Copperfield Financial, LLC has filed for Chapter 11 bankruptcy proceedings. The debtor is affiliated with Irvine-based mortgage lender and real estate services firm Impac Mortgage Holdings, Inc.
Case filings show that the debtor has officially filed its Plan of Reorganization. In addition, it has provided details regarding its DIP financing and the Restructuring Support Agreement (RSA) reached with its stakeholders.
Copperfield Financial, LLC Seeks Chapter 11 Protection
As a subsidiary of Impac Mortgage Holdings, Inc., the debtor filed with more than $77 million in unsecured debt. The parent entity has been offering mortgage lending, real estate services, portfolio loss mitigation, servicing, and more services since 1995.
A list of the 30 largest unsecured creditors, as submitted by the debtor, shows that The Bank of New York Mellon Trust Company has made the largest claim. Other creditors include Dark Matter Technologies LLC, Nationstar Mortgage, Lakeview Loan Servicing, and more.
Filing details indicate that funds will be available for distribution to the unsecured creditors.
The case records available on RK Consultants further demonstrate a wide gap between its assets and liabilities.
Proceedings are currently being held in the U.S. Bankruptcy Court for the District of Delaware. Attorney Laura Davis Jones is the legal counsel for Copperfield Financial, LLC.
George A. Mangiaracina, the company CEO, signed the Chapter 11 petition before its submission.
Other details, as given in the petition, are summarized here:
- Filing Date: April 26, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-10591
- Estimated Assets: Between $0 and $50,000
- Estimated Liabilities: Between $10,000,001 and $50 million
- Estimated Creditors: Between 1 and 49
- Reason for Filing: Restructure business under court supervision
11 Other Affiliates File Separately
Case records, which are also available on PACER, show that, besides Copperfield Financial, LLC, 11 other affiliates mentioned below have made their individual filings.
- Copperfield Capital Corporation
- Impac Mortgage Holdings, Inc.
- Impac Funding Corporation
- Impac Commercial Capital Corporation
- Impac Secured Assets Corp.
- IMH Assets Corp.
- Integrated Real Estate Service Corp.
- Impac Mortgage Corp.
- Impac Warehouse Lending, Inc.
- Synergy Capital Mortgage Corp.
- Impac Warehouse Lending Group, Inc.
According to filing details, the debtor has requested a consolidated hearing of these cases. This would streamline the resolution of their financial obligations.
Company Files Reorganization Plan
Case filings state that Copperfield Financial, LLC has taken a notable step toward a potential restructuring, as its board approved internal authorizations allowing management to move ahead with a coherent reorganization plan. These approvals cover entry into proposed debtor-in-possession and exit financing facilities.
Exit financing is being provided by Hildene Re SPC, Ltd., which could support operations during and after Chapter 11.
Internal approvals also include the execution of a negotiated Restructuring Support Agreement (RSA) with creditors and adoption of a formal Plan of Reorganization.
While these measures suggest that negotiations with lenders and stakeholders are largely complete, the implementation of the plan is dependent on the court’s approval.
The Chapter 11 filing of Copperfield Financial, LLC, alongside its 11 affiliates, represents a coordinated “pre-arranged” effort to stabilize its operations. The success of this restructuring now depends on the court confirming the plan and the debtor’s ability to manage a challenging mortgage and real estate industry as it comes out of court protection.
