Just over a month into 2009 and we’ve already seen 11 LBO-backed bankruptcies. That’s up over the eight we had this time last year, but nowhere near the massive wave some were predicting.
In fact, the size of these bankruptcies has also been much smaller than expected. The argument remains that mega-buyouts from the ’06 and early ’07 glory days have a few years before their debt matures.
Judging by purchase price, the largest companies to go down are Star Tribune, the newspaper backed by Avista, sugar alternative maker Merisant Worldwide, backed by Pegasus Capital, and Bruno’s Supermarkets, backed by Lone Star Funds. If TPG’s Aleris files in the coming weeks as expected, it would take the prize. TPG purchased the struggling aerospace supplier for $3.3 billion in 2006.
Find the spreadsheet after the jump.