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
Metcold Holdings
Cold storage (Shanghai)
BlackRock Private Credit
Default
2026
Metropolitan Square, Washington D.C.
One of D.C's largest office buildings
Blackstone/BXP
Default
2023
Michaels
Crafts retail
Apollo Global Management
House of debt
2025
Mitel Networks
Telecom
Searchlight Capital, Credit Suisse
Bankrupt
2025
Mobileum
Telecom software
H.I.G. Capital, Audax
Bankrupt
2024
MOD Pizza
Restaurant chain
Perella Weinberg, CD&R
House of debt
2024
ModivCare
Healthcare services
Coliseum Capital, Neuberger Berman, Global Capital Management
Bankrupt
2025
Monroe Capital Corporation
Business development company
Wendel Group/AXA
House of debt
2026
Morgan Stanley North Haven Fund
Business development company
Morgan Stanley
House of debt
2026
Morrisons (UK)
Supermarket chain
Clayton, Dubilier & Rice
House of debt
2025
Moxion Power
Energy (batteries/generators)
Amazon, Microsoft, Y CombinatorTamarack Global, Marubeni Liquid 2, Ventures, Sunbelt Rentals, Suffolk Tech
Bankrupt
2024
Multi-Color Corp.
Label manufacturing
CD&R, Platinum Equity, Advent Int'l, Credit Suisse, Golman Sachs, Deutsche Bank, UBS Barclays, Wells Fargo
Bankrupt
2026
Mycorena-Sweden
Alternative protein and food technology
Novo Holdings, PINC, Eurazeo, Tikehau Capital, SEB Greentech VC, Veos Group, Brightlands Venture Partners, Granitor Growth Management
Bankrupt
2024
National Resilience
Biotech / drug manufacturing
8VC, ARCH Venture, Google, NEA, U.S. DoD, Abu Dhabi
Bankrupt
2025
Native Instruments (Germany)
DJ equipment manufacturing
Francisco Partners, Bain Capital Credit, Bridgepoint
Bankrupt
2026
NCP (National Car Parks)-U.K.
Parking infrastructure
3i, Macquarie European Infrastructure Fund II, Park24 + Development Bank of Japan
Bankrupt
2026
Neiman Marcus
Luxury retail
Saks Global, Amazon, Authentic Brands, BlackRock, Apollo
Bankrupt (Chapter 22)
2026
Netceed
Telecom supplier
Carlyle, Cinven, Blue Owl, Hayfin, Pemberton
Debt-for-equity
2025
Netomnia Limited-U.K.
Telecommunications infrastructure company
Advencap, DigitalBridge Group, Soho Square Capital, InfraVia Capital, Liberty Global, Telefónica
House of debt
2026
Nevada Copper
Copper mining
Pala Investments, Mercuria Energy
Bankrupt
2024
New Fortress Energy
Gas-to-power infrastructure
Wes Edems (founder, Fortress), Randall Nardone (Fortress), Fortress Investments,
Debt for equity, Subsidiaries bankrupt
2026
Newfold Digital
Software (Constant Contact)
Clearlake Capital, Siris Capital
2025
Nexeo Plastics
Thermoplastics distribution
One Rock Capital Partners
House of debt
2024
Nikola Corp.
Hydrogen vehicles
U.S. DOE, GM, Fidelity, Bosch, Antara Capital
Bankrupt
2025
Nintex
Software (workflow/onboarding)
TPG, Thoma Bravo, Blackstone BCRED
House of debt
2026
Norris Training Systems
Training centers
Surge Private Equity
Bankrupt
2024
North Haven Private Income Fund
Business development company
Morgan Stanley
House of debt
2026
Northvolt (Sweden)
EV batteries
Volkswagen, Goldman Sachs, BlackRock, OMERS, CDPQ, Baille Fifford, National Pension
Bankrupt
2024
Novasco (France)
Steel manufacturing
Greybull Capital
Bankrupt
2025
NSO Group-Israel
Pegasus spyware company
Novalpina Capital
Debt for equity
2025
Numbat-Germany
Battery buffered ultra fast EV charging stations
Patrizia, and banking consortium led by Patrizia
Bankrupt
2024
Oaktree Specialty Lending Corporation (OCSL)
Business development company
Oaktree Capital Managemebt/Brookfield Asset Management
House of debt
2026
Off Lease Only
Used car dealership
Cereberus Capital Management
Bankrupt
2023
OKA USA LLC
Luxury fashion retail
Investindustrial
Bankrupt
2024
Omnicare (UK)
Occupational health services
Equistone
Bankrupt
2025
On The Border
Restaurant chain
Argonne Capital Group
Bankrupt
2025
One Liberty Plaza-New York
Former U.S. Steel skyscraper in New York City, 54 stories, 2.3 million square feet
Brookfield Asset Management, Morgan Stanley, Goldman Sachs,Blackstone,American Equity Life, American National
House of debt
2023
One Lincoln Street (Boston)
Commercial real estate
Fortis Property Group
Foreclosure
2025
One Market Plaza-San Francisco
San Francisco commercial real estate
Blackstone/Paramount
House of debt
2025
Onyx (Washington, DC)
Apartment complex
Blue Owl Capital
Bankrupt
2024
Open Fiber SpA (Italy)
Telecom fiber network
CDP, Macquarie
House of debt
2024
Optimum (Altice)
Telecommunications
Patrick Drahi, BlackRock, Ares, Apollo, Oaktree
House of debt
2025
Optio RX LLC
Pharmacy chain
Caprice Capital
Bankrupt
2024
Orbex-U.K.
