KKR & Co (NYSE: KKR) has shelved a plan to sell Singapore-based Goodpack, a Singapore based shipping containers, and logistics services.

They had bids for the company that was said to be as high as $2 billion, but buyers have pulled back as the spread of the virus has made the company much less attractive at that price level.

This is one example of active triage on portfolio companies and dealing with the limitation of getting things done when under a lockdown order in may cities.

KKR and PE Shops Exit Strategies

We are seeing other private equity have difficulties executing exit strategies.

Buyers are backing away from deals that might have looked attractive before the COVID-19 pandemic crushed the economy.

The Swedish private equity firm EQT Ab is also pulling back for its planned sale of IFS Software. Before the virus appeared, they had hoped to sell the enterprise software solution provider of as much as $3.3 billion in an auction.

Bridgepoint is also postponing the sale of the Iberian agrochemical business Rovensa.  They had asked several private equity buyers and consortiums to submit bids this week. As the global economic conditions deteriorated, none of the hoped-for bids appeared. Bridgepoint is said to be considering putting the company back on the auction block in May.

Potential buyers of private equity-owned assets right now are not just concerned with valuation levels at the moment. No one knows what the global economy looks like on the other side of the pandemic. There is a greater than zero chance of widespread debt defaults at every level that causes an economic collapse, and depression so many buyers are deciding that all I all they would rather hang on to their cash.

Related: Virtus Capital President: Market Could Fall 50% If This Happens