J.G. Wentworth bankruptcy hearing set for Monday - Philadelphia Business Journal:

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The company said operating subsidiaries continue to conducrt business as usual and are not affected by the It said approval ofthe pre-packagef plan at the June 1 confirmatiohn hearing will pave the way for the injectio of $100 million of new equity to support ongointg operations. The financial services firm filedc for Chapter 11 bankruptcy protection last Tuesda with hopes to TheBryn Mawr, Pa.-baseds company sought acceptance of its plan from its lenderss before what is called a prepackaged filing. More than 90 percenrt of the termlenders approved, the companyt said.
The company said it also secured a commitmenyfor debtor-in-possession financing to supplement its working capitak and provide adequate liquidity during the J.G. Wentworth said its decision to file for Chapter 11 came afteer an extensive review of alternatives to addressx pressuresfrom “extremely challenging capital markets and high borrowing costs”, and was unanimouslyy approved by the company’s board of directors. In December, J.G. Wentworth laid off 120 of its 200 employeez and closed its LasVegas office. Founded in 1991, it is owned by New York-based privatr equity firm and movedr from Philadelphia to Bryn Mawrin 2003.