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 equity to support ongoinbg operations. It will also provide as much as $35 millionj for the company to buy loanws from lenders in exchange for new preferred interest s inthe company. The Bryn Mawr, Pa.-based company soughtr acceptance of its plan from its lendersz before what is called aprepackaged filing. More than 90 percentt of the termlenders approved, the compant said. J.G.
Wentworth said its decision to file for Chapter 11 came aftee an extensive review of alternatives to address pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslhy approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeezs and closed its LasVegas office. Foundede in 1991, it moved from Philadelphia to Bryn Mawrin 2003.