Lind Equipment

Case Solution

Richard S. Ruback, Royce Yudkoff
Harvard Business School ()

Lind Equipment defaulted on its loan agreements with its senior bank lender in the summer of 2008, just six months after the acquisition. Although the senior bank debt represented only 6% of the capital used in the acquisition and was fully guaranteed, it exercised its right to suspend payments to Lind’s junior lender, who financed around 40% of the acquisition, also defaulting on this debt. These financial problems were due to declining sales and profits at Lind, as exchange rates and the effects of the Great Recession weighed heavily on the company. Without a quick fix, Lind could go bankrupt.

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