Litigation

J.G. Wentworth Bankruptcy Confirmation Hearing June 1, 2009

By John Darer

J.G. Wentworth announced that the confirmation hearing for the prepackaged bankruptcy plan filed May 19, 2009 for its non-operating holding company affiliates has been set for June 1, 2009.  J.G. Wentworth reports that over 90% of the term lenders (the only creditors affected by the plan) approved the plan prior to filing. The JGW cash now pushing subsidiaries continue to conduct business as usual and are said  not to be impacted by the proceedings. Approval of the pre-packaged plan at the June 1, 2009 confirmation hearing will pave the way for the injection of $100 million of new equity to support ongoing operations.

Full post as published by Structured Settlements 4Real on May 27, 2009 (boomark / email).