COMPANIES The ability of private equity firms to reinvent themselves in times of crisis is astounding. Two minutes into a global credit panic, some of the world's biggest funds are telling their investors not to worry.
Why? Because some buy-out funds believe they can use their existing capital and new cash being raised to buy up the senior secured debt within their own portfolio companies. Those that are really brave are boasting that they will even be able to acquire some of the more expensive tranches of junior debt.
