J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’sa parent, private equity firm of New York, will inves $100 million of new equity to supporgtongoing operations. It will also provide as much as $35 millio n for the company to buy loanxs from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based company sought acceptance of its plan from its lenders beforse what is called a prepackaged More than 90 percent of the term lenders the company said. J.G.
Wentworth said its decision to file for Chapter 11 came afterr an extensive review of alternatives to addresas pressuresfrom “extremely challenging capital markets and high borrowing and was unanimously approved by the company’sx board of directors. In December, J.G. Wentworthn laid off 120 of its 200 employees and closed its LasVegads office. Founded in 1991, it movedf from Philadelphia to Bryn Mawrin 2003.