After each update of The 2008 LBO-Backed Bankruptcy List, I get a few requests for the 2007 list for comparison's sake. Until today, that list didn't exist, but I've spent the morning compiling as comprehensive of a record as possible. That effort resulted in a humbling number: Two. After narrowing down data from Thomson Reuters and Bankruptcy Research Database, I have concluded that only two buyout-backed companies filed for Chapter 11 in 2007.*
Compare that total with the 39 companies to date this year. It seems silly to make a chart for just two companies, but, for consistencies sake, here it is: Lbo-backed-bankruptcies-2007.
The companies are Remy International Inc, backed by CitiCorp Venture Capital and Berkshire Hathaway, InSight Health Services Holdings Corp, backed by J.W. Childs Associates and Halifax Group.
Interesting to note, one of the '07 bankruptcies that was not buyout-backed at the time of filing, might be ripe to file Chapter 22. ...