Wentworth gets court OK on bankruptcy plan
J.G. Wentworth LLC won court approval from a bankruptcy judge in Wilmington of its reorganization plan today, 14 days after filing for bankruptcy protection. The Bryn Mawr company, which buys deferred payments such as annuities, will acquire the pre-petition lenders' loans in exchange for cash and/or new preferred interests in the reorganized company, court papers show. Private-equity firm JLL Partners, which bought Wentworth in 2005, will invest $100 million in the restructured company and provide as much as $34.8 million for the company to purchase the loans. The company said it received acceptance from holders of 90 percent of its $370 million in term loans before its pre-packaged filing.
J.G. Wentworth LLC won court approval from a bankruptcy judge in Wilmington of its reorganization plan today, 14 days after filing for bankruptcy protection. The Bryn Mawr company, which buys deferred payments such as annuities, will acquire the pre-petition lenders' loans in exchange for cash and/or new preferred interests in the reorganized company, court papers show. Private-equity firm JLL Partners, which bought Wentworth in 2005, will invest $100 million in the restructured company and provide as much as $34.8 million for the company to purchase the loans. The company said it received acceptance from holders of 90 percent of its $370 million in term loans before its pre-packaged filing.