J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’sz parent, private equity firm of New willinvest $100 million of new equity to support ongoingb operations. It will also provide as much as $35 millionj for the company to buy loan s from lenders in exchange for new preferres interests inthe company. The Bryn Mawr, Pa.-based companh sought acceptance of its plan from its lenders before what is callee aprepackaged filing. More than 90 percent of the termlenderes approved, the company said. J.G.
Wentworth said its decision to file for Chapterr 11 came after an extensivwe review of alternatives to address pressuresfrom “extremelg challenging capital markets and high borrowiny costs”, and was unanimously approved by the company’z board of directors. In December, J.G. Wentworth laid off 120 of its 200 employeea and closed its Las Vegas Foundedin 1991, it movede from Philadelphia to Bryn Mawr in 2003.