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

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The annuity and life-insurance policy purchaser had its reorganizatiomplan OK’d by a Delawarde bankruptcy court judge a week ago, after filinh for Chapter 11 protectiojn last month. As part of the deal, J.G. Wentworth’ds parent, private equity firm , investedf $100 million of new equitg to supportongoing operations. It also agreed to provide as muchas $35 millionn for the company to buy loans from lender in exchange for new preferred interests in the The company said Monday that it has substantiall reduced its debt load at the parent holding companyh level while gaining access to new J.G. Wentworth conducted business without interruptionb during the briefreorganization process.
The Bryn Mawr, Pa.-baserd company sought acceptance of its plan from its lenderz before what is called aprepackagesd filing. More than 90 percent of the term lenders approved, the company said. J.G. Wentworth said its decision to file for Chapte 11 came after an extensive revies of alternatives to address pressuresfrom “extremely challenging capital markets and high borrowinfg costs”, and was unanimously approves by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employeee and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.