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
David's Bridal
Wedding dresses,
Leonard Green & Partners, Clayton, Dubilier & Rice, Oaktree Capital Managmet (Brookfield)
Bankrupt (Chapter 22)
2023
DCA Outdoor
Landscaping / nursery supply
Midwest Growth Partners
Bankrupt
2025
Del Monte Foods
Food production & distribution
Campos Group
Bankrupt
2025
Dennis Uniforms
School uniforms
Spanos Barber Jesse & Co.
Receivership
2024
Desktop Metal
3D printing
New Enterprise, Kleiner Perkins, GE, BMW, Saudi Aramco
Bankrupt
2025
Deutsche Glasfaser
Fiber-optic telecom (Germany)
EQT AB, OMERS
House of debt
2025
Digital Media Solutions
Online advertising
Clairvest Group
Bankrupt
2024
DIRECTV
Satellite television
AT&T (70%), TPG (30%)
House of debt
2025
DNS:Net-Germany
German fiber operator
3i Infrastructure, FitzWalter Capital
House of debt
2026
Dodge Construction Network
Construction industry software, data and analytics
Clearlake Capital Group, STG Partners
House of debt
2026
Drive DeVilbiss
Home healthcare equipment
Clayton, Dubilier & Rice, Kingswood Capital
House of debt
2025
Durham Homes USA
Homebuilder (North Carolina)
Broadstreet Global Management
Bankrupt
2024
Dynata LLC
Consumer data / surveys
Court Square Partners, Huntsman Gay Global Capital
Bankrupt
2024
Eagle Football (UK)
Sports teams (Crystal Palace, Lyon, etc.)
John Textor, Ares Management, others
Bankrupt
2026
Eastern Vault Co.
Precast concrete products
Cornerstone Capital Partners, PNC Mezzanine
Bankrupt
2024
EasyMile-France
Autonomous vehicles
Alstom, Continental, Bpifrance, Searchlight Capital, McWin, NextStage
Bankrupt
2024
Eddie Bauer
Apparel retail
Catalyst, Simon Property, Brookfield, Authentic Brands
Bankrupt (Chapter 33)
2026
Edgio Inc. (Edgecast)
Media delivery / cybersecurity
Apollo Global 32% stake
Bankrupt
2024
Eegee’s Inc.
Restaurant chain (Arizona)
39 North Capital
Bankrupt
2024
eFishery (Indonesia)
Agritech (aquaculture)
SoftBank, Temasek
House of debt
2025
Eiger Biopharma
Rare disease biotech
InterWest Partners, RA Capital, Oxford Finance
Bankrupt
2024
EmployBridge
Staffing company
Apollo Global Management
House of debt
2025
END Clothing (UK)
Luxury streetwear retail
Carlyle Group, Apollo Global Management
Debt-for-equity
2024
EnerMech-Aberdeen Scotland
Services company that provides services to mechanical, electric, hydraulic industries
The Carlyle Group
Debt-for-equity
2024
Envision Healthcare
Healthcare staffing
KKR & Co.
Bankrupt
2023
Enviva Inc.
Wood pellets / energy
Riverstone Holdings, Carlyle Group, Inclusive Capital, Murphee Vent, Recursons, Kayne Anderson, Advisors LP, Bonaventure, Goldman Sachs, Mubadala, BTG Pactual, Fortress, Neuberger Berman, GCM Grosvenor
Bankrupt
2024
Essor
Amazon aggregator, merger of Hey Day and Branded
General Catalyst, Khosla Ventures, Victory Park Capital, BlackRock, Apollo Global Management
House of debt
2026
Eurovita-Italy
Italian life insurance and annuity company
Cinven
Rehabilitation
2023
Everstream (Cleveland)
Fiber network
M/C Partners, JPMorgan, Morgan Stanley AIP, AMP Capital, DigitalBridge, Macquarie, CPPIB
Bankrupt
2025
Exactech Inc.
