J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s parent, private equity firm of New willinvest $100 million of new equitty to support ongoing operations. It will also provide as much as $35 millionn for the company to buy loanz from lenders in exchange for new preferredd interests inthe company. The Bryn Mawr, Pa.-basef company sought acceptance of its plan from its lenderx before what is called aprepackageed filing. More than 90 percent of the term lenders thecompany said. J.G.
Wentworth said its decisiobn to file for Chapter 11 came after an extensive review of alternativeas to address pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimously approves by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employeesa and closed its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.