J.G. Wentworth bankruptcy plan OK

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As part of the deal, J.G. Wentworth’s private equity firm of New York, will invest $100 milliobn of new equity to supportongoing operations. It will also providwe as much as $35 million for the company to buy loans from lendersw in exchange for new preferred interests in the TheBryn Mawr, Pa.-based company soughtg acceptance of its plan from its lenders before what is called a prepackagerd filing. More than 90 percent of the termlenderxs approved, the company said. J.G.
Wentworty said its decision to file for Chapter 11 came after an extensive review of alternatives to addresas pressuresfrom “extremely challenging capital markets and high borrowing and was unanimously approved by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphiq to Bryn Mawr in 2003.