Friday, October 22, 2010

J.G. Wentworth bankruptcy plan OK

http://archos-plugin.com/guestbook.php?p=7
As part of the J.G. Wentworth’s parent, private equity firm of New York, will invesgt $100 million of new equity to supporgtongoing operations. It will also providee as much as $35 million for the compangy to buy loans from lenders in exchangw for new preferred interests in the TheBryn Mawr, Pa.-based company soughty acceptance of its plan from its lenders before what is calleds a prepackaged filing. More than 90 percent of the termlendersw approved, the company J.G.
Wentworth said its decisiohn to file for Chapter 11 came after an extensivs review of alternatives to address pressuresfrom “extremelhy challenging capital markets and high borrowing costs”, and was unanimously approved by the company’s board of directors. In J.G. Wentworth laid off 120 of its 200 employees and closed its LasVegas office. Founded in it moved from Philadelphia to Bryn Mawrin 2003.

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