WILMINGTON, Del. — J.G. Wentworth — a buyer of deferred payments such as annuities — sought bankruptcy protection after holders of 90 percent of its $370 million in term loans agreed to restructure the debt. The company listed assets of as much as $500,000 and debt of as much as $500 million in Chapter 11 documents filed Tuesday.
Wentworth buys legal settlements and other deferred payments from individuals. The company has purchased more than $3 billion of such payment obligations since 1992.
Before filing for bankruptcy, J.G. Wentworth met with lenders to negotiate a “consensual restructuring” of its debt, chief executive David Miller said in court papers. They “overwhelmingly” accepted the accord, he said. The company will ask a judge to set a hearing in June to approve the plan. Dow Jones Newswires
