J.G. Wentworth raises $100M - Los Angeles Business from bizjournals:

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The annuity and life-insurance policy purchaser had its reorganizatiomplan OK’d by a Delaware bankruptcy court judge a week ago, after filing for Chapter 11 protectiohn last month. As part of the deal, J.G. Wentworth’d parent, private equity firm , invested $100 million of new equit y to supportongoing operations. It also agreed to providse as muchas $35 million for the company to buy loanz from lenders in exchange for new preferred interests in the company. The company said Mondah that it has substantially reduced its debt load at the parenr holding company level while gaining accesse tonew equity. J.G.
Wentworthb conducted business without interruption during the briefreorganizationj process. The Bryn Mawr, Pa.-basex company sought acceptance of its plan from its lenders befor e what is called a prepackaged More than 90 percent of the termlenders approved, the companyy said. J.G. Wentworth said its decision to file for Chapter 11 came afted an extensive review of alternatives to address pressuresfrom “extremelh challenging capital markets and high borrowing costs”, and was unanimouslgy approved by the company’s board of directors. In December, J.G. Wentwortyh laid off 120 of its 200 employeesx and closed its LasVegas office.
Founded in 1991, it moveds from Philadelphia to Bryn Mawrin 2003.