Word: lbo
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...real estate agent in Berkeley, complained that he had lost money in the junk-bond debacle and called Milken's fine a travesty. Ronald Cornwall, a Pennsauken, N.J., grocery clerk, said his salary plunged from $33,000 to $24,700 when his employer, Pathmark, was acquired in an LBO...
...same problem has staggered Southland and Circle K, the two largest U.S. operators of convenience stores. Southland, which runs 7-Eleven outlets (total stores: 6,900), ran into trouble after borrowing $4.9 billion for an LBO in 1987. The cash-strapped company is now negotiating to sell 75% of its stock for $400 million to Japanese investors. Circle K, with 4,600 stores in 32 states, sought protection under Chapter 11 last month after accumulating $1.2 billion of debt during a six-year expansion binge...
Even the venerable R.H. Macy is living uncomfortably close to the edge. The Manhattan-based retailer said last week it was "actively examining opportunities to reduce or refinance our debt." Macy's has been reeling from interest charges on $3.7 billion that it borrowed in 1986 for an LBO. The company's woes worsened last Christmas, when it tried to match desperate markdowns at the bankrupt-bound Allied and Federated department store groups -- the properties of debt-driven Canadian raider Robert Campeau. The problems of retailers were underscored last week when Ames Department Stores, which entered bankruptcy in April...
...first hit corporate America in the mid-'80s has so lucrative a financial field opened up so swiftly. Says Robert Miller, a Manhattan attorney who advises failing companies: "The buyout business of the 1980s has become the turnaround business of the 1990s." Concurs bankruptcy adviser Jay Alix: "To us, LBO means large bankruptcy opportunity...
...relatively conservative field of endowment management, where each university's goal is primarily to maintain its economic standing, Harvard is seen as a large and sometimes brash investor. The University was among the first to become involved in the realm of venture capital and leveraged buyouts (LBO), both of which offer high yields on investment, but at a high risk...