It's even better than that: it's buying the farm by indebting the farm itself to then butcher the cattle, sell all buildings, sell the lands and sell the tractors, keeping the money.

Private Equity keeps the money from selling the valuable parts of the company whilst the debt is owed by the company, which is now bankrupt and if they properly use Bankruptcy Law or even just Tax Law (by having the bankrupty of their "investment" go down on their books as a loss) they might even manage to extract a bit more money out of the rotting corpse.