In May of this year,the story was told in a different manner than what it’s being reported today.
NEW YORK, May 19 (Reuters) – J.G. Wentworth, a specialty finance company that buys structured settlements and annuities, filed for bankruptcy on Tuesday, saying it had a “prepackaged” reorganization plan supported by more than 90 percent of its lenders. The company said it filed Chapter 11 petitions for three of its nonoperating parent holding company units in U.S. bankruptcy court in Delaware. It expects to be able to emerge from bankruptcy protection within 30 days or so. Prepackaged bankruptcies allow companies to shorten their time in court and are often less expensive and onerous than typical Chapter 11 cases because they have agreements from key creditors prior to the bankruptcy.
J.G. Wentworth said in court documents that tightness in the credit markets altered its ability to purchase assets last year, and that it was unable to meet a margin call in the fourth quarter of 2008 as it faced liquidity issues. The company, based in Bryn Mawr, Pennsylvania, says it is the largest U.S. purchaser of structured settlements and its annuities.
SWEET DEAL – BANKERS CAN’T LOOSE – THE WAY THE new world order likes it. KEEP ALL THE MONEY COMING BACK TO THE BANKS!
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:
HEADLINE DECEMBER 2017
Finance company J.G. Wentworth to swap debt for equity in bankruptcy
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.
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.
Which of the many subidiaries has done or will do the same thing. J.G. won’t suffer from one bankrupty with all that it has on the side.
J.G. Wentworth owns and operates under a number of brands. The main two brands owned by J.G. Wentworth are J.G. Wentworth and Peachtree
Additional brands and subsidiaries include:
J.G. Wentworth, LLC
Peachtree Life Settlements, LLC
J.G. Wentworth Home Equity Services, LLC
Orchard Acquisition Company, LLC
J.G. Wentworth Structured Settlement Funding II, LLC
J.G. Wentworth SSC, LP
Red Apple Management Company, LLC
Golden Apple Management Company, LLC
J.G. Wentworth Management Company, LLC
J.G. Wentworth Originations, LLC
Green Apple Management Company, LLC
Qualified Provider Associates, LLC
JGW Pre-Settlement Funding, LLC
Cash Now Loans, LLC
J.G. Wentworth Receivables II, LLC
Peachtree Originations, LLC
Lottery Originations, LLC
Settlement Funding Management Company, LLC
Peach Holdings, LLC
Receivables Collections, LLC
JGW II, LLC
JGW III, LLC
JGW-S LC I, LLC
JGW-S LC II, LLC
JGW-S Holdco, LLC
JGW-S I, LLC
JGW-S II, LLC
JGW-S III, LLC
R.C. Henderson, LLC
321 Henderson Receivables Acquisition, LLC
JGW Residual I, LLC
JGW-S IV, LLC