Debtwire Private Credit Forum Europe 2026

location_on The Peninsula, London Map
17 Jun

Rising distress in private credit – Managing transformation and restructurings

Private credit has become a defining force in today’s special situations, increasingly stepping in where traditional banks retrench, to provide flexible, fast and higher capital solutions. But as the asset class expands, its heavy concentration in software and SaaS lending is amplifying the scale and complexity of current restructuring cycles. As a result, private credit funds are taking a more hands-on approach to restructurings, often driving out‑of‑court solutions and, at times, pursuing loan‑to‑own strategies with their influence on outcomes growing. This panel will explore:  

  • How are private credit funds positioning themselves to play a larger role in restructurings?  
  • Will rising defaults will lead to more active control or “key taking”? 
  • Which strategies are private credit funds using—PIK, deferred payments, control mechanisms—to manage and influence restructuring processes? 
  • Will the more complex multi-party structures that include private credit result in more creative out-of-court solutions or even drive restructurings through court? 

Panel introduction and session overview

The moderator opens the session and introduces the topic of rising stress in private credit, outlining the panel's 360-degree approach. Panellists introduce themselves, representing restructuring law, opportunistic credit, financial advisory, and private debt.

Normalisation or a new restructuring cycle?

The moderator frames the central question of whether current losses represent a normalisation of past benign conditions or the onset of a meaningful restructuring cycle. The panel discusses the French market, confidential out-of-court processes, and the evolving role of private credit lenders in distressed situations.

Discipline in private lending

The panel explores what disciplined private lending looks like in practice, from rigorous portfolio monitoring and early engagement with sponsors to the decision of whether to inject new capital, take control, or position a business for exit.

Identifying opportunity in stressed credits

The opportunistic credit perspective is explored, focusing on how to distinguish structural decline from recoverable stress, the importance of management quality, and why mid-market credits with temporary underperformance can offer superior risk-return profiles.

Keeping rescue financing credible

The panel addresses how to maintain process integrity when existing lenders are the sole realistic source of rescue capital, covering equal information access, pro-rata participation rights, and avoiding structural features that prevent future refinancing.