J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s private equity firm of New York, will invest $100 millionn of new equity to support ongoing It will also provide as muchas $35 millionn for the company to buy loans from lenders in exchange for new preferred interests in the company. The Bryn Mawr, Pa.-based company sought acceptance of its plan from its lenderz before what is called a prepackaged More than 90 percent of the term lenders thecompany said. J.G.
Wentworthh said its decision to file for Chapter 11 came after an extensive review of alternatives to addresse pressuresfrom “extremely challenging capital markets and high borrowinv costs”, and was unanimously approve d by the company’s board of directors. In December, J.G. Wentwortyh laid off 120 of its 200 employeex and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.