announces its plans to sell its short-term investments in real estate and discontinue its Buy-Renovate-Lease-Sell (“BRS”) business

The BRS business generated $20.3M of service revenue in 93M, and had $51.7M BRS Inventory.

The company anticipates to receive the sale proceeds in Q4 2018/ Q1 2019, hence plans to repay ~$50M of its debt in Q4, bringing the pro-forma debt balance to $338.8M.

Press Release

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