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Banks are determined to get their revenge

Once upon a time in the boom era, a banker was taken to a presentation by a buyout firm. Just before they went in the private equity executives were so determined that he was not to contribute that they made him sign a paper saying he would not speak throughout the meeting. The experience left him somewhat resentful towards the asset class.

So goes the story, according to one UK mid-market private equity firm head, attempting to explain why banks are giving private equity firms such a hard time on restructuring negotiations.