J.G. Wentworth raises $100M - Atlanta Business Chronicle:

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The annuity and life-insurance policy purchaser had its reorganizatiojplan OK’d by a Delawarre bankruptcy court judge a week ago, aftet filing for Chapter 11 protectio last month. As part of the deal, J.G. Wentworth’s private equity firm , invested $100 milliob of new equity to support ongoing It also agreed to provides as muchas $35 million for the company to buy loans from lenderse in exchange for new preferred interests in the The company said Monday that it has substantially reducee its debt load at the parent holding company levep while gaining access to new J.G. Wentworth conducted business withouty interruption during the briefreorganizationm process. The Bryn Mawr, Pa.
-basexd company sought acceptance of its plan from its lenderse before what is called aprepackagee filing. More than 90 percenr of the term lenders thecompany said. J.G. Wentworth said its decisioh to file for Chapter 11 came after an extensivr review of alternatives to address pressuresfrom “extremely challenginvg capital markets and high borrowing costs”, and was unanimouslu approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeezs and closed its LasVegas office. Founder in 1991, it moved from Philadelphia to Bryn Mawrin 2003.