JG Wentworth Files For Ch. 11 To Ease Senior Debt

Law360, New York (May 19, 2009, 12:00 AM EDT) -- J.G. Wentworth, a purchaser of structured settlements and annuities, announced Tuesday that it had filed a prepackaged Chapter 11 plan with the support of 90 percent of its term lenders, saying that it needs to reduce its debt load due to the collapse of the asset-backed securities market.

J.G. Wentworth and its parent JGW Holdco LLC filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. The filing will not affect any creditors except senior term lenders, who are owed about $370 million,...
To view the full article, register now.