system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: How can someone take a loan to buy a company and transfer the debt to the company? E.g., the Glazer's takeover of Man United.
gpt
You agree to buy part of the company, with a contractual condition with management that it will take a loan and buy back all its shares from other shareholders. The loan is collateralized on the assets of the company, so the banks are okay with it. 

So now you own the company which has taken a massive loan on itself, but are protected by the limited liability company from the loan if it defaults.

It's not always bad, there are plenty of reasons for a company to privatize itself or even buy back all its shares. Sometimes the market heavily discounts a company (e.g. Microsoft throughout the 2000's) or the company is beholden to quarterly results and can't implement long term strategy (e.g. Dell). There have been successful leveraged buyouts which have produced win wins for all parties involved.