Greylock Capital Says It’s Really a Small Business in Bankruptcy
- Hedge fund argues debt load qualifies for quick reorganization
- Bankruptcy designed to cancel Manhattan lease, lawyer says
This article is for subscribers only.
Greylock Capital Management says it’s really nothing more than a small business that should be allowed to use special bankruptcy rules to quickly cancel a lease on its expensive, midtown Manhattan office space.
At a court hearing Tuesday morning, attorney Jeffrey Chubak argued that the company qualifies as a so-called Subchapter V debtor because only its affiliates owe hundreds of millions of dollars, not Greylock Capital Associates, the entity that filed for bankruptcy Jan. 31.