Three Weeks To Go: 45 PE-backed Bankruptcies

We’re heading into the home stretch of 2008. The next three weeks of holiday sales may make or break many of the LBO-backed retail and consumer products companies teetering on the edge of default. Either way, Cerberus aside, we won’t likely see a slew of bankruptcies till those holiday results are booked in the new year.

To tide you over till then, here is the year-to-date list of LBO-backed bankruptcies, according to research done by myself and Eamon Beltran of Buyouts. Download the excel spreadsheet after the jump.

New additions since last time include Carlyle’s Hawaiian Telecom, Madison Dearborn Partners’ National Wholesale Liquidators. Notably, several of the companies have now emerged from Chapter 11, like American LaFrance, Sirva, and Ziff Davis.

Also, I wanted to make a distinction on what constitutes inclusion on this list, since there have been some questions. We don’t include PIPEs, even if they’re done out of a buyout fund, since that opens up the list to a whole host of other non-LBO investors. This means companies like Sun Capital’s Sharper Image and TPG’s WaMu have been excluded.

Download here: lbo-bankruptcies-ytd-12808

Default Update: Percentage of PE-backed Bankruptcies Falls, S&P Reports
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Hold Your Breath For The Tsunami of Defaults Due To Hit in Q1