Space launch startup
Business Growth Fund, Octopus Ventures, Heartcore Capital, Scottish National Investment Bank, Scottish Enterprise, UK Government
Bankrupt
2026
Oregon Tool
Outdoor equipment
Platinum Equity, American Securities
House of debt
2025
Oya Renewables
Solar energy
Monarch Private Capital
Bankrupt
2024
Pabst Blue Ribbon Beer
Beer
TSG Consumer Partners, Eugene Casper
House of debt
2026
Packers Sanitation
Industrial cleaning
Blue Point, Harvest, Carlyle, Blackstone, Leonard Green
Debt-for-equity
2025
Paladin Capital
Trucking/logistics
Paladin Capital
Bankrupt
2026
Park Santa Monica
Real estate (apartments)
Witkoff Group, PIMCO
Default
2025
Parker
Fintech
Valar Ventures, Ycominator
Bankrupt
2026
Partners Group Private Equity (Master Fund)
Flagship U.S. private equity evergreen fund
Partners Group Holding AG
House of debt
2026
Party City
Retail (party supplies)
Advent, Berkshire Partners, Thomas H. Lee
Bankrupt (Chapter 22)
2024
PennanPark Floating Rate Capial Ltd.
Business development company
PennantPark Investment
House of debt
2026
Perch (Razor)
E-commerce aggregator
SoftBank, Victory Park, BlackRock, Apollo
Debt-for-equity
2025
Petmate
Pet products
Platinum Equity
Debt-for-equity
2024
PetSmart
Pet supply retailer
BC Partners
House of debt
2025
PHL Variable Reinsurance
Insurance / annuities
Golden Gate Capital, Fortress
Liquidation
2024
Pine Gate Renewables
Solar energy (100 sites)
Blackstone, Carlyle, Brookfield, Google, others
Bankrupt
2025
Pinstripes
Restaurant chain
Middleton Partners, Granite Creek
Bankrupt
2025
PizzaExpress (UK)
Restaurant chain
TDR, Cinven, Bain, Cyrus Capital
House of debt
2025
Plenty Unlimited
Vertical farming
Jeff Bezos, Eric Schmidt, Walmart
Bankrupt
2025
Pluralsight
Online learning
Vista Equity, Blue Owl, Ares, BlackRock
Debt-for-equity
2024
Portland Hilton/Dunaway Hotel
Portland Oregon commercial real estate
Brookfield Asset Management
Foreclosure
2023
PosiGen
Solar installations
Brookfield, Goldman Sachs, Magnetar
Bankrupt
2025
Powin Energy
Battery storage
Trilantic, GIC, Energy Impact
Bankrupt
2025
Praesidiad Group(Betafence)-U.K.
Perimeter security fences for oil and gas, information technologies and aerospace
Gilde Buy Out Partners, CVC Capital Partners, The Carlyle Group
Debt-for-equity
2023
Pretium Packaging
Plastic containers
Clearlake, Genstar
Bankrupt
2026
Prima Wawona
California's largest stone-fruit producer
Paine Schwartz Partners
Bankrupt
2023
Prime Plastic Surgery
Healthcare
White Oak Global Advisors
Bankrupt
2024
Priory-U.K.
