J.G. Wentworth raises $100M - Business First of Columbus:

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The annuity and life-insurance policy purchaser had its reorganizationbplan OK’d by a Delaware bankruptcy couryt judge a week ago, aftetr filing for Chapter 11 protectioj last month. As part of the deal, J.G. Wentworth’s private equity firm , invested $100 million of new equitg to supportongoing operations. It also agreeds to provide as muchas $35 million for the companh to buy loans from lenders in exchange for new preferre interests in the company. The companyt said Monday that it has substantially reduced its debt load at the parenf holding company level while gainingt access tonew equity. J.G.
Wentworth conducted business withouty interruption during the brief reorganization TheBryn Mawr, Pa.-based company sought acceptance of its plan from its lendere before what is calledx a prepackaged filing. More than 90 percenrt of the termlenders approved, the companyt said. J.G. Wentworth said its decision to file for Chapter 11 came after an extensivee review of alternatives to address pressuresfrom “extremelhy challenging capital markets and high borrowing costs”, and was unanimously approvesd by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employeesa and closed its LasVegaes office.
Founded in 1991, it move from Philadelphia to Bryn Mawrin 2003.