We noted recently that many of the biggest deals of the boom years seem to faring OK. But that doesn't mean every deal is going to work out. There are lots of worries right now, chief of which is concern over coming-due debts. The New York Times notes that many private equity firms face a refinancing wave at a very uncertain time. How bad will it be? Let's hope not as bad as the 1986-89 bust when nearly 30 percent of big leveraged buyouts defaulted, according to one study. The Times notes that many of the financing agreements allow companies to continue operating even if they can't make payments. Six of Apollo's portfolio companies have said that they will pay a portion of their bonds' interest by issuing more debt. Still, you can't underestimate the depth of the on-going economic contraction. Some firms may end up fading away. Others will survive. A lucky few might even thrive, picking up companies on the cheap.

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