Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

I cannot thank you enough for your guidance. It's a good feeling knowing someone is fighting for you.

Matt J.

LATEST NEWS AND ARTICLES

1794596228 Law
November 13, 2026
Snowden Lane Partners to Pay $364,590 Over Undisclosed Conflicts and Misleading Client Agreements

Snowden Lane Partners will pay $364,590 to settle Securities and Exchange Commission (SEC) charges that it failed to disclose compensation arrangements tied to client cash sweep investments and margin loans.

1794509056 Law
November 12, 2026
SEC Issues its 2026 Enforcement Report

The Securities and Exchange Commission (SEC) filed 348 enforcement actions in fiscal year 2026, including 235 standalone actions and 113 follow-on administrative proceedings.

1794418115 Law
November 11, 2026
Morgan Stanley Develops AI Super Agents to Build Portfolios and Manage Client Accounts

Morgan Stanley is developing AI-powered "super agents" that could eventually build investment portfolios, manage client accounts and handle many of the routine tasks that wealth management professionals perform today.