Investment Bank Houlihan Lockey Wasn't Too Keen On Zell's Tribune Deal
Back in 2007, the investment bank Houlihan Lockey declined to endorse, via a “solvency opinion,” Sam Zell’s $8.2 billion leveraged buyout of the Tribune Company. The bank believed the deal would leave the company with too much debt, according to the Wall Street Journal, who were also kind enough to explain just what the hell a “solvency opinion” is:
Solvency opinions often are sought by corporate boards or lenders to provide comfort that a company can handle the obligations incurred in a leveraged deal.
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