Private Equity Investments Collapse into Insolvency and Bankruptcy
Private equity, due to its high use of debt, has placed numerous companies in distressed positions. Also note that there is a bit of a crossover, where private equity buyout business and venture capital are playing in each other’s sandbox. For brevity, companies in distressed situations from 2024-2026 are mentioned here; other history is available upon request.
Glossary
Bankrupt: A legal process that allows a person, business, organization that cannot pay its debts. Most common bankruptcies are Chapter 11 (Reorganization), Chapter 13 (reorganization) and Chapter 7 (liquidation).
Debt-for-equity swap: A debt-for-equity swap is a transaction in which a lender (creditor) agrees to exchange debt that is owed to them for ownership (equity) in the borrower. Instead of being repaid in cash, the creditor becomes an owner.
Default: A default occurs when a borrower fails to meet the terms of a debt obligation. Most commonly, defaults occur when a borrower fails to meet the terms of the obligation.
House of debt: A house of debt is when private equity firms borrowed heavily to finance a leveraged buyout or other private equity transaction. A house of debt is a distressed debt situation when the portfolio company controlled by the private equity firm has so much debt that it cannot comfortably service or refinance it. In this situation the success of the company could either become a success or failure, but has not reached bankruptcy or an out-of-court debt exchange. Generally for our purposes a house of debt portfolio company has too much debt from the leveraged buyout, falling revenues or profits, rising interest rates or debt maturing soon with no easy refinancing available.
Liquidation: A liquidation is the process of selling a company's assets and using the proceeds to pay creditors, usually because the business can no longer continue operating. In a liquidation , a company typically ceases operations. In a liquidation generally secured creditors (banks with collateral) can paid first, while administrative expenses (lawyers, bankruptcy courts) get paid second, employees get paid third, unsecured creditors are paid fourth, while preferred and common shareholders are paid last.
Receivership: When an insurance company becomes financially impaired or insolvent, and a state insurance regulator steps in to take control anA receivership for an insurance company is a special legal process used by the insurer when it is either financially troubled or insolvent. Unlike most companies, insurance companies cannot file Chapter 11 bankruptcy. A receiver's job is to protect policyholders, preserve assets, evaluate the company's finances, rehabilitate or liquidate the insurer.
Reverse stock split: A reverse stock split is when a company reduces the number of shares outstanding while proportionately increasing the share price per share. A reverse stock split does not create any new value, it simply changes the arithematic of the share count and price. A form of stock manipulation, a reverse stock split is frequently performed to remain listed on either the Nasdaq or NYSE to remain listed and still have access to investor money.
Chapter 22, 33, etc.: A Chapter 22 is when a portfolio company files bankruptcy more than once, for instance a Chapter 22 bankruptcy would be a company that filed bankruptcy while a Chapter 33 would be a company that filed bankruptcy three times.
Company
Business/Sector
Private Equity & Debt Backers
Status
Year
170 Broadway
16,135 square foot retail property, lower Manhattan
Morgan Stanley, Crown Acquisitions
House of debt
2025
175 W. Jackson Blvd.
Chicago Loop office building
Brookfield Asset Management
Default
2025
1818 Market St.
Philadelphia real estate
Shorenstein Co.
Default
2024
1960 East Grand Ave.
Los Angeles real estate
Starwood Capital Group
Default
2024
23andMe
Genetic DNA testing
Google, Fidelity, Sequoia, Johnson & Johnson
Bankrupt (20-for-1 reverse split)
2025
36th St. / 256 38th St.
New York real estate
Investcorp
Default
2025
48Forty Solutions
Recycled wood pallets
Audax Private Equity, Summit Partners
Debt for equity
2026
75 St. Stephen’s Green
Dublin real estate
Blackstone
Default
2025
777 S. Figueroa-Los Angeles
Downtown Los Angeles office building
Brookfield Asset Management
Default
2023
99 Cents Only Stores
Discount retail
Ares Management, CPP Investments
Bankrupt
2024
A10 Capital
Commercial real estate lender
BlackRock, H.I.G. Capital, Schroders, Gemspring Capital
House of debt
2025
ABC Technologies
Automotive parts supplier
Apollo Global Management
House of debt
2025
Accell (Netherlands)
Bicycle manufacturer
KKR, Teslin Capital Management
Debt for equity
2025
AccentCare
Home health care
Advent International
House of debt
2024
Accolade Wines-Australia
One of the world's largest wine companies
The Carlyle Group, Bain Capital, Sona Asset Management
Debt-for-equity
2024
Accuride Corporation
Commercial parts manufacturing
Crestview Partners
Bankrupt
2024
Affordable Care
Dental care alliance
Blackstone, KKR, Berkshire Partners, Harvest Partners, Antares, New Mountain Capital
House of debt
2026
Agilitas IT Solutions-U.K.
