We've noted that Kohlberg Kravis Roberts is hoping the stock markets stay strong long enough to allow them to price some deals for the likes of Dollar General. Others are counting on much the same, but few would say that things are looking up for all portfolio companies.

The fight between The Tribune Co. and its creditors stands as an example that any buyout can unravel quickly, especially in a poor economy. Bondholders are claiming the deal was fraudulently conveyed. Breakingviews takes a look at the battle, and notes they can win if they can show the buyer, Sam Zell, knew the deal would bankrupt the company, or if they can show the company was insolvent at the time of the deal. It seems like a hard case to make either way. In any case, the battle is not likely to set the tone for other troubled portfolio companies, concludes Breakingviews.  

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