MFIN subsidiary Medallion Capital in SBA debenture default; $73.5M at risk

MEDALLION FINANCIAL CORP

SBA declared event of default on $73.5M debentures (~3% of total borrowings) due to management team qualification issue.
Medallion Capital must submit at least one qualified candidate within 120 days to cure the default.
No cross-default clauses triggered in other Medallion Financial debt arrangements.
Company is identifying candidates and believes it can satisfy SBA requirements, but no assurance of acceptance.

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