New Delaware Chapter 11 Filing – Orchard Acquisition Company, LLC
Orchard Acquisition Company, LLC, along with four of its affiliates and subsidiaries (including the J.G. Wentworth Company, LLC), has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12914). The Petition estimates the Debtors’ assets and liabilities to both be between $100 – $500 million. According to the First Day Declaration, the Debtors enter Chapter 11 having reached a restructuring support agreement with holders of over 87% in outstanding principal amount of its term loan claims and over 99% of the ownership interests of the J.G. Wentworth Company, LLC. The Debtors have filed a prepackaged Plan of Reorganization and Disclosure Statement, and will seek to have both approved at a (tentative) combined hearing on January 17, 2018 at 10:00 a.m. EST. Prime Clerk, LLC is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
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