KKR Could Grab "Biggest Bankruptcy"
We've seen the size of PE bankruptcies increase as the year toils on, with Linen's ‘N Things (purchased by Apollo for $1.3 billion) narrowly topping Mervyns (purchased by Sun Capital and Cerberus for $1.2 billion). Those could soon be outdone by KKR's C$3.2 billion purchase of Masonite International, if the company files for bankruptcy. It's not a sure bet, but is beginning to look better than even money. On Friday, the company went into default on a $42 million interest payment to its $768.9 million senior sub notes due 2015. Yesterday S&P lowered its rating to D and Moody's lowered its corporate rating two levels to Caa3. This payment miss is surprising for two reasons. ...
21 October 2008•2 mins read
