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For the many companies whose leveraged buyouts have failed, however, the negative repercussions have been far-reaching.
1987: Reginald Lewis makes history by completing a $985 million leveraged buyout of Beatrice International Foods.
That was the case in one of the two high-profile leveraged buyouts that occurred in 1986, when Jack Eckerd Corp.
Thus, senior and mezzanine financing sources began to sharply curtail their new business activities with regard to leveraged buyouts and real estate, and the aggressive financing available earlier in the decade all but disappeared.
This study estimates taxes paid by 23 of the largest corporate leveraged buyouts in the years 1988, 1989 and 1990.
It is clear that leveraged buyouts are susceptible to attack under the Bankruptcy Code as fraudulent conveyances.
Second, fiduciary protection for bondholders in leveraged buyouts would likely increase litigation costs, as bondholders and stockholders dispute the distribution of gains in these transactions.
Kaplan [7] also finds that the tax benefits are a large source of wealth in leveraged buyouts.
Revco filed under Chapter 11 in mid-1988, less than two years after the leveraged buyout.
said, "We would like to thank the Dura-Line management team for the great contribution that they have made to the success of our leveraged buyout funds and wish them every success with Audax Group.
During this period, when many companies were executing leveraged buyouts, acquisitions and rollups, banks were delivering highly leveraged cash flow loans, which were based on a multiple of the borrower's trailing earnings.
The company was acquired by a consortium led by company management and Leonard Green Partners, a Los Angeles-based merchant banking firm specializing in leveraged buyouts.