Credit funds weigh LBO risks

Philip Green, the British entrepreneur, may not have been successful with his leveraged buyout (LBO) play for British retailer Marks & Spencer (M&S), but he has managed to worry credit investors. Green amassed £13 billion in financial backing for his M&S bid, and credit managers are interpreting that feat as a sign that there is plenty of appetite to do a large LBO. The question is which company or companies will ultimately yield, but as LBO volumes have steadily increased over the past five

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