An anticipated rise in buyout firms acquiring businesses out of distressed situations has yet to fully emerge, but there is little doubt the number of restructurings is rising. Financial News research of the write-offs and debt-for-equity swaps at buyout-backed portfolio companies during the past year shows that plenty have taken place.

Lenders to German forklift maker Kion Group last week agreed to a proposal from owners US buyout firms Kohlberg Kravis Roberts and Goldman Sachs Capital Partners that will see the firms injecting €100m ($147m) new cash and paying more interest on outstanding debt in return for more favourable loan conditions.