November 9, 2017 / 10:48 PM / a year ago

BRIEF-J.G. Wentworth Co announces restructuring agreement with lenders to reduce debt

Nov 9 (Reuters) - JG Wentworth Co

* The J.G. Wentworth Company announces consensual restructuring agreement with lenders to significantly reduce its debt and fortify its balance sheet

* JG Wentworth Co says ‍day-to-day operations planned to continue in ordinary course​

* JG Wentworth - ‍entered agreement with lenders to significantly deleverage company​

* JG Wentworth - under agreement, lenders to exchange claims under credit facility for cash consideration and at least 95.5 pct of equity in newly-restructured co​

* JG Wentworth - to fully extinguish loans under credit facility totaling $449.5 million; obtain secured credit facility between $65 million and $70 million​

* JG Wentworth Co - agreement will reduce company's annual debt service from $32 million to less than $5 million​

* JG Wentworth Co - ‍ under agreement, co will reconstitute board of directors to reflect new ownership of company​

* JG Wentworth Co - ‍restructuring will be accomplished through a voluntary, pre-packaged, in-court process​

* JG Wentworth Co - ‍restructuring is not expected to impact daily management or operations of company​

* JG Wentworth Co - ‍co has been assisted in negotiating restructuring by Evercore Group L.L.C. as financial advisor​ Source text for Eikon: Further company coverage:

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