What was the name of the 1989 U.S. stock-market crash linked to the collapse of leveraged buyout firm United Airlines?

The 1989 U.S. stock-market crash linked to United Airlines’ failed leveraged buyout was called the Friday the 13th mini-crash.

The sell-off occurred on Friday, October 13, 1989. A proposed $6.75 billion leveraged buyout of United Airlines collapsed, helping trigger heavy selling in the stock market. The Dow Jones Industrial Average fell 190.58 points, or about 6.9%, in the session.

The event was much smaller than the 1987 crash, which is why “mini-crash” became part of its common name. Nevertheless, the drop highlighted concerns about leveraged acquisitions, junk bonds, and the ability of heavily financed deals to withstand changing credit conditions.

The episode is sometimes confused with Black Friday, a term used for several unrelated financial events, including the 1869 U.S. gold-market panic. It is also distinct from the 1987 Black Monday crash. United Airlines was the immediate catalyst, but broader concerns about debt-financed corporate takeovers amplified the market reaction.