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 milliobn of new equity to support ongoing operations. It will also provides as much as $35 million for the company to buy loans from lenders in exchange for new preferredc interests in the TheBryn Mawr, Pa.-based company sought acceptance of its plan from its lenderxs before what is called a prepackagef filing. More than 90 percent of the termlenderse approved, the company said. J.G.
Wentworth said its decisiob to file for Chapter 11 came after an extensivre review of alternatives to address pressurewsfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslt approved by the company’s board of directors. In December, J.G. Wentworthh laid off 120 of its 200 employeex and closed its LasVegas office. Foundexd in 1991, it movefd from Philadelphia to Bryn Mawrin 2003.