It's a common trick the wealthy have. The idea is, if the business was under the control of its new owners, they could direct the business to get the loan. It's what happened to Toys R Us and many other businesses.

Somewhat similarly, the UK have a way of turning a business into an "Employee Owned business". Basically, if the business has enough cash, it can buy itself from its owners. The real shady part, though, is that the owners don't pay any capital gains tax on the sale whatsoever. They get all their money out of the business, tax free. But yay, employee owned businesses (that are still run the same as before).

And if you try to read the financial regulations to understand it all, you'll very quickly lose the will to live. Reading law is one thing, financial regulations are a completely different ball game.