Yeap. They have been doing this for 20ish years. Buy a company and take it private. Grab all the profits to the hedge fund, shove all the debt into the company. Get the company to the point where the debt is due and the hedge fund/private capital people walk away with everything of value and all else ends up in bankruptcy court. If a private equity fund buys someplace you do business with, start heading for the doors and invest in the competitors.
Want some more excitement to take into the weekend? The next targets are Hospitals