Medical device company
TPG
Bankrupt
2024
EY Plaza-Los Angeles
42 story downtown Los Angeles building
Brookfield Asset Management
Default
2025
Eye Care Leaders (Sightview Software)
Eyecare technology
Eli Global / Global Growth (Greg Lindberg)
Bankrupt
2024
EyeCare Partners LLC
Eye care services (700 locations)
Partners Group
House of debt
2025
FAT Brands
Restaurant chains (Fatburger, Johnny Rockets, Fazoli’s, Twin Peaks)
352 Capital (Jefferies/UMB), Jordan Chirico
Bankrupt
2026
FES Resources LLC
Power generation
Prophet Equity
Bankrupt (Chapter 22)
2024
FiberCop (Italy)
Fixed-line telecom networks
KKR, CPP Investments, F2i, Italian Treasury, Abu Dhabi Investments
House of debt
2026
Film Finances
Specializes in film completion guarantees
777 Partners
Bankrupt
2024
Finastra (UK)
Financial software
Vista Equity Partners
House of debt
2025
FinThrive
Healthcare software
Clearlake Capital Group
House of debt
2026
First Brands Group
Auto parts
Jefferies, UBS O’Connor, BlackRock, Morgan Stanley, Cantor Fitzgerald, others
Bankrupt
2025
Fisker
Electric vehicles
BlackRock, Apollo Global, AllianceBernstein, Caterpillar, Federated Kaufman, Moore Strategic
Bankrupt
2024
Flora Food Group (Netherlands)
Margarines & food spreads (formerly Upfield)
KKR & Co.
House of debt
2025
Fluid Truck
On-demand vehicle rentals
New Enterprise Associates, Inka Group, Bison Capital, Grotech
Bankrupt
2024
Flying Tiger Copenhagen-Denmark
Retail stores selling low-cost consumer goods
EQT, Treville & Co., Danske Bank, Nordea, Modella Capital
House of debt
2026
Food52
Digital food media
The Chernin Group
Bankrupt
2025
Forever 21
Fast-fashion retail
Simon Property, BlackRock/Authentic, Brookfield, CVC, HPS, Leonard Green
Bankrupt (Chapter 22)
2025
Forma Brands (Morphe cosmetics
Beauty products
General Atlantic, Forma investors
Bankrupt
2023
Foxtrot/Outfox Hospitality
Upscale convenience-store and café based in Chicago
Monogram Capital Partners, Lerer Hippeau, Revolution Ventures, Wittington Ventures, David Chang, Walter Robb (Whole Foods)
Bankrupt
2024
Franchise Group
Private equity rollup
B. Riley Financial
Bankrupt
2024
FreeWire Technologies
EV charging
BlackRock, Riverstone, Volvo, BP Ventures
Bankrupt
2024
FS KKR Capital Corp
BDC Company, Medallia, Affordable Care,etc.
KKR
House of debt
2026
G Network (UK)
Fiber broadband
USS, Cube Infrastructure, NatWest, Santander
Bankrupt
2026
G. Network Communications Ltd.-U.K.
UK broadband & fiber company
USS (Universities Superannuation Scheme), Cube Infrastructure Managers, FitzWalter Capital
Bankrupt
2026
Gabe’s / Old Time Pottery
Discount retail
Warburg Pincus, Ares Management, Second Avenue Partners
House of debt
2025
Gas Company Tower-Los Angeles
Downtown Los Angeles office building
Brookfield Asset Management
Default
2024
Genesis Healthcare
Nursing homes (175 facilities)
Formation Capital, JER Partners
Bankrupt (sale-leaseback
2025
GenesisCare
Cancer treatment clinics
KKR
Bankrupt
2023
GenesisCare Europe Operations
Cancer treatment clinics in Spain, UK, Europe
KKR & Co.
Bankrupt
2023
Genoa CFC-Italy
Professional football/soccer team
777 Partners
House of debt
2024
Getir (Turkey)
Food delivery
Mubadala Investment
House of debt
2025
Gigaclear (UK)
Fiber broadband
Infracapital, Equitix, Railpen, Prudential
House of debt
2025
Global Clean Energy
Energy
OIC LP, Kodiak Capital, GCM Grosvenor
Bankrupt
2025
Global Medical
Emergency medical response
KKR
House of debt
2025
Go North (Sweden)
E-commerce aggregator
Ludwig Mattsson, Qualitas Equity
Bankrupt
2024
Goldman Sachs Private Credit Corp
Business development company
Goldman Sachs
House of debt
2026
Golub Capital BDC, Inc. (GBDC)
Business development company
Golub Capital, State Teachers Retirement System of Ohio, others
House of debt
2026
GoodLeap LLC
Solar financing
MSD Partners, Brookfield, Mubadala, Davidson Kempner, New Enterprise Assoc, WesCap
House of debt
2025
GoTo Group
Business communications / IT