IT hardware serv ices, lifecycle management, and channel support
Perwyn
Bankrupt
2025
Air Methods
Air ambulance
American Securities
Bankrupt
2023
Airspan Networks
Telecommunications
SoftBank, Oak Investment Partners, Tom Huseby, New Enterprise Associates, Sevin Rosen, SoftBank, Venrock
Bankrupt
2024
Akumin
Radiology services
Stonepeak
Bankrupt
2023
Alacrity Solutions
Insurance claims management
Goldman Sachs, KKR, BlackRock, Antares, Blue Owl
Debt for equity
2025
Allied Telecom Group
Telecom services
PSG, SFW Founders
Bankrupt
2025
Allplants-U.K.
Plant based meals, meal kits, smoothies, etc.
Molten Ventures, Felix Capital, Octopus Ventures, TriplePoint Capital, Chris Smalling, Kiernan Gibbs, Cassandra Stavrou
Bankrupt
2024
Alvaria- (formerly Aspect Software)
Debt collection software
Abry Partners, Vector Capital
House of debt
2025
Ambri
Battery technology
Bill Gates, Khosla Ventures, Paulson & Co., Mass Clean, Energy Reliance Industries, Japan Energy Fund
Bankrupt
2024
American Dream Mall
Retail megamall
JPMorgan, Triple Five, NJ Econ Dev Auth, US Bank, Lehman Brothers, Colony Capital
House of debt
2026
American Freight
Retail (appliances & furniture)
B. Riley Financial / Franchise Group
Bankrupt
2024
American Physician Partners
Physician staffing company for 150 hospitals
Brown Brothers Harriman Capital Partners
Bankrupt
2023
American Tire
Tire distributor
TPG, Ares Management, Guggenheim, KKR & Co., Monarch Alternative, Sculptor, Silver Point
Bankrupt (Chapter 22)
2024
Americanas-Brazil
Major Brazilian retailer
3G Principals, BlackRock, etc.
Bankruptcy
2023
AmeriVet
Veterinary hospitals (100+)
AEA Investors, FS KKR BDC, Ares Mgmnt
House of debt
2026
Anastasia Beverly Hills
Beauty company
TPG
Debt-for-equity
2025
Anglian Water (UK)
Water utility
Canada Pension Plan, IFM Global Infrastructure, Infinity Investments, Igneo, Camulodunum
House of debt
2025
Anthology Inc.
Education software
Veritas Capital
Bankrupt
2025
Anuvu Corp. (Previous bankruptcy as Golden Eagle)
Satellite lessor
CCP Capital
House of debt
2025
Apex Tool Group
Hand & power tools
Bain Capital
House of debt
2025
Apollo Commercial Real Estate Advisors
Real Estate Investment Trust
Apollo Global Management
House of debt
2026
Apollo Debt Solutions
Business development company
Apollo Global Management
House of debt
2026
Appgate Inc.
Cybersecurity
BC Partners
Bankrupt
2024
Ardagh Group (Lux)
World's largest producer of glass bottles & metal cans
Paul Coulson / Ardagh, Deutsche Bank, Carronade
Debt-for-equity
2025
Ares Strategic Income Fund
Business development company
Ares Management
House of debt
2026
Arrival-U.K.
Electric commerical vehicles
BlackRock, Hyundai, Kia, UPS, Antara Capital
Bankrupt
2024
Artis Finance (UK)
Invoice-based lending
TDR Capital, HSBC/Barings, CDPQ
Bankrupt
2025
Ascend Elements
Battery recycling
BlackRock, Temasek, Qatar Investment Authority, U.S. Government
Bankrupt
2026
Ascend Performance Chemicals
Chemicals
SK Capital
Bankrupt
2025
ASDA (UK)
Supermarket chain
TDR Capital, Mohsin & Zuber Issa, Blue Owl
House of debt (sale-leaseback)
2025
Ashley Stewart
Plus-size women’s retail
Trimaran, GB Merchant Partners, Clearlake, FirePine, RA Capital
Bankrupt
2025
Aspiration Partners
Fintech / carbon credits
Steve Ballmer, Oaktree, Brookfield, Leonardo DiCaprio, others
Bankrupt
2025
Astound Broadband
Telecom / cable
TPG, Stonepeak Infrastructure
House of debt
2025
At Home Group Inc.
