Distressed & restructurings: archive
Every Distressed & restructurings story in Private Credit, newest first. 17 stories
1 story
Hamburg Commercial Bank hires Alantra's Fabrizio Sicilia to head NPL financing
Sicilia, who Alternative Credit Investor reports underwrote more than €200bn of non-performing exposure portfolios at Alantra, will be based in London and report to Bryant Lau.
1 story
LSTA submits Third Circuit amicus brief in W.R. Grace on absolute priority
The trade group says its brief addresses the rule requiring a debtor's creditors be paid in full before stockholders recover.
1 story
France records 39 restructuring mandates in H1 2026 as lenders take ownership
Debtwire counted €14.57bn of debt across those mandates; Alvarez & Marsal ties creditors' stronger hand to a 2021 cram-down reform.
1 story
One in four private credit borrowers is a workout question now
Morningstar DBRS's read, reported by Creditflux, puts a quarter of private credit borrowers in stress or support talks; the resolution rests with whoever holds the pen on the next amendment.
1 story
The Asia-Pacific distressed trade has a supply problem, not a capital one
Private Debt Investor's own summary concedes the region has plenty of capital—and that putting it to work is the hard part.
3 stories
Travelodge brings in Freshfields as bondholders quiz the stack
A switch from Kirkland on a structure the company has long defended points at negotiation rather than trading recovery.
Private credit stress is concentrated as the coverage line worsens
The industry's own quarterly data holds valuations up on earnings growth while the share of borrowers below 1.00x interest coverage climbs to 14.1 per cent, the part of the book where a workout pipeline gets its first names.
SVP hires Goldman's distribution chief to run everything but the investing
The president's chair spans client relations, firmwide infrastructure and a power-and-infrastructure sourcing brief — a distribution build as much as a C-suite appointment.
1 story
Private credit's 0.8% default rate is a size-weighting artifact
Marks below 90 of par in the smallest borrowers have gone roughly twelvefold since 2023 while the payment data on those same credits has barely moved — which is what a workout pipeline looks like before it starts.
1 story
First Brands' $11bn chapter 11 puts private credit stress on the public docket
A liability stack above $11 billion puts multiple direct lenders on the public record in auto-parts' latest stress test.
1 story
Altice International loans fall to 59.75 in 2.6-point slide
Altice International's EUR 1.2bn of 2027 loans broke below 60 on the morning of 8 September; at that level, a 500bp coupon prices recovery, not income.
1 story
First Brands judge knocks out plan and credit bid
A rejected credit bid and a looming Chapter 7 conversion make lien perfection and sale procedure, not just collateral, the deciding factor in private credit recoveries.
1 story
Private credit defaults fall despite AI software panic
S&P data shows the US default rate dropped to 3.9% by mid-2026, even as artificial intelligence anxieties hang over software-heavy direct lending books.
2 stories
Distressed desks pivot from default waves to name-picking
A lower default count for 2025 is forcing distressed desks to swap macro-wave bets for the harder work of picking individual credits.
Prospect of rising US defaults opens liability management avenues
Private Debt Investor's April 8 trend story sees higher US default expectations as an opening for liability management work.
1 story
Moody's: CLO firebreak contains single-obligor risk
Moody's says CLO concentration limits are the wall a single borrower's exposure hits first.
1 story
Distressed-for-control returns as SVB-era crunch makes lenders owners
Private Debt Investor argues the liquidity crunch that felled SVB is turning lenders into owners again.