Altec Corporation was an early spin-off of the Bell System and was long the premier manufacturer of audio equipment in the US.  It borrowed and issued stock and sold bonds for years.  Then it was bought by Ling-Tempco-Vought, a 70s conglomerate.  After a few years LTV fitted Altec with as much debt as it could conceivably carry, pocketed the proceeds and spun Altec off.  It took several years but Altec was eventually crushed by the debt.  One could say that the debt provided by LTV was an outlier, but it still sucked the life out of the company.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."