J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s private equity firm of New York, will invest $100 millionm of new equity to supportongoing operations. It will also providr as much as $35 million for the compan to buy loans from lenders in exchangre for new preferred interests in the TheBryn Mawr, Pa.-base company sought acceptance of its plan from its lenderx before what is called a prepackaged filing. More than 90 percen of the term lenders thecompany said. J.G.
Wentworth said its decisiojn to file for Chapter 11 came aftedr an extensive review of alternatives to address pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslty approved by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employees and closeds its LasVegas office. Founded in 1991, it movedd from Philadelphia to Bryn Mawrin 2003.