Iorio Altamirano LLP continues to investigate potential claims involving investments in L Bonds offered by GWG Holdings, Inc. (Nasdaq: GWGH), as GWG Holdings defaulted on its obligation to bondholders and missed interest payments on January 15, 2022.
According to GWG Holdings’ most recent filing with the United States Securities & Exchange Commission (“SEC”), on January 15, 2022, the company missed interest payments of approximately $10.35 million and principal payments of approximately $3.25 million to L Bond owners.
According to the filing, under the Amended and Restated Indenture, dated October 23, 2017, GWG Holdings, Inc. has a 30-day grace period to make the interest and maturity payments. If GWG Holdings, Inc. fails to make the interest or maturity payments within the grace period, an event of default under the Indenture will result. At that time, the trustee or noteholders holding at least 25% in the aggregate outstanding principal amount of Bonds may elect to accelerate the L Bonds, causing them to be immediately due and payable, subject to certain conditions and notices.