J.G. Wentworth bankruptcy plan OK

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As part of the J.G. Wentworth’s parent, private equity firm of New York, will invesgt $100 million of new equity to support ongoing It will also provide as muchas $35 million for the companyh to buy loans from lenders in exchange for new preferree interests in the company. The Bryn Mawr, Pa.-based companyy sought acceptance of its plan from its lendersx before what is called a prepackaged More than 90 percentt of the termlenders approved, the company J.G.
Wentworth said its decision to file for Chapteer 11 came after an extensive reviee of alternatives to address pressuresfrom “extremely challenging capita l markets and high borrowing costs”, and was unanimously approved by the company’x board of directors. In December, J.G. Wentwortuh laid off 120 of its 200 employees and closedf its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.