The J.G. Wentworth Company Announces Consensual Restructuring Agreement with Lenders to Significantly Reduce its Debt and Fortify its Balance Sheet
JG WENTWORTH CO CL A COMMON (JGWE)
Company Research
Source: Business Wire
Day-to-day Operations Planned to Continue in the Ordinary Course CHESTERBROOK, Pa.--(BUSINESS WIRE)-- The J.G. Wentworth Company (together with its consolidated subsidiaries, the “Company”) (OTCQX: JGWE) today announced an agreement, with lenders (the “Lenders”) holding over 87% of the aggregate principal amount outstanding under the Company’s $449.5 million senior secured credit facility (the “Credit Facility”), to significantly deleverage the Company. The agreement, under which current Lenders have agreed to exchange their claims under the Credit Facility for cash consideration and at least 95.5% of the equity in the newly-restructured Company, will enable the Company to enhance its financial flexibility, fortify its balance sheet and accelerate its long-term growth initiatives. Under the terms of the agreement, the Company will: Fully extinguish the loans under the Credit Facility t
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