J.G. Wentworth bankruptcy plan OK

http://studenica.org/news/21novembar2008.html
As part of the deal, J.G. Wentworth’s parent, privatre equity firm of New York, will invest $100 milliom of new equity to supporgtongoing operations. It will also provider as much as $35 million for the company to buy loanws from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based compant sought acceptance of its plan from its lenderws before what is calledc a prepackaged filing. More than 90 percent of the termlenderds approved, the company said. J.G.
Wentworth said its decisionh to file for Chapter 11 came aftefr an extensive review of alternatives to address pressuresfrom “extremelyg challenging capital markets and high borrowinfg costs”, and was unanimously approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.