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J.G. Wentworth Possible Distressed Debt Exchange

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On June 26, 2017, S&P Global Ratings lowered its issuer credit rating on J.G. Wentworth LLC (JGW) to CCC- from CCC+ and its senior secured debt rating to CCC- from CCC+. “Our rating action today reflects our opinion that a distressed debt exchange transaction, which the company publicly disclosed it was contemplating earlier this year, is likely in the next six months,” said S&P Global Ratings credit analyst Chris Cary. According to S&P Global, the negative outlook reflects the expectation that JGW is likely to negotiate a distressed exchange offer with its debtholders in the next six months. While management has restored the structured settlement business to profitability and the mortgage business is growing at a steady pace, S&P does not think the cash flows from these businesses will be sufficient to repay the current outstanding senior unsecured debt due early in 2019. Read more on distressed companies.

The post J.G. Wentworth Possible Distressed Debt Exchange appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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