Apollo, Cerberus LBOs Suffer Most Defaults, Moody’s Says

Companies owned by Apollo Global Management LLC and Cerberus Capital Management LP defaulted on their debt more than those owned by 12 of the other largest private-equity firms, according to Moody’s Investors Service.

For deals structured before the financial crisis, 57 percent of companies, or 12 of 21 borrowers, controlled by Leon Black’s Apollo defaulted, according to a report published today by the ratings firm. Cerberus came next at 50 percent with three out of six issuers defaulting.