Forget old acquaintances

The New Year didn’t come fast enough for buyout firms. In 2008, deals imploded and portfolio companies went bankrupt. It was nearly impossible to sell a company, and cash-strapped investors started whining about capital calls. Problems cropped up throughout the business. Unfortunately, buyout bosses don’t have much to look forward to this year. Debt markets aren’t likely to rebound much. Restructuring opportunities might pop up, but traditional leveraged buyouts will be scarce and difficult to ...