主题：LBO的风向开始改变：寒流来临？ -- 倥偬飞人
共:💬2
家园 LBO的风向开始改变：寒流来临？ 从美国到加拿大，到欧洲，LBO deal的高额借贷终于踢到了铁板：垃圾债券的风险终于让人感觉到它的存在了。夏天来了，然而华尔街要开始刮的，更像是寒流？黑石的股价连连下挫，不是没有原因的。
一旦资金链断裂，那些高额负债而又没有现金流的公司，终于会露出皇帝新装的本来面目。when the tide retreats, you will find who is swimming naked.
这就是问题所在：
Investors were concerned about the large amount of debt U.S. Foodservice was taking on to finance the buyout. For such risky loans, they typically look for protections should the company run into trouble. One protection is collateral to seize if the company goes into default. But most of U.S. Foodservice's assets were already securing other debt obligations.家园 沙发