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Option One May Revise Deal with Cerberus: 'The company said that Option One and related 'discontinued businesses' lost $193 million in the quarter ending July 31.'.
KANSAS CITY, MO -- H&R Block conceded in its quarterly earnings statement what many had suspected in recent weeks: that a deal to sell Option One Mortgage Corp. to Cerberus Capital Management is in trouble.
As MSN went to press, H&R Block said certain closing conditions upon which the deal is contingent currently are not being met. Instead of a sale of the entire Irvine, Calif.-based Option One subsidiary, H&R Block said it is working on a deal to sell its servicing platform to Cerberus while H&R Block would then pursue "divesting or winding down" its loan origination business.
Already, H&R Block executives said the company has laid off some 615 Option One loan origination employees. About 400 remain on the staff.
H&R Block said it is "engaged in discussions" with Cerberus to modify terms of the proposed sale of Option One that was negotiated in May, before turmoil in the credit markets largely crippled the subprime mortgage origination business.
H&R Block said it is negotiating to waive a requirement that Option One fund $2 billion in loans within 60 days of closing and have a minimum of $8 billion in warehouse lines of credit.
In turn, H&R Block would be responsible for "divesting or winding down" Option One's remaining loan origination business.
Cerberus would continue its planned purchase of the Option One loan-servicing platform without the origination business.
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Source: HighBeam Research, Option One May Revise Deal with Cerberus: 'The company said that...