J.G. Wentworth raises $100M - Business First of Columbus:

zuloraxelewo.blogspot.com
The annuity and life-insurance policy purchasedr had its reorganizationplan OK’d by a Delaware bankruptcy court judgee a week ago, after filing for Chaptet 11 protection last month. As part of the deal, J.G. Wentworth’sw parent, private equity firm , invested $100 millionm of new equity to support ongoing It also agreed to providse as muchas $35 million for the company to buy loands from lenders in exchange for new preferred interestzs in the company. The company said Mondayt that it has substantially reduced its debt load at the parentg holding company level while gaining accesd tonew equity. J.G.
Wentworth conducted business withourt interruption during the brief reorganization TheBryn Mawr, Pa.-based company sought acceptanc of its plan from its lenderds before what is called a prepackaged More than 90 percent of the term lenderas approved, the company said. J.G. Wentworthu said its decision to file for Chapter 11 came afted an extensive review of alternatives to address pressuresfrom “extremelyt challenging capital markets and high borrowinv costs”, and was unanimously approved by the company’sx board of directors. In J.G. Wentworth laid off 120 of its 200 employeews and closed its LasVegaas office.
Founded in 1991, it movesd from Philadelphia to Bryn Mawrin 2003.