BRYN MAWR, Pa.--(BUSINESS WIRE)--J.G. Wentworth, the nation’s leading purchaser of structured settlements and annuities, has consummated the reorganization plan which was confirmed last week by the U.S. Bankruptcy Court for the District of Delaware, including the infusion of $100 million of capital. The three non- operating parent holding company level affiliates – JGW Holdco, LLC, J.G. Wentworth LLC, and J.G. Wentworth, Inc. – have successfully emerged from bankruptcy.
The company has substantially reduced its debt load at the parent holding company level while gaining access to new equity. J.G. Wentworth conducted business without interruption during the brief reorganization process.
"We are very pleased to have passed this milestone of the restructuring process,” said David Miller, Chief Executive Officer of J.G. Wentworth. "We have emerged as a stronger and more financially secure enterprise, and we look forward to continuing to provide customers with financial solutions for their long-term settlement and annuity payments, especially in this challenging economy.”
At just under two weeks, this restructuring is one of the fastest on record, and speaks to the alignment of the company and its creditors in the “prepackaged” chapter 11 filing. “I would like to thank our employees, vendors, customers and creditors for their ongoing support as we worked to quickly complete this restructuring,” Miller said. “With this support, we will use our market position and our brand to acquire new customers and grow the franchise, and to continue to provide great service to our existing clients."
About the J.G. Wentworth family of companies J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation’s oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements and annuities. Since 1992, J.G. Wentworth has purchased over $4 billion of future payment obligations from consumers and is also the nation’s largest securitizer of structured settlement and annuity backed notes.
For more information about J.G. Wentworth, go to www.jgwentworth.com.