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 equityh to support ongoing operations. It will also providr as much as $35 million for the companyt to buy loans from lenders in exchange for new preferrerd interests inthe company. The Bryn Mawr, Pa.-basedf company sought acceptance of its plan from its lenders before what is caller aprepackaged filing. More than 90 percent of the termlendersd approved, the company J.G.
Wentworth said its decision to file for Chapter 11 came afterf an extensive review of alternatives to addresws pressuresfrom “extremely challenginf capital markets and high borrowing costs”, and was unanimously approved by the company’as board of directors. In December, J.G. Wentworth laid off 120 of its 200 employeea and closed its Las Vegas Foundedin 1991, it moveds from Philadelphia to Bryn Mawr in 2003.