J.G. Wentworth raises $100M - Washington Business Journal:

mozybyd.wordpress.com
The annuity and life-insurance policy purchaser had its reorganizatiobnplan OK’d by a Delaware bankruptcy court judge a week ago, after filing for Chapter 11 protectio last month. As part of the deal, J.G. Wentworth’s private equity firm , invested $100 million of new equitt to supportongoing operations. It also agreed to provide as muchas $35 millioh for the company to buy loans from lenderds in exchange for new preferred interests in the company. The company said Monday that it has substantiallg reduced its debt load at the parenf holding company level while gaininhg access tonew equity. J.G.
Wentworty conducted business without interruption during the briecfreorganization process. The Bryn Mawr, Pa.-based company sought acceptance of its plan from its lendere before what is called aprepackaged filing. More than 90 percenft of the term lenders thecompany said. J.G. Wentworthb said its decision to file for Chaptee 11 came after an extensive review of alternatives to addresw pressuresfrom “extremely challenging capitao markets and high borrowing and was unanimously approved by the company’sw board of directors. In December, J.G. Wentwortnh laid off 120 of its 200 employees and closesd its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.