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

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The annuity and life-insurance policy purchaser had its reorganizationplan OK’xd by a Delaware bankruptcyt court judge a week ago, after filing for Chapte 11 protection last As part of the deal, J.G. Wentworth’s private equity firm , invested $100 million of new equityu to supportongoing operations. It also agreed to provide as muchas $35 milliob for the company to buy loanss from lenders in exchange for new preferred interests in the The company said Monday that it has substantiallyg reduced its debt load at the parenyt holding company level while gainintg access to new equity. J.G. Wentworth conducted business withoutf interruption during the briefreorganization process.
The Bryn Pa.-based company sought acceptance of its plan from its lenders beforse what is called aprepackagerd filing. More than 90 percent of the termlenderxs approved, the company said. J.G. Wentworthh said its decision to file for Chaptert 11 came after an extensive reviewq of alternatives to address pressuresfrom “extremely challenginyg capital markets and high borrowing costs”, and was unanimouslyh approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employees and closed its LasVegaa office. Founded in 1991, it movee from Philadelphia to Bryn Mawrin 2003.