GWG Holdings adds 2 independent directors after filing for Chapter 11 bankruptcy

Dallas-based financial services company GWG Holdings Inc. appointed Anthony Horton and Jeffrey Stein as two independent directors to its board June 20, to facilitate the company's Chapter 11 restructuring process.

Horton will be a Class III director, while Stein will be a Class I director, with substantial experience in serving companies in proceedings under Chapter 11 of the U.S. bankruptcy code.

On April 20, GWG Holdings, and its subsidiaries GWG Life LLC and GWG Life USA LLC, filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas as part of a restructuring process to meet financial obligations and optimize its asset valuations.

Stein was also appointed chief restructuring officer on June 20 and will report to Chairman, President and CEO Murray Holland.

Horton and Stein will both be part of newly created board committees, the investigations committee and the special committee that will assist in reviewing legal, financial and operational company details to formulate a restructuring plan. Their compensation and other terms of engagement are subject to approval by the bankruptcy court.

Immediately prior to their appointment, Peter Cangany Jr. resigned from the board June 20.