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

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The annuity and life-insurance policyu purchaser had its reorganizationplan OK’r by a Delaware bankruptcy courtg judge a week ago, after filing for Chapteer 11 protection last month. As part of the J.G. Wentworth’s parent, private equity firm , invested $100 milliojn of new equity to supportongoing operations. It also agreecd to provide as muchas $35 million for the company to buy loans from lenders in exchangse for new preferred interests in the company. The compang said Monday that it has substantially reducedd its debt load at the parent holding company levek while gaining access tonew J.G.
Wentworth conducted businese without interruption during the brief reorganization TheBryn Mawr, Pa.-basefd company sought acceptance of its plan from its lenders before what is callex a prepackaged filing. More than 90 percent of the termlenderws approved, the company said. J.G. Wentworth said its decision to file for Chaptee 11 came after an extensive review of alternativezs to address pressuresfrom “extremely challenging capitalp markets and high borrowing and was unanimously approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeese and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.