Debtwire Radio

With the unitranche product still less than ten years old in Europe, workout situations have so far been few and far between. But with the market maturing, with more managers doing deals and more funds being raised, coupled with an economic slowdown, more direct lending workouts are expected. So how will direct lending managers behave in distressed situations? In a market that prides itself on relationship lending, what happens when those relationships are put to the test? With most of the market wary the cycle is turning, those questions look set to be answered. Joelle Jefferis sat down with the team at Hogan Lovells’ finance practice to discuss what has happened so far in distressed direct lending scenarios and what can be expected in the future. Paul Mullen and Jo Robinson are partners in the banking group, focusing on structuring unitranche documentation, while Tom Astle is a partner in the business restructuring and insolvency group, advising on restructuring cases. The conversation ranges from how m