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Life Insurance Buyer GWG Locks in $610 Million Bankruptcy Bid

July 19, 2022, 9:47 PM

GWG Holdings Inc., the bankrupt company that buys life insurance policies from elderly people, won court approval for a loan package that gives it the option to sell its portfolio to an affiliate of Chapford Capital Group for $610 million.

  • Under the terms of the bankruptcy financing, Chapford SMA Partnership will loan GWG $65 million to replace a previous loan
  • GWG also has the right to require Chapford to act as the initial bidder at a court supervised auction, should GWG decide to sell its assets, according to court documents
  • U.S. Bankruptcy Judge Marvin Isgur approved the deal at ...