Where Did All The PE-Backed Bankruptcies Go?
Newspaper publisher Freedom Communications filed for Chapter 11 bankruptcy protection on September 1. It was the 59th private equity-backed company to do so in 2009, compared to just 49 in all of 2008. But then a funny thing happened. Or, more specifically, didn't happen. No other PE-backed companies filed for bankruptcy protection in September. Two companies announced plans to file for bankruptcty protection as part of prepackaged restructurings -- NTK Holdings (THL Partners) and Lazy Days’ RV Center Inc. (Bruckman Rosser Sherrill ) -- but it's unclear if either will do so before September ends.
23 September 2009•1 min read
