World Global Financing Bankruptcy Converted to Chapter 7

Florida-based World Global Financing (WGF), who filed for Chapter 11 in May, has been ordered into liquidation following their failure to abide by the settlement agreement with Eaglewood SPV I LP.

Eaglewood’s claim on WGF comprised 98% of all creditor claims.

WGF agreed to settle with Eaglewood for $2.95 million, but WGF failed to make payments in the specified timeframe. That inevitably allowed Eaglewood to convert the bankruptcy to Chapter 7 and to simultaneously file a $6.5 million Confession of Judgment against WGF.