GWG Holdings gets short extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 31 – GWG Holdings, Inc. secured a short extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order field with the U.S. Bankruptcy Court for the Southern District of Texas.

The court extended the plan filing period through Nov. 7 from Oct. 15 and the solicitation period through Jan. 6 from Dec. 14.

GWG had requested the extension through an emergency motion filed Saturday.

The company said it has been having serious discussions with its stakeholders, including the bondholder committee.

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

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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