Francisco Partners, Elliott Management
House of debt
2025
Green REIT (Ireland)
Commercial real estate
Henderson Park, Blackstone
House of debt
2025
Groff Tractor Mid-Atlantic
Construction equipment
Prophet Equity
Bankrupt
2025
Guitar Center
Musical instruments, guitars
Bain Capital, Ares Management
House of debt, previously filed bankruptcy in 2020
2026
Harvest Sherwood
Food distribution
HPS (BlackRock)
Bankrupt
2025
Healthscope (Australia)
Hospitals (38)
Brookfield
Debt-for-equity
2025
Hearthside Foods
Snack foods
Wind Point, Goldman Sachs, Charlesbank, Partners Group AG, Constitution Capital, Vestar Capital
Bankrupt
2024
Helmsley Building (NYC)
Real estate
RXR Realty
Foreclosure
2024
Herttha Berlin-Germany
Professional German soccer/ football team
777 Partners, A-CAP
Debt for equity
2025
Hertz Global Holdings
Car rental
Knighthead Capital Management, Certares, Apollo Global, BlackRock, UBS
House of debt
2025
HG Capital Trust
Software companies acquired in LBOs
HG Capital
House of debt
2026
Hibernia REIT (Ireland)
Commercial real estate
Brookfield
House of debt
2025
Hilton San Francisco
Hotel real estate
Park Hotels & Resorts
Foreclosure
2025
Homebase (UK)
Home improvement retail
Wesfarmers, Hilco Capital
Bankrupt
2024
Homeplus (Korea)
Supermarket chain
MBK Partners
Bankrupt
2025
Hong Kong CRE
Commercial real estate
HSBC
House of debt
2025
Honors Holdings LLC
Orangetheory franchise
Prospect Hill Growth, KSL Capital
Bankrupt
2024
Hooters of America
Restaurant chain
TriArtisan Capital, Nord Bay Capital
Bankrupt
2025
Hopin
Virtual events
Andressen Horowitz, Tiger Global, Accel, IVP,Coatue, Salesforce,General Catalyst,Temasek
Shut down after raising $1. billion
2024
Hornblower Group
Ferries & cruises
Crestview Capital
Bankrupt
2024
House of Design LLC
Robotics
Thomas H. Lee Partners
Bankrupt
2024
Houston Center, Houston, TX
4.6 million square foot Houston Center Complex
Brookfield Asset Management, AustralianSuper, Stream Realty Partners
Default
2025
HPS Corporate Lending Fund
Business development company
HPS / BlackRock
House of debt
2026
Hudson Bay (Canada)
Retail stores including Lord & Taylor
NRDC Equity Partners, Abrams Capital
Bankrupt (sale-leasebacks)
2025
Hughes Center Las Vegas
68-acre Hughes Center office park
Blackstone
Default
2023
Humanigen
Biotechnology
Sofinnova, Fidelity, MPM Capital, 5AM Ventures, Black Horse Capital
Bankrupt
2024
Hunkemöller
Dutch lingerie retailer
The Carlyle Group
Debt-for-equity
2024
Hyperoptic-U.K.
Infrastructure
KKR & others
House of debt
2026
iLearningEngines Inc.
Information systems
Arrowroot Capital
Bankrupt
2024
iM3NY
Lithium-ion batteries
Riverside Credit, Riverstone, Magnus Energy, Empire State Development
Bankrupt
2025
Independent Pet Partners
Consolidator of regional pet care centers
TPG
Bankrupt
2023
Infarm
Vertical farming in the Netherlands, Canada and Europe
Atomico, Balderton, Qatar Investment Authority, Lightrock, Hanaco, Bonnier Ventures, TriplePoint Capital
Bankrupt
2024
Infrastructure India plc
Infrastructure
Guggenheim Partners
House of debt
2025
Ingenico (France)
Payments
Apollo Global Management
House of debt
2025
Innovative Chemical
Specialty chemicals
Audax Private Equity
House of debt
2025
Inovie (France)
Medical diagnostics
Ardian
House of debt
2025
Instant Brands
Instant Pot, Pyrex, consumer products
Cornell Capital
Bankrupt
2023
Inter Milan-Italy
Professional football/soccer team
Suning Holdings Group, Oaktree Capital Management (Brookfield)
Default
2024
International Data Group
Market intelligence
Blackstone, Goldman Sachs, Oak Hill, others
House of debt
2025
Interplex (Singapore)
Precision engineering
Blackstone
House of debt
2025
Intrum AB (Sweden)
Credit / collections
Nordic Capital, Cerberus Capital Mgmt
Bankrupt
2024
Invitae Corp.
Genetic testing
SoftBank, JPMorgan, Ark Invest, Wellington, Rock Spring Capital, Decheng, Genesys Capital
Bankrupt
2024
Ivanti Software, Inc.
