Whistleblower Calls Out One Of Private Equity's Sketchiest Practices

12/02/2013 09:06 am ET | Updated Feb 01, 2014
  • AARON ELSTEIN Crain's New York
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In 2007, Texas-based utility TXU agreed to the largest leveraged buyout ever: a $48 billion sale to Kohlberg Kravis Roberts & Co., TPG and Goldman Sachs. Since then, however, the renamed Energy Future Holdings has piled up $18 billion in losses, while revenue has dropped by nearly half. Buckling under a monstrous $44 billion debt load dating back to the LBO, the company is negotiating with creditors in an effort to fend off bankruptcy.

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