J.G. Wentworth raises $100M - Los Angeles Business from bizjournals:

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The annuity and life-insurance policy purchasetr had its reorganizationplan OK’d by a Delawarwe bankruptcy court judge a week ago, after filingf for Chapter 11 protection last month. As part of the J.G. Wentworth’s parent, private equity firm , investesd $100 million of new equity to supportrongoing operations. It also agreed to provided as muchas $35 million for the company to buy loanz from lenders in exchange for new preferred interestws in the company. The company said Mondayu that it has substantially reduced its debt load at the parenty holding company level whilre gaining access tonew equity. J.G.
Wentworth conducted business withoug interruption during the briefreorganization process. The Bryn Pa.-based company sought acceptance of its plan from its lendersa before what is called a prepackaged More than 90 percent of the termlenders approved, the companh said. J.G. Wentworth said its decisionm to file for Chapter 11 came after an extensive review of alternativez to address pressuresfrom “extremel y challenging capital markets and high borrowinh costs”, and was unanimously approved by the company’s boardc of directors. In December, J.G. Wentworth laid off 120 of its 200 employeew and closed its LasVegas office.
Founded in it moved from Philadelphia to Bryn Mawrin 2003.