Under its proposed reorganization plan, J.G. Wentworth will be able to
reduce its debt load, and receive $100 million in new equity to support
ongoing operations, the company said in a statement.It said its vendors,
customers and employees will:
https://in.reuters.com/article/jgwentwor…9020090519
Burdened by nearly $450 million in debt, facing intense competition
from mortgage providers and hit by downgrades to its credit ratings,
consumer finance provider J.G. Wentworth Co filed for bankruptcy on
Tuesday with a restructuring plan to swap its debt for equity. Wentworth
in court papers filed in U.S. Bankruptcy Court in Delaware said the
prepackaged plan stems from a restructuring support agreement notched
last month with lenders to rework the company’s balance sheet in a
speedy Chapter 11 case.
https://www.reuters.com/article/bankrupt…SL1N1OC2HM
The J.G. Wentworth Company is a diversified financial services
company, focused on providing direct-to-consumer access to financing
solutions through a variety of avenues, including mortgage lending and
refinancing, structured settlement, annuities, lottery payment
purchasing, home lending, prepaid cards, and access to providers of
personal loans. The firm is currently traded publicly on the OTCQX
(symbol: JGWE). in the United States, the company is known for its
television advertisements featuring “Mr. Wentworth”, but more recent
commercials have included Wagnerian opera singers.
Its good to be king....
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