Home goods retail
Hellman & Friedman
Bankrupt
2025
Atlantic Neurosurgical
Surgical practice
Lorient Capital Management
Bankrupt
2024
Avalara
Tax compliance software
Vista Equity Partners
House of debt
2025
Aventiv Technologies
Prison inmate phones
Platinum Equity
Debt-for-equity
2025
Axip Energy Services
Oilfield services
Energy Spectrum Capital
Bankrupt
2026
Azul S.A. (Brazil)
Airline
Knighthead Capital, Certares
Bankrupt
2025
Babcock & Wilcox
Energy installation & tech
B. Riley Financial
House of debt
2025
Bain Capital Specialty Finance, Inc. (BCSF)
Business development company
Bain Capital
House of debt
2026
Bakersfield Renewable Energy
Renewable energy
GCM Grosvenor
Bankrupt
2025
Bank of America Plaza-Los Angeles
55 Story Los Angeles skyscrapter
Brookfield Asset Management
Receivership
2025
Bar Louie Restaurants
Bar & restaurant chain
Sun Capital Partners
Bankrupt (Chapter 22)
2025
Barings Private Credit Corp. (BPCC)
Business development company
MassMutual, Barings, MS & AD Insurance Group Japan
House of debt
2026
Basic Fun! Inc.
Toys (Tinker Toys, Lincoln Logs)
Onex Falcon, Cathay Capital
Bankrupt
2024
BayMark Health
Opioid treatment centers
Webster Equity Partners, Ares Management, Oaktree Capital
Debt-for-equity
2026
Beautycounter
Multilevel cosmetics marketing
TPG Growth, Carlyle, Foreclosure Group, Mousse Partners, Baron Davis, Pilot
Foreclosure
2024
Bench Accounting-Canada
Accounting fintech
Bain Capital, Shopify, Contour Venture Partners, Inovia, Altos Ventures
Bankrupt/insolvent
2025
Benson Hill Inc.
Plant-science company
Alphabet, BlackRock, Lazard, Van Eck, Hedosophia
Bankrupt
2025
Berge & Meer (Germany)
Tour operator
Genui GmbH, Permira
Debt-for-equity
2025
Bertuccis's
Massachusetts based pizza and Italian restaurant chain
Levine Leitchman Capital Partners, Right Lane Capital LLC, Earl Enterprises
Bankrupt (Chapter 33)
2025
Better Health Group
Primary care physician group
Kinderhook Industries
House of debt
2025
Bird Global
Rental of electric scooters
Sequoia Capital, Accel, Index Ventures, Valor Equity Partners, Craft Ventures, Fidelity, Tiger Global, Greycroft, Apollo Global/MidCap Financial
Bankrupt
2023
BlackRock TCP Fund
Business development company
BlackRock
House of debt
2025
Blackstone BCRED
Business development company
Blackstone Group
House of debt
2026
BlockFi
Crypto lending
Valar Ventures, Bain Capital, Tiger Global, Morgan Creek, Galaxy Digital, Coinbase, Winklevoss Capital, SoFi, Fidelity
Bankrupt
2022
Blue Owl Credit Income
Business development company
Blue Owl Capital
House of debt
2025
Blue Owl Tech Fund
Business development company
Blue Owl Capital
House of debt
2025
Bob Stores USA
Retail (Bob’s Stores, EMS, Sports Chalet)
Versa Capital, Crystal Capital
Bankrupt (Chapter 44)
2024
Bonhams (London)
Auction house
Epiris, Pemberton Asset Management
Debt-for-equity
2025
Bonza Airlines
Discount airline (Australia)
777 Partners
Bankrupt
2024
Borough Yards (London)
Real estate
Mark Capital Management
Default
2026
Bowery Farming
Agriculture technology
Fidelity, GV, Temasek
Shut down after raising $700 million
2024
Boxed, Inc.
