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BCE Inc.: World's Largest LBO Deal in Jeopardy
內容大綱
In November 2008, Bell Canada Enterprises Inc. (BCE) appeared to be on track to meet a December 2008 deadline to complete a $52-billion privatization deal. A consortium had previously submitted a winning leveraged buyout (LBO) bid that was estimated to add around $32 billion in debt to the company. Mere days before the deal’s termination date, BCE executives were stunned to hear that KPMG auditors advised that the deal was in jeopardy of collapse — based on a clause that normally merited little attention. The auditors noted that, on the basis of preliminary assessment, the company had not passed a required solvency test which compared the estimated value of BCE’s assets and liabilities in the event that BCE needed to liquidate. BCE executives had little time to determine if the deal could still be saved and, if so, how. Conversely, if the deal could not be completed, what would the organization’s next steps be?