Samsonite, the world's biggest maker of suitcases, backpacks and carry-bags, is the latest to join the fast-growing list of private equity-owned companies bought at the peak of the credit bubble that have run into trouble and needed to saved by swapping debt for equity.

CVC Capital Partners, one of Europe's biggest private equity groups, has agreed to pay out $175m to retain a controlling 60 per cent stake in Samsonite - funds that will provide fresh capital for a US brand hit hard by the recent decline in international air travel.