Icahn Battles Black as Buyout Firms Press Bondholders

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Dec 11, 2008
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Bloomberg has a piece on active investor Carl Icahn

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Dec. 9 (Bloomberg) -- Leon Black’s Apollo Management LP (AINV, Financial) and Cerberus Capital Management LP are trying to salvage some of the biggest takeover deals of all time at the expense of their bondholders, and that doesn’t sit well with Carl Icahn.


Private equity firms that financed $727 billion in deals last year largely through borrowing want to use the 38 percent drop in the average high-yield bond price in 2008 to reduce their debt, push back maturities as much as five years and stave off default.


Click to read the complete story on Bloomberg