Two companies we previously dissected on Private Equity Experience have now filed Chapter 11: LIV Golf and Leslie’s Poolmart.

Same bankruptcy chapter. Very different businesses — and very different reasons for ending up there.

In this episode, Emily Sander, Ed Barton, and Rory Liebhart revisit both cases to explain what Chapter 11 actually means in practical business terms. They unpack why bankruptcy doesn’t necessarily mean a company has failed or is shutting down, how a prepackaged bankruptcy works, what debtor-in-possession (DIP) financing does, and why creditors may agree to swap debt for equity rather than simply try to collect what they’re owed.

LIV Golf burned through billions trying to build a challenger to the PGA Tour, only to discover that buying star players didn’t automatically create enough consumer demand or media revenue. Leslie’s, meanwhile, had a proven business that expanded during the pandemic boom, took on significant debt and fixed costs, and then found itself unable to support that structure when demand normalized.

The contrast gets at one of the most important ideas in restructuring: a bad capital structure and a bad business are not necessarily the same thing. Chapter 11 can provide a mechanism to renegotiate obligations, reduce debt, shed contracts and leases, and give a viable underlying business another shot.

The hosts also break down who actually makes decisions in bankruptcy, what happens to existing shareholders, why creditors sometimes become the new owners, and why Leslie’s may emerge as a solid business while LIV Golf still has a much bigger question to answer: is there a viable business there at all?

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Three insiders. One mic. All things private equity — explained. Hi 👋 We’re Ed, Rory, and Emily — a CEO, a CFO, and a Chief of Staff — here to demystify the world of private equity. Between us, we’ve sat in the founder’s chair, run PE‑backed companies, and worked on the deal side, so we know the wins, the pitfalls, and the jargon (and we’ll explain it).

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