As the credit crisis lingers, it's clear that a lot of deals are being undone, the Financial Times notes. The value of cancelled deals has soared to $200 billion this year. That's more than double the value for the comparable period last year. So far, 76 deals have been called off, compared with 55 in the previous period. Cerberus's offer for Affiliated Computer Services and the KKR deal for Harmon are two examples. So where do we go from here? Well, it all depends on the financing, which isn't there. There's a lot of talk of alternative sources of capital, but let's face it. There is nothing that can make up for the busted CLO machinery that made the boom possible. Thomas Lee says it will take up to eight months for the loan backlog to clear. Frankly, that sounds a bit optimistic.  

For more:
- here's the Financial Times item 
- here's an article on Thomas Lee