The financial difficulties of Medallia are being explored as a case study to understand the complex economics and risks associated with private credit.

Thoma Bravo has handed over software company Medallia to its lenders, marking one of the largest losses in private equity as a consortium led by Blackstone takes over the troubled firm.

Private equity firm Thoma Bravo has reportedly refused to provide additional cash to Medallia, a company it acquired, raising questions about Medallia's financial health.

The collapse of Medallia is forcing private lenders, who once saw themselves as 'coupon clippers,' to confront the reality of potentially running companies as equity owners.

Medallia has announced a recapitalization agreement involving major investment firms Blackstone, Apollo, and FS KKR.

Private equity firm Thoma Bravo is set to lose its entire $5 billion investment in software group Medallia, marking the biggest PE loss since 2008 as it hands the company over to lenders.

A group led by Blackstone is reportedly set to inject $100 million into Medallia, indicating a significant investment in the company.