GWG Holdings, which invests in a number of insurance markets, including life settlements, has completed its bankruptcy process, according to a filing with the US Bankruptcy Court for the Southern District of Texas.
According to the filing, the bankruptcy plan was approved by the court on June 20 and became effective on August 1 2023.
GWG first filed for bankruptcy in April 2022 and the move was sparked by its default on bond payments two months earlier. A large number of retail investors put money in GWG, meaning the firm has 27,000 creditors.
Mayer Brown served as restructuring counsel to GWG, PJT Partners was its financial adviser and FTI Consulting advised on restructuring.
GWG Holdings received $65m of debtor-in-possesion (DIP) financing when its Chapter 11 application was approved in 2022 and this was provided to the firm by National Founders.
Dallas-based GWG holding’s total portfolio is valued at roughly $1.8bn.