The company filed for insolvency in the US Bankruptcy Court for the Southern District of Texas. Reuters reported that GWG is $2 billion in debt, which includes $1.6 billion in outstanding bonds. The firm had also specified taking a $65 million loan from National Founders LP to fund its operations as it goes through the bankruptcy process.
In a statement, GWG CEO Murray Holland said that the insolvency procedure is “expected to strengthen the company’s financial position going forward and help preserve the value of the company’s assets for the benefit of its investors.”
Read the full article on: https://www.insurancebusinessmag.com/us/news/breaking-news/gwg-holdings-files-for-chapter-11-insolvency-403222.aspx