The Saudis and Jared Kushner, but mostly the Saudis. It’s a private equity fund, and they used a leverage buyout for the sale, which means they basically took out a loan against the thing they’re buying in order to fund it. There’s a lot of debt to pay interest on, and cost cutting was inevitable.
The Saudis and Jared Kushner, but mostly the Saudis. It’s a private equity fund, and they used a leverage buyout for the sale, which means they basically took out a loan against the thing they’re buying in order to fund it. There’s a lot of debt to pay interest on, and cost cutting was inevitable.