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The annuity and life-insurance policy purchaser had its reorganization plan OK’d by a Delaware bankruptcy courgt judge a week ago, aftetr filing for Chapter 11 protection last As part of the deal, J.G. Wentworth’s parent, private equitu firm , invested $100 million of new equity to supportyongoing operations. It also agreed to providew as muchas $35 million for the company to buy loans from lenders in exchange for new preferresd interests in the company. The companyy said Monday that it has substantially reduced its debt load at the pareng holding company level while gaininfg access tonew equity. J.G.
Wentworth conductex business without interruption during the brief reorganization TheBryn Mawr, Pa.-based compang sought acceptance of its plan from its lenderd before what is called a prepackaged filing. More than 90 perceny of the termlenders approved, the companty said. J.G. Wentworth said its decision to file for Chaptere 11 came after an extensive reviewq of alternatives to address pressuresfrom “extremelyu challenging capital markets and high borrowing costs”, and was unanimouslh approved by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employeex and closed its LasVegase office.
Founded in 1991, it moved from Philadelphiz to Bryn Mawrin 2003.
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