Medley LLC NT 24
MDLQ
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- Medley LLC NT 24 (MDLQ) represents the 7.25% senior notes due 2024 issued by Medley LLC, an alternative asset management firm that historically provided yield-focused investment solutions to retail and institutional investors in the United States. Medley LLC offered investment management services to permanent capital vehicles such as business development companies (BDCs), long-dated private funds, and separately managed accounts (SMAs); it served as the general partner to private funds focused on credit-related strategies, including originating and holding senior secured loans to U.S. middle-market companies with revenues between $50 million and $1 billion; and it managed diversified portfolios across industries through its national direct origination franchise. The firm operated primarily in North America, providing capital to over 450 companies, with assets under management peaking above $5 billion as of 2017 and fee-earning assets around $1.3 billion prior to its restructuring. Founded in 2010 and headquartered in New York, New York, Medley LLC functioned as a subsidiary of Medley Management Inc. (NYSE: MDLY). In recent major developments, Medley LLC filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on March 7, 2021, citing operational challenges, portfolio valuation issues, and accounting complexities related to deconsolidation; this led to NYSE notices for non-compliance due to delayed filings, suspension of trading in MDLQ and related securities on July 7, 2021, and commencement of delisting proceedings. The bankruptcy plan was confirmed on October 7, 2021, and became effective on October 18, 2021, resulting in the company's liquidation, cancellation of equity interests (including those held by Medley Management Inc.), establishment of a liquidating trust, and cessation of operations as a going concern. These events followed broader challenges at Medley Management Inc., including SEC penalties, regulatory revocations, and delisting of parent securities, amid a decline in assets under management to approximately $1.9 billion and net losses exceeding $18 million in 2020. Post-liquidation, MDLQ notes entered default status with uncertain recovery prospects for holders.