J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s parent, privatse equity firm of New York, will invest $100 millionn of new equity to suppor tongoing operations. It will also provide as much as $35 millio for the company to buy loans from lenders in exchange for new preferrede interests inthe company. The Bryn Mawr, Pa.-baseed company sought acceptance of its plan from its lenderzs before what is called a prepackaged More than 90 percent of the term lenders approved, the company said. J.G.
Wentworth said its decisionh to file for Chapter 11 came afteer an extensive review of alternatives to address pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslg approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employees and closed its LasVegase office. Founded in 1991, it movef from Philadelphia to Bryn Mawrin 2003.