Litigation

J.G. Wentworth, the nation?s leading "cash now pusher" announced that three of its non-operating parent holding company level affiliates ? JGW Holdco, LLC, J.G. Wentworth LLC, and J.G. Wentworth, Inc., -- have filed a voluntary reorganization plan under Chapter 11 of the U. S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware. This is a prepackaged Chapter 11. This means that prrior to filing the company solicited acceptance of a plan of reorganization from its $370 million term lenders. Over 90% of the term lenders approved the plan. They are the only creditors impacted by the plan. The plan will allow the company to substantially reduce its debt load at the parent holding company level while providing the enterprise with $100 million of new equity to support ongoing operations. Its operating units will continue to conduct business without interruption during the reorganization process, which is expected to be completed within 30 days or so.

More details to follow