yupAs he should, that's the trade the LPs put on.
It is what it is..........but doesn't help the poor saps who tread the boards for those companies on the shopfloor.
Leverage will be what kills them, as it always does. The smart banks will make more money refinancing PE and LBOs with good assets but interrupted cash-flow.......the harder the deal to make, generally the more margin. That's where my last shop excelled.