Enterprise software, cybersecurity
Clearlake Capital, TA Associates, Charlesbank Partners
Restricted default
2025
Jacobs / Amentum
Security contractor
American Securities, Lindsay Goldberg
House of debt
2025
Jenny Craig
Weight loss systems
North Castle Partners, H.I.G. Capital
Bankrupt
2023
JER Investors Trust
Mortgage REIT
C-III Capital Partners
Bankrupt
2023
Joann Inc.
Crafts retail
Leonard Green & Partners
Bankrupt (Chapter 22)
2025
Jordan Health Products
Medical devices
Edgewater Funds / Lazard
Bankrupt
2024
Kem One (France)
Chemicals
Apollo Global Management
House of debt
2026
Kevin-Lithuania
Open-banking payments
Accel, Eurazeoo, OTB Ventures
Operations shut down 2025
2024
Khoros / Lithium
Community software
Vista Equity Partners
House of debt
2024
KidKraft Inc.
Toys
MidOcean Partners
Bankrupt
2024
Kioxia (Japan)
Memory chips
Bain Capital, Apple, South Korea SK Hynix
House of debt
2025
Kloeckner Pentaplast
Packaging
Strategic Value Partners
House of debt
2024
Leaf Home Solutions
Home services
Gridiron Capital, Ares, Apollo
House of debt
2025
Liberated Brands
Apparel (Volcom, Billabong)
Authentic Brands, BlackRock
Bankrupt
2025
LifeScan Global
Medical devices
Platinum Equity
Bankrupt
2025
Ligado Networks
Satellite communications
Centerbridge, Fortress, Harbinger Capital
Bankrupt (Chapter 33)
2025
Lightyear-Netherlands
Solar-electric vehicles
Invest-NL, European Innovation Council, SHV Holdings, Delta Participations, Province of North Brabant
Bankrupt
2023
Lilium-Germany
Electric air taxis (ETOL)
Atomico, Tencent, Baille Gifford, Earlybird
Bankrupt
2024
Lincoln Power
Gas-fired energy companies
The Carlyle Group
Bankruptcy
2023
Linqto
Alternative investments
Global Investors, MSA Capital
Bankrupt
2025
Lion Electric
Electric vehicles
CDPQ, Finalta Capital
Bankrupt
2024
Lipton Tea (Ekaterra)
Tea products
CVC Capital Partners
House of debt
2026
London Lions-U.K.
Professional basketball team
777 Partners
Default
2024
Lordstown Motors
Electric vehicle manufacturing
General Motors, Foxconn, Workhorse Group, DiamondPeak Holdings
Bankrupt
2023
Lowell Group-U.K.
Debt collection
Permira, Ontario Teachers Pension Plan
House of debt
2026
Lugano Diamonds
Luxury jewelry
Compass Diversified
Bankrupt
2025
Luminar Technologies
Autonomous driving (LiDAR)
Gores/Metropoulos, Vanguard, Ventures, Susquehqnnq, SPAC
Bankrupt
2025
Lumio
Solar panels
White Oak Global Advisors
Bankrupt
2024
MaaS Global-Finland
Whim mobility app for public transit, taxis, scooters, bikes, rental cars, etc.
BP Ventures, Toyota, Mitsubishi, NordicNInja VC
Bankrupt
2024
Magenta Buyer LLC
Software
Symphony Technology, Elliott
House of debt
2025
Manchester United
Football club
Glazer Family, Jim Ratcliffe
House of debt
2025
Marelli
Auto parts
KKR
Bankrupt
2025
Market Financial (MFS)
Mortgage lender
Barclays Bank, HSBC, Jefferies, Apollo Global/Atlas SP Partners, Santander, Ellliot Management, Castlelake, TPG,Wells Fargo
Bankrupt
2026
Mars FX
Hedge fund
Novus Capital
Bankrupt
2026
Masteos-France
Turnkey rental property investing
DST Global Partners, Daphni,EDF, Pulse Ventures
Bankrupt
2024
Matchesfashion (UK)
Luxury retail
Apax Partners
Bankrupt
2024
Maxbet (Romania)
Betting company
Novalpina Capital, Oregon, Public Employees, Yorkshire Pension, British Gas
House of debt
2025
McAfee
Consumer cybersecurity software
Advent International,Permria, Crosspoint Capital, Canadian Pension Plan, GIC (Singapore), ADIA (Abu Dhabi sovereign wealth
House of debt
2026
Medallia
Customer experience software
Thoma Bravo, KKR, BlackRock, Black Stone, Apollo Global
House of debt
2025
Medline
Medical supply and healthcare distributor
Blackstone, Carlyle,Hellman & Friedman,
House of debt
2026
Merlin Entertainments
Theme parks (Legoland, etc.)
Blackstone, CPPIB, KIRKBI
House of debt
2025