Online bulk shopping startup
GGV Capital, DST Global, Fidelity, Aeon Group, Onex Ventures, Z Capital Partners, Greycroft, First Round Capital, Spark Capital
Bankrupt
2023
Brava Brio Restaurants
Italian casual dining
GP Investments, Earl Enterprises
Bankrupt (Chapter 22)
2025
Breitling (Switzerland)
Swiss watches
Partners Group, CVC Capital
House of debt
2025
BrewDog (UK)
Craft beer company
TSG Partners, individual investors
Bankrupt
2026
Bridgevoice Inc.
Telecommunications
HPS Investment (BlackRock), BNP Paribas
Bankrupt
2025
Brightline Train (Florida)
Passenger rail (Miami–Orlando)
Fortress Investment Group, KKR, Mubadala
House of debt
2025
Brightspeed
Broadband communications (formerly Lumen)
Apollo Global Management
House of debt
2025
Brill Building-New York
Famous New York building for music artists
Brookfield Asset Management
Foreclosure
2023
Broadband Telecom
Telecommunications
HPS Investment (BlackRock), BNP Paribas
Bankrupt
2025
Brooklyn Commons (formerly MetroTech Center
115 Myrtle Avenue in Brooklyn, New York
Brookfield Asset Management
Default
2023
Brooklyn Mirage / AGDP (NY)
Dance venue
Axar Capital
Bankrupt
2025
Buddies Home Furnish
Rent-to-own furniture
B. Riley Financial
House of debt
2024
Builder.ai
Artificial intelligence
Microsoft, Qatar Investment Authority, Insight, World Bank, SoftBank, Jeffrey Katzenberg
Bankrupt
2025
BurgerFi & Anthony's Coal Fired Pizza & Wings
Hamburgers & coal fired pizza
Lionheart Capital, Lion Point Capital, Walleye Capital, Martha Stewart
Bankrupt
2024
Byju’s (India / U.S. division)
Online learning
T. Rowe Price, BlackRock, General Atlantic, Silver Lake, Owl Ventures, Tiger Global, CVC Capital, UBS, Leonard Green, Davidson Kempner, Qatar Investments, Others
Bankrupt
2024
CaaStle
Clothing-as-a-service
Second Alpha Partners, Cava Capital, Grace Beauty, Avection
Bankrupt
2025
Cake-Sweden
Electric motorcycles
AMF, Creandum, Headline, Back in Black Capital, Stefan Ytterbon
Bankrupt
2024
Camping World
Recreational vehicles (RVs)
Marcus Lemonis, Crestview Partners
House of debt
2026
Canary Wharf (London)
Real estate
Brookfield Asset Management, Qatar Investment Authority
House of debt
2024
Cano Health
Medicare-focused primary care company
InTandem Capital Partners, General Atlantic, Barry Sternlicht/JAWS Acquisition Corp. SPAC)
Bankrupt
2024
Canoo
Electric vehicles
Yorkville, BlackRock, others
Bankrupt
2025
CareerBuilder / Monster
Online job listings
Apollo Global Management
Bankrupt
2025
Careismatic Brands
Medical apparel
Partners Group AG
Bankrupt
2023
CareMax
Seniors healthcare
Deerfield Management, Fidelity, BlackRock, Comvest Partners, others
Bankrupt
2024
Carlyle Credit Solutions/Carlyle Tactical Private Credit Fund (CTAC)
Business development company
The Carlyle Group
House of debt
2026
Carlyle Secured Lending, Inc. (CGBD)
Business development company
The Carlyle Group
House of debt
2026
Carpetright-U.K.
Retail flooring
Meditor Capital
Bankrupt
2024
Casa Systems Inc.
Broadband software/services
Summit Partners, Verizon
Bankrupt
2024
Casino Guichard-France
One of France's oldest and largest supermarket and retail chains
EP Equity Investment III, Daniel Křetínský), Attestor Capital, Fimalac
House of debt
2024
CDK Global
Auto dealership software
Brookfield Private Equity
House of debt
2025
Cedar Dublin, Ireland
Multiple office properties
Blackstone
Default
2025
Center for Autism and Related Disorders
Autism therapy treatment
Blackstone
Bankrupt
2023
Centerfield Media
Digital media
Platinum Equity
House of debt
2025
Century Capital (UK)
Mortgage lender
Blue Owl
Bankrupt
2026
Cerba Healthcare (France)
Laboratory operator
EQT AB
House of debt
2025
Charter Health
Home & hospice care
Pharos Capital Group
Bankrupt
2024
Chelsea F.C.-U.K.
