On April 29, 2019 USA Today published an in-depth article regarding disputes occurring between the majority shareholder of twice bankrupt Payless, Inc. (aka Payless Shoesource) and certain creditors and lenders. With the future of Payless very much in doubt, the full repayment of $21mn of secured debt held by two BDCs is also questionable. Just a year ago when Payless went bankrupt for the first time, secured lenders got out whole. This time some of those same BDC lenders who funded the Company post bankruptcy may have a harder time collecting 100 cents on the dollar. See the Company File for all the details and our view.