Private mental health, rehabilitation, addiction treatment, etc
Doughty Hanson, Advent International, Acadia Healthcare, Waterland Private Equity
House of debt (sale-leaseback)
2026
Pro-Ges (Italy)
Paper & packaging
Carlyle, Zago family
House of debt
2024
ProSomnus Sleep
Sleep apnea devices
Cohanzick, Spring Mountain
Bankrupt
2024
Prospect Medical
Hospital system (17 hospitals)
Leonard Green & Partners
Bankrupt (sale-leaseback)
2025
Proterra
Electric buses and batteries
Kleiner Perkins, BMW, Cowen Sustainable Advisors, Daimler, General Motors, G2VP, Tao Capital Partners, Broadscale Group, Hercules, Franklin Templeton, Fidelity,BlackRock,Arclight Clean
Bankrupt
2023
Providence Place Mall
Providence, Rhode Island shopping mall
Brookfield Asset Management
Default
2024
Provizor Federal
Healthcare staffing
Impel Capital
Bankrupt
2024
PTGI International
Telecommunications
KORR Acquisition Group
Bankrupt
2024
Qualitor Inc.
Auto parts
HCI Equity, Wellspring
Bankrupt
2025
Qualtek
Engineering, installation and project management services
CDIB Capital (China Development Industrial Bank private equity arm)
Bankrupt
2023
Quantum Materials
Semiconductor materials
Pasaca Capital
Bankrupt
2024
Quest Software
Enterprise software for IT, cybersecurity, database and migration tools
Dell, Francisco Partners, Elliot Management, Clearlake Capital
House of debt
2026
Rackspace Technology
Cloud / AI infrastructure
Apollo Global Management
House of debt
2025
Radford Studio Center
Film studio real estate
Hackman Capital, Goldman Sachs
Default
2026
Radiology Partners
Radiology services
Whistler Capital, NEA, Future Fund
House of debt
2025
Radley London-U.K.
Handbags
Freshstream
Bankrupt
2026
Rainbow Production
Communications services
777 Partners
Bankrupt
2024
Razor Group (Germany)
E-commerce aggregator
BlackRock, Victory Park, Fortress
House of debt
2025
Red Lobster
Restaurant chain
Golden Gate Capital, Thai Union
Bankrupt (sale-leaseback)
2024
Red Star-France
Professional football/soccer team
777 Partners
House of debt
2024
Renovo Home Partners
Home repair rollup
Audax, BlackRock TCP, Apollo, Oaktree
Bankrupt
2025
Revel-New York
All-electric ride sharing, EV fast charging infrastructure
BlackRock, Toyota, Shell, Ibex Investors, Knighthead Capital,Goodyear
Merged out of existence with EQT Voltera in May 2026
2026
Rinchem
Logistics / warehousing
Stonepeak
House of debt
2025
Ritz Carlton Yacht Collection
Luxury cruise line
Oaktree Capital Management (Brookfield), GIC-Singapore, Mohari Hospitality, Credit Agricole, CaixaBank
House of debt
2026
River Point North-Chicago
Downtown Chicago office space
Blackstone
Foreclosure
2025
Robertshaw Holdings
Appliance components
One Rock Capital, Sun Capital
Bankrupt
2024
Rodan & Fields
Beauty products
TPG
House of debt
2025
RSA Security
Cybersecurity
Clearlake Capital, Symphony Tech Group
House of debt
2025
Rubio’s Coastal Grill
Restaurant chain
Mill Road Capital
Bankrupt (Chapter 22)
2024
Rue21
Teen apparel retailer
Apax, Blue Torch
Bankrupt (Chapter 33)
2024
Rugs USA
Home furnishings
Francisco Partners, Comvest
House of debt
2025
Rutas de Lima-Peru
Toll road concession operator
Brookfield Asset Management
House of debt
2025
Saks Global
Neiman Marcus, Saks Fifth Avenue, Bergdorf Goodman, others
NRDC Equity Partners, Amazon, Authentic Brands (BlackRock, Leonard Green etc.),Salesforce, M. Klein & Co. , Abu Dhabi Investment Council
Bankrupt (sale-leaseback)
2026
San Francisco Apartment Buildings
82 Apartment Buildings, 1,211 Units
Goldman Sachs, Ballast Investments
Default
2024
Santa Monica Place
Retail mall (California)
Macerich REIT
Default
2024
Schleich (Germany)
Toys & figurines
Partners Group
House of debt
2025
Selecta Group BV
Vending machines
KKR
Debt-for-equity
2025
Selfridges-U.K.
