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The annuity and life-insurance policy purchaser had its reorganizationplan OK’dc by a Delaware bankruptcy court judge a week ago, aftedr filing for Chapter 11 protectiomn last month. As part of the J.G. Wentworth’s parent, private equitty firm , invested $100 million of new equity to supporfongoing operations. It also agreed to providre as muchas $35 million for the company to buy loanes from lenders in exchange for new preferree interests in the The company said Monday that it has substantially reduced its debt load at the parenyt holding company level while gaining access to new equity. J.G.
Wentwortuh conducted business without interruption during the brief reorganization TheBryn Mawr, Pa.-based company sought acceptance of its plan from its lender s before what is called a prepackaged filing. More than 90 percentt of the termlenders approved, the company said. J.G. Wentworth said its decisiom to file for Chapter 11 came afterf an extensive review of alternativezs to address pressuresfrom “extremely challenging capital marketds and high borrowing costs”, and was unanimously approved by the company’s board of directors. In J.G.
Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.
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