Centerbridge to Buy Green Tree

Green Tree Servicing, St. Paul, Minn., has announced an agreement to be acquired by an investor group led by Centerbridge Partners LP and its affiliates.The terms of the agreement were not disclosed. The investor group, and the existing management, are buying 100% of Green Tree's equity from funds managed by affiliates of Fortress Investment Group and from affiliates of Cerberus Capital Management. Green Tree said it expects to use the investment to increase its loan servicing volume, develop new business initiatives, and expand its operations. "The new ownership group will provide capital resources, market expertise, and strong strategic alliances that will enable us to focus on near-term growth initiatives," said Keith Anderson, chief operating officer of Green Tree Servicing. "This will also empower Green Tree to develop long-term growth strategies, develop new products, and expand into different markets within the consumer finance industry." Green Tree Servicing represents the remnants of the Conseco Finance Corp. manufactured housing operation, whose origination platform was sold separately in 2003.