On November 9, 2017, The J.G. Wentworth Company announced an agreement, with lenders holding over 87% of the aggregate principal amount outstanding under the Company’s $449.5 million senior secured 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. The restructuring will be accomplished through a voluntary, pre-packaged, in-court process. The Company has been assisted in negotiating the restructuring by Evercore Group, L.L.C., as financial advisor, and Simpson Thacher & Bartlett LLP, as legal counsel. The administrative agent of the Credit Facility, Jefferies Finance LLC, has been assisted by FTI Consulting as financial advisor and Davis Polk & Wardwell LLP as legal counsel. Read more on distressed companies.
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