GWG Holdings gets another week for exclusive plan periods

Chicago, Nov. 7 – GWG Holdings, Inc. filed an emergency motion asking for another week for exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The judge, in an order, noted that there was no emergency.

Notwithstanding, objections to the motion are due by Nov. 14.

The company asked for an additional eight days, now Nov. 15. Earlier, the company received a brief extension to Nov. 7 from Oct. 15. The company also asked for the solicitation period to end on Jan. 14. The solicitation period had previously been pushed through Jan. 6 from Dec. 4.

GWG said it needs the extra time to allow meaningful progress to continue to be made prior to the filing of a Chapter 11 plan.

The company said that it has exchanged draft proposals for a Chapter 11 plan with the bondholder committee. The proposals are significantly more aligned and there is a chance that there will be plan supported by both parties.

GWG is a life insurance company based in Dallas. The company filed bankruptcy on April 20, 2022 under Chapter 11 case number 22-90032.

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