GWG Approved For New Ch. 11 Financing with Put Option

By Vince Sullivan (July 18, 2022, 6:41 PM EDT) — Life insurance-backed bond seller GWG Holdings Inc. has received verbal approval from a Texas bankruptcy judge for new debtor financing- cheaper $65 million operator that includes an option to sell the debtor’s life insurance policy asset portfolio for at least $610 million.

In a hearing on Monday, debtor attorney Thomas S. Kiriakos of Mayer Brown LLP said the new loan program replaces previous $65 million in financing on better terms, including lower interest rates and lower fees, while protecting against market downside risk through the lender’s commitment to buy the political portfolios if GWG is unable to negotiate a reorganization plan…

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