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NEW YORK — The biggest private-equity firms, shut out of the market for leveraged buyouts as banks curtail lending, are turning to bankruptcy courts to make acquisitions.
KKR, the New York takeover firm, is part of a group converting loans made to Lear Corp. into a controlling stake in the bankrupt car-seat maker. Late Wednesday, Hayes Lemmerz International said it reached an agreement with the lenders that financed its bankruptcy.
Bloomberg News
