America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery

At the top of the employees’ checks, the name “Remington Arms” was printed, along with the address of the company’s new facility at 1816 Remington Circle SW in Huntsville. Seven years before Remington came to Huntsville, it was purchased, at a relative bargain, by a private-equity firm that controlled tens of billions of dollars from its offices in Manhattan. Under the direction of its star financier, Michael Milken, the firm developed a way to help clients purchase whole companies using high-interest loans — a practice mainstream investment banks found far too risky to imitate.

Source: www.nytimes.com