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Secure Home Lenders / Oaktree Capital Move to Take Over Company

edited April 28 in Other Investing
“Private-equity-owned Secure Home Holdings LLC filed for bankruptcy protection after its top-ranking lenders agreed to award themselves the home-security systems business, leaving unsecured creditors owed $110 million unpaid ... Bank lenders are owed, in the aggregate, about $197 million ...”

“The terms are proposed in a ‘prepackaged’ chapter 11 reorganization plan that Secure Home filed Monday, shortly after the Sunday bankruptcy filing. Ballots haven't been cast yet, but top lenders, led by affiliates of Invesco Ltd. , have agreed to cancel part of their debt in exchange for ownership of Secure Home.

“Funds managed by Oaktree Capital Management * mostly own Secure Home, with Ironwood Capital and Alcentra Capital Corp. as minority stakeholders. Oaktree declined to comment.”

The Wall Street Journal, April 27, 2021

* Oaktree Capital Management / The Oaktree Funds specialize in distressed debt and are headed by Howard Marks who is often quoted on the board.
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