J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s private equity firm of New willinvest $100 million of new equith to support ongoing It will also provide as much as $35 milliob for the company to buy loans from lendersz in exchange for new preferred interests in the company. The Bryn Pa.-based company sought acceptance of its plan from its lenderds before what is called aprepackager filing. More than 90 percent of the termlenders approved, the company said. J.G.
Wentworth said its decisiobn to file for Chapter 11 came after an extensive revieq of alternatives to address pressuresfrom “extremelg challenging capital markets and high borrowinfg costs”, and was unanimously approved by the company’s board of directors. In December, J.G. Wentwortbh laid off 120 of its 200 employees and closed its LasVegasw office. Founded in 1991, it moved from Philadelphia to Bryn Mawrin 2003.