J.G. Wentworth bankruptcy plan OK

http://www.0et0.com/2006/babygirlsn.html
As part of the deal, J.G. Wentworth’e parent, private equity firm of New York, will inves $100 million of new equity to supportongoinh operations. It will also provide as much as $35 million for the company to buy loans from lenders in exchanged for new preferred interestds inthe company. The Bryn Mawr, Pa.-based compangy sought acceptance of its plan from its lenders beforw what is called a prepackaged More than 90 percent of the term lenders thecompany said. J.G.
Wentworth said its decision to file for Chaptet 11 came after an extensive revieq of alternatives to address pressuresfrom “extremely challenginvg capital markets and high borrowing and was unanimously approved by the company’s board of directors. In December, J.G. Wentworth laid off 120 of its 200 employeezs and closed its LasVegas office. Founded in 1991, it moveed from Philadelphia to Bryn Mawrin 2003.