GWG Holdings gets fifth extension of exclusive solicitation period

By Sarah Lizee

Olympia, Wash., May 1 – GWG Holdings, Inc. secured a fifth extension of its exclusive periods to solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The exclusive solicitation period was extended through the earlier of June 23 and the confirmation hearing, which is currently scheduled for June 15.

As previously reported, when it filed the motion for extension in February, the company said it was approaching the culmination of what had been a challenging Chapter 11 plan process.

At the time, the company was hoping to reach a global resolution through mediation.

In March, the company reached a settlement with its official committee of bondholders and L Bond Management LLC. The settlement forms the basis of the company’s amended plan.

The disclosure statement for the amended plan was approved on April 21.

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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