We had earlier suggested that the re-negotiated deal for Home Depot's supply unit offered one model of how iffy deals can still get done: concessions by all parties involved. The New York Times, however, notes the many reasons why the deal may be unique and therefore may not serve as a harbinger. The deal was for a unit of the company that was not in fire sale mode. It had other problems besides the credit crunch, namely the concomitant real estate crunch. One big issue was whether the adverse material change clause could be invoked. Perhaps it was "suggested," tactfully I'm sure, which prompted Home Depot to take an equity stake. We'll see if other deals are re-done. The article suggests deals for Sallie Mae. For now, all eyes remain on TXU and First Data.  

For more:
- here's the New York Times article