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 am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1787852053 Law
August 27, 2026
United Capital Revives Lawsuit Against Osaic

According to AdvisorHub, United Capital Financial Advisors has revived its lawsuit against independent broker-dealer Osaic by filing an amended complaint that reframes the dispute around the alleged misuse of confidential information obtained during Osaic's unsuccessful effort to acquire the firm.

1787765850 Law
August 26, 2026
FINRA Orders WestPark Capital to Pay $520,000 Over GWG L Bond Sales

The fallout from the collapse of GWG Holdings continues to affect the broker-dealers that sold the company's illiquid L bonds.

1787679428 Law
August 25, 2026
Ameriprise Broker Sues LPL-Affiliated Practice Over Use of "Kindred" Name

AdvisorHub reports that an Ameriprise Financial broker in Oklahoma has filed a trademark infringement lawsuit against an LPL Financial-affiliated practice over its use of the word "kindred" in its name.