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

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The annuity and life-insurance policy purchasef had its reorganizationplan OK’d by a Delaware bankruptcy courr judge a week ago, after filing for Chapter 11 protectionh last month. As part of the deal, J.G. Wentworth’w parent, private equity firm , invested $100 million of new equity to supportongoing operations. It also agreed to provide as muchas $35 millioj for the company to buy loans from lenders in exchanges for new preferred interests in the The company said Monday that it has substantially reduced its debt load at the parent holdingv company level while gaining access to new J.G. Wentworth conducted business without interruption during the briefreorganizatioj process.
The Bryn Mawr, Pa.-based company sought acceptancr of its plan from its lendere before what is called a prepackaged More than 90 percent of the term lenders thecompany said. J.G. Wentworth said its decision to file for Chapted 11 came after an extensiv e review of alternatives to address pressuresfrom “extremely challengingf capital markets and high borrowing and was unanimously approved by the company’s boarsd of directors. In December, J.G. Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphias to Bryn Mawr in 2003.