Famous London department store
Rene Benko/Signa, Central Group
Bankrupt
2023
SellerX (Berlin)
Amazon aggregator
L Catterton, BlackRock
Debt-for-equity
2024
Senior Housing Portfolio
Real estate (9,000 units)
Blackstone
House of debt
2025
Serta Simmons Mattresses
Mattresses
Advent International
Bankrupt
2023
Shoes for Crews
Safety footwear
CCMP Capital
Bankrupt
2024
Shutterfly
Photo products
Apollo Global
House of debt
2024
Signa Holding-Austria
Leveraged real estate empire
René Benko
Bankrupt
2023
Signa Prime / Signa Development
Various holding companies in Austria & Germany
Signa Holding
Bankruptcies
2024
Signa Sports United-U.K.
Online sports equipment
Rene Benko, Ron Burkle/Yucaipa
Bankrupt
2023
Silicon Valley Office Campus
Five-building 446,000 square foot Silicon Valley office complex, Mountain View, Calif.
Goldman Sachs, TMG Partners
Default
2024
Silver Airways
Regional airline
Versa Capital
Bankrupt
2024
SmileDirectClub
Dental services, alternative to orthodontics
Clayton, Dubilier & Rice, Kleiner Perkins, Spark Capital, 3L Capital, Camelot Venture, Align Technology
Bankrupt
2023
Solar Mosaic
Solar financing
Warburg Pincus
Bankrupt
2025
SolarZero (NZ)
Solar energy
BlackRock
Bankrupt
2024
Solera
Automotive software and data
Vista Equity Partners
House of debt
2026
SoNo Collection Mall
Norwalk, Conn. mall
Brookfield Asset Management
Foreclosure
2026
Sonrava
Dental services
New Mountain Capital
House of debt
2024
Sophos Holdings LLC
Cybersecurity software and products
Thoma Bravo
House of debt
2026
Sotheby’s
Auction house
Patrick Drahi / ADQ
House of debt
2024
Sound Physicians
Medical staffing
Summit Partners, Optum
House of debt
2024
Southern Water (UK)
Water utility
Macquarie, JPMorgan, UBS, Greensands holdings, Infrastructure, Whitehelm Cap
House of debt
2025
Space Perspective
Balloon space travel
Richard Branson, Henry Kravis, Tony Robbins, Silicon Valley Bank, Trinity Capital
House of debt
2025
Speedcast
Satellite communications
Centerbridge
House of debt
2025
Sponda-Finland
Office and retail properties in Finland
Blackstone
Default
2023
Springs Window Fashions
Blinds, shades, shutters, awnings, etc.
AEA Investors, British Columbia Investment Management, Clearlake Capital
House of debt
2024
Sprinkles Cupcakes
Cupcakes
KarpReilly/Candace Nelson
Shut down
2025
Standard Liège
Belgium based professional football/soccer team
777 Partners
House of debt, default
2024
Staples
Office retail
Sycamore Partners
House of debt
2025
Starwood Property Trust
Commercial REIT
Starwood Capital
House of debt
2026
Ste. Michelle Wine
Wine producer
Sycamore Partners
House of debt
2025
Stenn Group (UK)
Invoice financing
Centerbridge, Barclays, Goldman Sachs, Barclays, Silicon Valley Bank (bankrupt), Natixis, Crayhill Capital, BNP Paribas
Bankrupt
2024
Steward Healthcare
Hospital chain (31 hospitals)
Cerberus Capital
Bankrupt
2024
STG Logistics
Container logistics
Wind Point Partners, Oaktree Capital Management (Brookfield)
Bankrupt
2026
Stronghold
Energy private equity
Stronghold, Elliott
House of debt
2025
Sunlight Financial
Residential solar and home improvement financing company
Spartan Acquisition Corp II/Apollo Global Management, Fidelity, Hudson Sustainable Group
Bankrupt
2023
Sunnova Energy
Solar installer
Energy Capital, Oaktree, US Govt 3 Billion, Oaktree Capital
Bankrupt
2025
Supply Source Enterprises
Cleaning products
H.I.G. Capital
Bankrupt
2024
Swell Energy
Energy tech
Ares, Ontario Power, Climate Capital, For Good Ventures, Ontario Power, Climate Capital, Greenbackers Develeopment
Bankrupt
2024
Synapse Financial
Fintech (banking services)
Andressen Horowitz, (a16z), Trinity, 500 Global
Bankrupt
2024
Takeoff Technologies
Grocery automation
H2O Capital, IGNIA, Forrestal Capital, Marfig
Bankrupt
2024
TeamHealth
Physician staffing company
Blackstone
House of debt
2026
Ted Baker (US/Canada)
Fashion retail
Authentic Brands, BlackRock
Bankrupt
2024
Tedder Industries
Firearms accessories
Main Street Capital
Bankrupt
2025