J.G. Wentworth bankruptcy plan OK

belyaevostapuki.blogspot.com
As part of the deal, J.G. Wentworth’a parent, private equity firm of New willinvest $100 million of new equithy to support ongoing operations. It will also provider as much as $35 million for the companyg to buy loans from lenders in exchang for new preferred interestws inthe company. The Bryn Mawr, Pa.-basede company sought acceptance of its plan from its lenderzs before what is calledf aprepackaged filing. More than 90 percenf of the term lenders thecompany said. J.G.
Wentwortbh said its decision to file for Chapter 11 came afteer an extensive review of alternativesa to address pressuresfrom “extremely challengingg capital markets and high borrowing costs”, and was unanimously approved by the company’es board of directors. In J.G. Wentworth laid off 120 of its 200 employeew and closed its LasVegasa office. Founded in 1991, it moveed from Philadelphia to Bryn Mawrin 2003.