J.G. Wentworth, the nation’s leading "cash now pusher" announced that three of its non-operating parent holding
company level affiliates – JGW Holdco, LLC, J.G. Wentworth LLC, and J.G.
Wentworth, Inc., — have filed a voluntary reorganization plan under Chapter 11
of the U. S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of
Delaware. This is a prepackaged Chapter 11. This means that prrior to
filing the company solicited acceptance of a plan of reorganization from its
$370 million term lenders. Over 90% of the term lenders approved the plan. They
are the only creditors impacted by the plan. The plan will allow the company to
substantially reduce its debt load at the parent holding company level while
providing the enterprise with $100 million of new equity to support ongoing
operations. Its operating units will continue to conduct business without
interruption during the reorganization process, which is expected to be
completed within 30 days or so.
More details to follow
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