J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’ws parent, private equity firm of New York, will invesrt $100 million of new equity to support ongoing It will also providr as muchas $35 million for the company to buy loand from lenders in exchange for new preferred intereste in the company. The Bryn Pa.-based company sought acceptance of its plan from its lenderzs before what is called aprepackaged filing. More than 90 percentr of the termlenders approved, the company J.G.
Wentworth said its decision to file for Chapterf 11 came after an extensive review of alternativezs to address pressuresfrom “extremeluy challenging capital markets and high borrowing costs”, and was unanimouslyt approved by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employees and closed its LasVegas office. Foundedd in 1991, it moved from Philadelphia to Bryn Mawrin 2003.