The business press suggests potential internecine warfare between private equity and bond holders. For example:
Thornton, Emily. 2007. "Perform or Perish." Business Week (5 November): pp. 38-45.
Box p. 43: "50% of the U.S. companies that defaulted on their debt this year, half were owned by private equity companies."
Cimilluca, Dana. 2007. "Buyout Firms: Refined Rulers?" Wall Street Journal (20 November): p. C 3.
"Bondholders, after all, are natural enemies of private-equity firms, because the value of a company's bonds tends to plunge when a private-equity firm wants to buy it."