There have now been more PE-backed bankruptcies in 2009 than in all of 2008, based on data compiled by peHUB and Buyouts Magazine. Five more companies filed in July, bringing the yearly tally to 53 — compared to just 49 last year.
Station Casinos was the month’s largest bust (in terms of purchase price), having been acquired by Colony Capital in 2007 for $5.4 billion. The others were all originally sub-billion deals, including CCS Medical (Warburg Pincus) and RathGibson (DLJ Merchant Banking).
You can download the entire 2009 chart below. But first, a bunch of disclaimers: Our data is only for control-sponsored deals that included at least one U.S. sponsor. As such, we exclude foreign-sponsored companies (like Arclin), VC-backed companies (like ProtoStar) and PIPEs (like BearingPoint). We do track minority PE-backed bankruptcies in the chart, but do not include them in the topline numbers.
Here is the info, as of July 31: LBO-backed bankruptcy list.
- LBO-Backed Bankruptcy List, On Pace To Double Last Year’s Total
- LBO-Backed Bankruptcy List: 24 Total, No Mega-Busts in Q1
- The Final List: 49 PE-Backed Bankruptcies in 2008
- Year Over Year Bankrupcties: The Class of 2007
- Two More Bankruptcy Datapoints
- Staring at the Sun: A Look at the Equity Checks from Sun Cap’s Bankruptcies
- Blackstone Sees More Out-Of-Court Restructurings Over Chapter 11s
- Forget Clawbacks. Meet “Reverse Dividend Recaps.”
- The Curse Of The Deal of the Year Award