You don't have to pay back the loan if someone else helps you. But credit is always tainted. The money belongs to others and the debt is yours, but you don't have to pay it back.
Extended data:
First, debt holding. That is, the acquirer and the bank agreed to repay the long-term debt of the prey enterprise exclusively as their actual investment, and part of the bank loan was transferred to the equity of the prey as the capital of the acquirer, which was enough to achieve the controlling position.
Second, continuous mortgage. In M&A transactions, the working capital of the acquirer is not needed, but the assets of the acquirer are used as collateral to obtain a considerable amount of loans from banks. After the merger is successful, the assets of the prey enterprise are used as collateral to apply for new corporate loans from the bank, and so on.