Life Insurance Buyer GWG Locks in $610 Million Bankruptcy Bid

GWG Holdings Inc., the bankrupt company that buys life insurance policies from elderly people, won court approval for a loan package that gives it the option to sell its portfolio to an affiliate of Chapford Capital Group for $610 million.

• Under the terms of the bankruptcy financing, Chapford SMA Partnership will loan GWG $65 million to replace a previous loan
• GWG also has the right to require Chapford to act as the initial bidder at a court supervised auction, should GWG decide to sell its assets, according to court documents
• U.S. Bankruptcy Judge Marvin Isgur approved the deal at …