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 millionb of new equity to supporongoing operations. It will also provide as much as $35 million for the companu to buy loans from lenders in exchange for new preferrex interests inthe company. The Bryn Mawr, Pa.-based company sought acceptance of its plan from its lenderxs before what is called a prepackaged More than 90 percent of the termlendere approved, the company said. J.G.
Wentworth said its decision to file for Chapterd 11 came after an extensive review of alternatives to addresas pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslt approved by the company’s board of In December, J.G. Wentworthn laid off 120 of its 200 employeese and closed its LasVegae office. Founded in 1991, it movedr from Philadelphia to Bryn Mawrin 2003.