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

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The annuity and life-insurance policy purchaser had its reorganizationjplan OK’d by a Delaware bankruptcty court judge a week ago, afte filing for Chapter 11 protection last As part of the deal, J.G. Wentworth’sd parent, private equity firm , investedr $100 million of new equity to supportgongoing operations. It also agreed to provid e as muchas $35 million for the company to buy loansa from lenders in exchange for new preferredd interests in the company. The company said Mondau that it has substantially reduced its debt load at the parent holding company level while gaining access tonew J.G.
Wentworth conducted business without interruptioh during the brief reorganization TheBryn Mawr, Pa.-basex company sought acceptance of its plan from its lenders beforre what is called a prepackaged More than 90 percent of the term lenderse approved, the company J.G. Wentworth said its decision to file for Chapter 11 came after an extensiver review of alternatives to address pressuresfrom “extremely challenging capital market s and high borrowing and was unanimously approved by the company’s boardc of directors. In December, J.G. Wentworthg laid off 120 of its 200 employeea and closed its Las Vegas Foundedin 1991, it movee from Philadelphia to Bryn Mawr in 2003.