Premier League professional football/soccer team
Clearlake Capital, Todd Boehly (Eldridge), Mark Walter (Guggenheim) ,Hansjörg Wyss (BlueCo)
House of debt with heavy losses
2026
Chicago Board of Trade Building
44-story office Chicago office building
Glenstar, Oaktree Capital Management (Brookfield)
Debt for equity
2023
Chicken Soup for the Soul Entertainment
Media / Redbox
Apollo Global Management, HPS Investment Partners
Bankrupt
2024
Chrysler Building-New York City
Landmark building in New York
Rene Benko/Signa Group/RFR
Insolvency
2023
City Brewing Co.
Beer production (Pabst Blue Ribbon)
Charlesbank Capital, Oaktree Capital (Brookfield)
House of debt
2025
CityFibre (UK)
Fiber optic network
Antin Infrastructure, Goldman Sachs, Mubadala
House of debt
2025
Citypoint (London)
Commercial real estate
Beacon Capital, Brookfield
House of debt
2024
Claire’s Stores
Teen retail / piercings
Apollo Global Management, Elliott, Monarch Alternative
Bankrupt (Chapter 22)
2025
Claritev(formerly Multiplan)
Healthcare management
The Carlyle Group, Welsh Carson Anderson & Stowe, BC Partners, Silver Lake, Hellman & Friedman, Starr Investment Holdings
House of debt (40 for 1 reverse split)
2025
Cliffwater Corporate Lending Fund
Business development company
Cliffwater
House of debt
2026
Clinical Care Medical
Primary care centers (Florida)
Sun Capital Partners
Bankrupt
2024
Club Quarters Hotels
Hotels in Boston, Chicago, Philadelphia, San Francisco
Blackstone
Foreclosure
2024
CNEX Labs Inc.
Semiconductor startup
Sierra Ventures, Microsoft, Dell Technologies
Bankrupt
2024
Coach USA
Transportation
Variant Equity
Bankrupt
2024
Colisée (France)
Elder care company
EQT, CVC, KKR, Blackstone
Debt-for-equity
2026
Compass Diversified (CODI)
Private equity firm
American Century, Allspring, BlackRock, others
House of debt
2025
Constellis
Mercenary & Security Services
Forte Capital Advisors, Strategic Ventures, Apollo Global Management
Debt-for-equity
2024
Consulate Health / LaVie Care Centers
Skilled nursing facilities
Formation Capital
Bankrupt
2024
ConvergeOne Holdings
IT services
CVC Capital, Clearlake, Genstar, Nautic Capital
Bankrupt
2024
Convoy
Freight technology
Gates Foundation, Jeff Bezos, Sequoia Capital, Bono & The Edge from U2
Collapsed, shut down after raising $1 billion
2023
Corner Bakery Café
Bakery
Pandya Restaurant Group, Roark Capital
Bankrupt
2023
Cornerstone Building
Exterior building products
Clayton, Dubilier & Rice
House of debt
2026
Courtyard by Marriott (30 hotels)
Hospitality
DigitalBridge (Colony Capital), SoftBank
House of debt
2025
Crown Casino (Australia)
Casino / gaming
Blackstone
House of debt
2024
Crucible Industries
Specialty steels
JP Industries
Bankrupt( Chapter 22)
2024
Cubic Corporation
Defense & transportation technology
Elliott Management, Veritas Capital
House of debt
2025
Cubyn-France
E-commerce logistics & fulfillment
DN Capital, Partech, Bpifrance, Eurazeo, 360 Capital, First Badge Ventures
Bankrupt
2024
Cumulus Media
Radio broadcasting (394 stations)
Bain Capital, Blackstone, Thomas H. Lee, Crestview
Bankrupt (Chapter 22)
2026
Cybereason
Cybersecurity detection
Liberty Strategic Capital, CRV, SoftBank, Google, Lockheed Martin, Irving Investors, Vintage Investments, All Blue, Neuberger Berman
House of debt
2025
Cyxtera
Data center and colation company
BC Partners, Medina Capital, Starboard Value, Fidelity, Lumen Technologies
Bankrupt
2023
Dainese SpA (Italy)
Motorcycle apparel
Carlyle Group, Investcorp, HPS Investment, Arcmont
Debt-for-equity
2025
Danimer Scientific
Biopolymers
Hermes Asset Management, Apollo Global Management
Bankrupt
2025
David Lloyd (UK)
Fitness / gym chain
TDR Capital
House of debt
2025