GWG Seeks Rescue Financing After Missing Debt Payments to Individual Investors

Financial-services firm known for life-insurance bonds faces a cash crunch after accounting issues, auditor resignation prevented it from selling its products.


GWG Holdings Inc., a company known for selling life-insurance bonds, is seeking rescue financing in an effort to avoid bankruptcy after accounting issues and the resignation of its auditor prevented it from selling its products, according to people familiar with the matter.


Dallas-based GWG created financial instruments called L Bonds, which pooled money from bond investors to purchase life-insurance policies on the secondary market, and then used payouts from the policies when people died to repay the investors.


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