Restructuring & Special Situations
Lender-Side Workout Advisory
The workout function, rented by the credit. For funds that never built a restructuring desk — and for desks that just caught three credits in one quarter — we supply position assessment, amendment and forbearance structuring, negotiation support, and execution oversight. Senior people, engaged at the first signs of stress, gone at resolution.
Who calls us
The situations
- Private credit funds without a dedicated workout function facing their first — or their fifth — stressed credit
- Workout desks that need surge capacity under a pre-cleared standing agreement
- Bank special assets groups needing independent execution support on middle-market names
What you receive
The deliverable
A position assessment your committee can act on, forbearance and amendment terms with the recovery math behind each concession, negotiation support across or behind the table, and milestone oversight against the 13-week model until the credit resolves. Typically borrower-funded under the credit agreement's expense provisions.
Assess, structure, negotiate, oversee
Assess the position
Collateral, priority, documents, intercreditor dynamics, and what your remedies actually permit.
Structure the response
Forbearance terms, milestones, amendment economics, reporting requirements that give you real visibility.
Support the negotiation
Across the table or behind the scenes, with recovery math for every concession.
Oversee execution
Milestone tracking against the 13-week model until the credit resolves. **How stress actually resolves in 2026** Roughly three-quarters of private credit default events now resolve through amendment, deferral, or extension rather than bankruptcy. The workout function has become an amendment function — and the decisive work happens weeks earlier than a court calendar would suggest, in the quality of the cash forecast and the options analysis behind each concession.
Common questions
Straight answers
We have workout capability in-house — why call you?
Capacity and licenses, never competition: overflow coverage when several credits break at once, an executed sale process when the resolution is a transaction, and independent opinions your own team cannot render on its own book.
Who pays?
Typically the borrower, under the credit agreement's expense-reimbursement provisions — standard in middle-market credit documentation.
When should we engage — at default?
Earlier. The cheapest entry point is a standing agreement signed in peacetime: conflicts pre-cleared, rates pre-agreed, activation by phone call the day a credit slips.
Related capabilities
Where this leads
13-Week Cash Flow & Liquidity
FL-1 · the model the workout runs on
Read more →Recovery & Options Analysis
VC-2 · every path priced before the committee debates
Read more →Distressed M&A & Capital Solutions
VC-5 · when the resolution is a transaction
Read more →Forensic & Fraud Examination
When findings suggest diversion or misrepresentation
Read more →Name us before you need us
A standing agreement signed in peacetime turns a six-week procurement into a phone call.