Evidence from Highly Leveraged Transactions
that Became Distressed," NBER Working Paper No.
We then demonstrate the efficacy of the adjusted comparable company method to value a sample of 51 firms involved in highly leveraged transactions
382 does keep profitable corporations from using acquired NOLs, the CERT rules prevent highly leveraged transactions
from being financed, in part, by tax refunds from carrying back postacquisition NOLs.
Registrants must direct attention to disclosures of participation in high-yield investments and highly leveraged transactions
Based on the Fitch report, highly leveraged transactions
are more susceptible to 2008's potential market volatility.
These results underline the effect that tighter credit markets are having on overall media M&A activity: the large, highly leveraged transactions
that drove aggregate values higher in 2006 and 2007 all but disappeared last year, while the market for mid-sized M&A transactions is still relatively strong.
Many of the transactions are highly leveraged transactions
While the impact of this has been particularly significant in certain categories of lending, such as commercial real estate and highly leveraged transactions
, the effect of this restraint has extended to other parts of the loan portfolio as well.
But while these new players have changed the dynamics of restructuring efforts for distressed companies, highly leveraged transactions
and new bankruptcy laws have seen companies put up for sale more quickly, rather than go through restructuring," according to Jack DiFranco, a principal of Grant Thornton's Corporate Finance practice.
where he originated debt and equity for companies and buyout funds in highly leveraged transactions
The acquisition market was jolted last fall when a few companies involved in highly leveraged transactions
failed to perform up to expectations, defaulted on bond issues, and sought bankruptcy protection.
5% concentration of 'CCC' to 'C' issues is not only large relative to similar historical periods of low defaults and robust economic growth but could potentially grow larger if credit quality begins to broadly deteriorate in an environment of softer economic growth and continued emphasis on highly leveraged transactions