We republish an article from the BDC Credit Reporter about the seventh BDC-financed company to file for bankruptcy in June. Two public BDCs are affected and will be booking significant realized losses shortly.
Medley Management quietly announces that millions of shares in Medley Capital held in a special purpose vehicle their principals control are being “put” to their owners. Therein hangs a tale that dates back several years and which the BDC Reporter has been covering throughout.
Here are some of the latest developments amongst under-performing BDC companies since our last report filed April 22, 2019
Medley Management reports IVQ 2018 results one third of the way into 2019. We review to gain insights into how the proposed merger with Medley Capital and Sierra Income might be affected.
A well known coal company emerges from Chapter 11 owned by its creditors, which seems to include three BDCs with approximately $60mn of debt now converted to equity.
Another retailer files Chapter 11, leaving one public and one private BDC with approximately $35mn of exposure and important decisions to make about how to proceed from here.
A retailer files for bankruptcy protection as expected and 4 BDCs face the music of loss of income and likely much higher Realized and Unrealized losses while adding more monies.
BDC Exposure: $23mn
BDC Exposure: $67mn
According to the BDC Credit Reporter, up to $22mn in further write-offs likely to follow.
Another energy company files for bankruptcy. Likely losses to follow for 3 BDCs.
We downgrade retailer Charming Charlie
REPRINTED FROM THE BDC CREDIT REPORTER
September 19, 2016: OHAI, PNNT, Sierra Income
