J.G. Wentworth bankruptcy plan OK

http://jcci.org/jcciwebsite/pages/tutorial.html
As part of the J.G. Wentworth’s parent, private equituy firm of New York, will invest $100 million of new equityt to supportongoing operations. It will also provide as much as $35 million for the company to buy loands from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based company sought acceptancs of its plan from its lenders before what is called a prepackaged filing. More than 90 perceny of the termlenderds approved, the company said. J.G.
Wentworth said its decisio to file for Chapter 11 came after an extensivde review of alternatives to address pressuresfrom “extremelu challenging capital markets and high borrowing costs”, and was unanimousl y approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employees and close its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.