J.G. Wentworth Co. announced late last week that it would be filing for bankruptcy and entering into a restructuring agreement with lenders holding over 87 percent of the aggregate principal amount outstanding under the company’s $449.5 million senior secured credit facility, ABL Advisor reported. The agreement, under which current lenders have agreed to exchange their claims under the credit facility for cash consideration and at least 95.5 percent 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.
