Fifth Street Asset Management Inc. will sell all of its common stock investments in Oaktree Specialty Lending Corp. and Oaktree Strategic Income Corp pursuant to a certificate of dissolution filed with the secretary of state of Delaware on Dec. 11, 2017.
Oaktree Specialty Lending and Oaktree Strategic Income were affiliated with Fifth Street prior to Oaktree Capital Management LP's acquisition of the assets of Fifth Street Asset Management.
Fifth Street Asset Management will collect management fees, escrow and income tax receivables and dispose of all other tangible assets. The company had about $110.0 million in total net assets as of Dec. 31, 2017, according to a press release.
If given approval by the board, Fifth Street Asset Management will also set aside a contingency reserve to satisfy claims against and any of its unmatured or contingent liabilities and expenses of the sale of its property and assets and the liquidation and dissolution provided for in the plan.
The company will make payments of liquidating distributions to shareholders of record as determined by the board. It will also distribute its remaining assets to shareholders, or transfer one or more liquidating trustees under a liquidating trust, after the payment or provision for payment of claims against and obligations of the company.
Fifth Street Asset Management will continue to exist for three years after filing the certificate.
