Litigation

J.G. Wentworth Fighting To Stay In Business-Philadelphia Inquirer

By John Darer

Today's Philadelphia Inquirer suggests that that J.G. Wentworth's grim reaper may be nigh on Christmas Eve. 

Joseph N. DiStefano reports:

"J.G. Wentworth Inc., Bryn Mawr, has cut its payroll two-thirds as it fights to stay in business.

Most of the cuts followed last month's downgrading of Wentworth's "corporate family" credit rating to "Caa1."

The cuts reduced Wentworth's staffing to 80, compared with the 250 it employed last year. They also enabled Wentworth to regain its investment-grade credit rating. The firm, which buys legal settlements and annuities at a discount from people who don't feel they can wait, on Monday sold $74.6 million in notes, backed by structured settlements and annuities. Deutsche Bank AG and Jeffries & Co Inc. closed the sale to yield 8 percent".

Full post as published by Structured Settlements 4Real on December 24, 2008 (boomark / email).