The crypto industry’s first major wave of distress, marked by cases such as Celsius, Genesis and FTX, presented unprecedented legal and financial challenges. This panel will discuss the key lessons learned from those restructurings and how they can be applied in preparing for the next round of market disruption.

Panelists will explore the growing interconnectedness between traditional and alternative sources of capital, discussing how these relationships are influencing deal structures, risk-sharing, and the approach to distressed and special situations. The conversation will highlight where the two sectors converge, where they differ, and how their combined evolution may shape the broader credit markets in the years ahead.

As private credit restructurings and workouts become more prevalent, these processes increasingly reflect intercreditor coordination and stakeholder negotiations that in some ways resemble, and in some ways differ from, the equivalent dynamics that arise with traditional syndicated debt. This discussion will examine key similarities and differences between private credit and syndicated processes.

As private credit restructurings and workouts become more prevalent, these processes increasingly reflect intercreditor coordination and stakeholder negotiations that in some ways resemble, and in some ways differ from, the equivalent dynamics that arise with traditional syndicated debt. This discussion will examine key similarities and differences between private credit and syndicated processes.

While defaults and distress in private credit may be growing (a worthy conference theme), asset managers continue to up their allocations to these strategies with new entrants committing new billions every month. Who’s going to get the deals? — hopefully the good ones. And what are the effective strategies and relationships originators are deploying to gain and maintain share?

We will hear from some of the leaders of the leading credit institutions on their practices, strategies and outlooks for 2026 and beyond.

In today’s private credit market, lenders and sponsors are moving to early, governance‑led interventions and pragmatic, out‑of‑court solutions. This panel unpacks what’s working now, how negotiations are evolving, and the strategies that preserve value while avoiding court.

Private credit (including direct lending) presents additional flexibility with respect to crafting an out-of-court solution to effectuate a change of control transaction or other workout solution, either to the existing lenders or to a third party. Seasoned professionals from different seats (investor, advisor, and board/company) will discuss some of the creative ways they are effectuating restructuring and other alternative transactions out-of-court, including the business and legal considerations related thereto.

This panel will walk through the life cycle of a private credit restructuring from the first signs of trouble through in court and out of court processes and taking the keys and exit strategies, focusing on how private credit restructurings differ from restructurings in the broadly syndicated loan and high yield markets.