June 29, 2018: Education Management Corp. and 58 affiliates of the long-struggling for-profit schools firm entered Chapter 7 liquidation in Delaware bankruptcy court on Friday, less than four years after a $1.5 billion out-of-court restructuring with lenders and bondholders. Documents filed with the court late Friday included little more than an introductory petition for the case, led by Education Management II LLC, noting that the businesses were carrying $500 million to $1 billion in liabilities into the process, along with a 1,429-page list of creditors. Source: Law360
BDC Credit Reporter View
8/25/2018: Expect complete Realized Loss on $1.425mn, already written down to almost zero on an unrealized basis at June 30, 2018.