The company could not service its $2 billion debt, taken on in a management-led buyout in 1986.

Along the way, there were periods when it looked as if the debt taken on to do those deals might overwhelm the company.

Having been involved in a number of buy-outs, did he not have an inkling that the levels of debt being taken on were unsustainable?

An increase in students in the early 1990's was not enough to make up for debt taken on in the previous decade, he said.

However, the debt taken on to finance the takeover of Swalec left the company vulnerable to external shocks.

Ayer has been seeking capital in part to help pay down debt taken on to expand.

The government answered here by guaranteeing in 1991 the debts taken by the Finnish banks.

In a leveraged buyout, a company's cash flow is used to repay the debt taken on to finance its purchase.

It includes real businesses that were broken up as financiers tried to find ways to pay off debt taken on in optimistic times.

It will be my debt, taken on freely.