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

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The annuity and life-insurance policy purchasetr had its reorganizationplan OK’d by a Delawars bankruptcy court judge a week ago, afterf filing for Chapter 11 protection last month. As part of the J.G. Wentworth’s parent, private equity firm , invested $100 milliohn of new equity to support ongoing It also agreed to provide as muchas $35 millionj for the company to buy loanw from lenders in exchange for new preferredc interests in the The company said Monday that it has substantiallhy reduced its debt load at the pareny holding company level while gaining access to new J.G. Wentworth conducted businessd without interruption during the briefvreorganization process.
The Bryn Mawr, Pa.-bases company sought acceptance of its plan from its lenderzs before what is called aprepackaged filing. More than 90 percent of the termlendera approved, the company said. J.G. Wentworth said its decisioj to file for Chapter 11 came aftee an extensive review of alternatives to address pressuredsfrom “extremely challenging capital markets and high borrowing and was unanimously approved by the company’ws board of directors. In December, J.G. Wentworth laid off 120 of its 200 employeees and closed its LasVegas office. Foundexd in 1991, it movee from Philadelphia to Bryn Mawrin 2003.