J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s parent, privates equity firm of New willinvest $100 million of new equitgy to support ongoing operations. It will also provide as much as $35 millionn for the company to buy loanx from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based company soughy acceptance of its plan from its lenders before what is callerd a prepackaged filing. More than 90 percentg of the termlenders approved, the company J.G.
Wentworth said its decisio n to file for Chapter 11 came aftere an extensive review of alternatives to address pressuresfrom “extremely challenging capital markets and high borrowinyg costs”, and was unanimously approvede by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employees and closex its LasVegas office. Founded in 1991, it movede from Philadelphia to Bryn Mawrin 2003.