GWG gets OK to slim down Initial Ch. 11 Funding

By Rick Archer (April 21, 2022, 11:28 p.m. EDT) – Life insurance-backed bond seller GWG Holdings emerged from its first-day Chapter 11 hearing with a $10 million stripped-down funding plan after a Texas bankruptcy judge asked how much the company originally planned to borrow.

In a six-and-a-half-hour phone hearing that included on-the-fly funding negotiations, US Bankruptcy Judge Marvin Isgur – saying it was the ‘most unusual’ hearing he has presided over – approved the new interim financing plan after noting that GWG was originally asking to borrow nearly three times what it planned to spend over the one-month period to be covered by the initial loan.

Dallas-based GWG Holdings…

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