Greylock Capital -- distressed-debt investor in distress

Greylock Capital Associates, a hedge fund known for making bets on distressed debt and troubled sovereign bonds, has filed for chapter 11 bankruptcy. In 2017, it managed assets of $1.1 billion and it leased the entire 24th floor of 285 Madison Avenue in Manhattan. But managed accounts had negative returns each year for the next 3 years. By the end of 2020, assets under management was down to $450 million and the firm is in the process of liquidating a large portion of a managed account. Saying that it is unable to pay debts as they become due, it filed for Chapter 11 bankruptcy, disclosing just less than $10 million in assets and debt. Its first act in bankruptcy was to reject the lease for the office, which is a block away from the iconic Grand Central Terminal and Bryant Park. Subscribe to the Troubled Company Reporter for more information.