TriplePoint Venture Growth: Former Portfolio Company Files Chapter 11
Note the carefully worded headline.
Knotel Inc. – which TriplePoint Venture Growth (TPVG) carried as a portfolio company – has just recently filed Chapter 11.
However – as this article from the BDC Credit Reporter explains – the BDC’s debt positions seem to have been bought out just before the filing by Knotel’s would-be new owner.
Technically TPVG is no longer involved but the credit story – which seems to have resulted in little or no loss to the BDC – needs to be told.
By the way, Knotel is an ideal example of a portfolio company that was pandemic affected and went very quickly from investor hero to zero.
However, the robust market for everything appears to have helped TPVG – and other groups involved in this now bankrupt business – avoid any material pain.
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