GWG Obtains Debtor-In-Possession Loan

Posted on January 4th, 2023 at 2:08 PM
GWG Obtains Debtor-In-Possession Loan

GWG Holdings has obtained a super-priority secured debtor-in possession loan and guaranty agreement to receive money to fund the company’s operations amidst bankruptcy proceedings, according to a filing with the Securities and Exchange Commission (SEC).

GWG has undergone substantial changes this year as numerous executives have resigned from the company after GWG filed for bankruptcy. In fact, the GWG board of directors recently appointed Michael Tucker to serve as the new chief financial officer of the c

ompany. The guaranty agreement provides for a revolving credit line in an aggregate principal amount of nearly $40 million as well as a term loan credit facility of almost $564 million.
Furthermore, the obligors, administrative agent and collateral agent also entered into a debtor-in-possession security agreement related to the DIP Credit Agreement. The DIP Credit Agreement matures on October 15, 2023, while borrowings under the agreement bear interest at 9.22% per annum.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

From the Desk of Jim Eccleston at Eccleston Law.

Tags: eccleston, eccleston law, advisors, law, sec, gwg holdings

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

August 19, 2025
UBS Hit with $737,000 FINRA Arbitration Award Over Mismanaged Tesla Options Strategy

UBS Financial Services has been ordered to pay $737,000 in damages and fees after a former Tesla executive accused the firm of mishandling an options strategy involving his concentrated stock position.

August 18, 2025
Stifel Drops Advisor Chuck Roberts Amid Legal Fallout from Failed Structured Notes Strategy

Stifel Financial Corp. has parted ways with Chuck Roberts, a high-profile financial advisor whose investment strategies have triggered a wave of costly legal complaints.

August 15, 2025
FINRA Bars Former Ameriprise Advisor Over $2.2 Million in Client Loans

The Financial Industry Regulatory Authority (FINRA) has permanently barred former Ameriprise Financial broker Eric A. Dupre for borrowing more than $2.2 million from clients without firm authorization.