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The company said operating subsidiaries continue to conduct business as usuak and are not affected by the It said approval ofthe pre-packaged plan at the June 1 confirmatiomn hearing will pave the way for the injection of $100 milliom of new equity to supportf ongoing operations. The financialo services firm filed for Chapter 11 bankruptcyt protection last Tuesday with hopesto reorganize. The Bryn Pa.-based company sought acceptances of its plan from its lenderz before what is called aprepackaged filing. More than 90 percent of the termlendera approved, the company said.
The company said it also secured a commitmentfor debtor-in-possessiomn financing to supplement its working capital and provide adequatew liquidity during the proceedings. J.G. Wentworthh said its decision to file for Chapter 11 came after an extensives review of alternatives to addressz pressuresfrom “extremely challenging capital markets and high borrowingg costs”, and was unanimously approved by the company’zs board of directors. In December, J.G. Wentworthh laid off 120 of its 200 employees and closedf its LasVegas office. Foundeds in 1991, it is owned by New York-basedd private equity firm and moved from Philadelphiqa to Bryn Mawrin 2003.
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