Banks funding leveraged buyouts were rightly criticized in the early stages of the downturn for being wrong-footed by private equity sponsors, signing up to generous covenant waivers largely as a result of being unable to do anything else.
In recent months they have adopted a more robust approach, and more and more wiped-out equity holders are being forced to hand over the keys in debt-for-equity swaps.
West Bromwich Building Society, Styles and Wood, and Independent News and Media have agreed to such...
