Lenders to struggling private equity-owned companies have had a rough time of late, regularly getting whacked with heavy losses after fierce refinancing battles. But their compadres who binged in recent years on junk credit from Europe’s tycoon business builders won’t have much sympathy.
While buyout firms have had to keep at least one eye on future relations with the creditor community, individuals who’ve built their trouble-hit empires from scratch have been tougher adversaries, according to several market participants. In the words of one key lender to telecoms billionaire Patrick Drahi, who asked to stay anonymous discussing a sensitive matter, these owners are ready to burn a business to the ground rather than give it up.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.