Banks' backlog of buyout debt chokes credit markets

01/31/2008 | Washington Post (tiered subscription model), The

Wall Street banks are struggling with a backlog of $220 billion worth of debt used to finance major corporate buyouts, straining the credit markets. Major acquisitions such as Alltel, Harrah's Casino Hotels and Chrysler have been caught in the blockage, and other deals may fall through if banks fail to find financial backers.

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