A unit of alternative asset firm Medley Management Inc. defeated a federal government challenge to its bankruptcy plan, allowing the company to establish a creditor trust that will receive revenues from a non-bankrupt affiliate.
Judge Karen B. Owens on Thursday approved Medley LLC’s plan to wind down and liquidate in Chapter 11. Her bench ruling followed a two-day hearing in the U.S. Bankruptcy Court for the District of Delaware that focused on $5.7 million worth of future payments to compensate employees of non-bankrupt investment adviser Medley Capital LLC.
Medley LLC is a non-operating holding company that obtains funds through equity ...
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