Houlihan Lokey's Gijs de Reuver on the erosion of creditor protections

To kick off 2026, three Sullivan & Cromwell partners join Legal Lens to discuss untangling one of the biggest cases in recent memory in FTX, reaching 100%+ recoveries for creditors, inside jokes at the collapsed firm, and more.

Proskauer’s Global Co-Chair of Restructuring, David Hillman, joins Debtwire reporter Ayse Kelce to discuss the recent ConvergeOne ruling where excluded lenders secured a victory in the US District Court for the Southern District of Texas. In this episode, Hillman, who represented the minority lender group, breaks down how the bankruptcy plan was overturned due to an exclusive backstopping opportunity granted to majority lenders—ultimately violating the equal treatment requirement. Hillman shares his perspective on what this decision could mean for the future of liability management exercises, restructuring support agreements and creditor negotiations.

On-site at Debtwire's Restructuring Forum 2025, Legal Lens host and Deputy Courts Editor Andy Serbe interviews a series of restructuring experts on what their takeaways for this year were, and predictions for '26, from Altice lawsuits to key court rulings and sectoral challenges.

In this episode of the Debtwired podcast, Deutsche Bank’s Chief Investment Officer for the Americas Deepak Puri joins Alvaro Ledgard to break down the market outlook for 2026. Puri discusses why next year could be a true “stress test” for the global economy, as tariff-driven supply shocks, shifting labor dynamics and US fiscal policy take effect. Puri shares Deutsche Bank’s expectations for Fed rate cuts next year and explains how these moves could reshape the US yield curve. The conversation dives into credit markets, high yield issuance and the biggest investment opportunities that lie ahead.

In this episode of Debtwired! Jayme Goldstein, co-chair of Paul Hastings financial restructuring group, and Tyler Cowan, global head of restructuring and liability management at Lazard, join Debtwire co-managing editor, Madalina Iacob, to discuss how the restructuring landscape has evolved over the past decade and what’s shaping the next wave of restructurings. Expect more in-court processes in 2026 with lenders willing to “take the keys” as tight documents hinder further LMEs. The podcast explores the rise of cooperation agreements as a critical tool for creditors, and the surprising wave of non-sponsor private company bankruptcies, including First Brands and Pine Gate Renewables.

In this episode, Debtwire's Amelia Weitzman sits down with DLA Piper’s Matt Schwartz to unpack the rapid rise of AI in private credit and what it means for lenders, borrowers, and the future of dealmaking.Private credit is entering a new era as AI tools rapidly change how information is used, risks are assessed, and agreements are negotiated. DLA Piper partner Matt Schwartz breaks down how these shifts are unfolding in real time and what they mean for the industry.

This episode of the Debtwired podcast explores the swift collapse of auto parts company First Brands Group into Chapter 11, the overlooked warning signs on Wall Street, and the high-stakes legal and financial battles now unfolding.Featuring insights from Debtwire’s head of research Tim Hynes, reporter Kunyi Yang, global head of legal analysis, Sara Tapinikes, and court team editor Taylor Harrison, the discussion breaks down what’s at stake for secured lenders, unsecured creditors, and trade claim holders as the case navigates a protracted and fiercely contested restructuring.The episode also delves into the potential for substantive consolidation—a move that could significantly reshape recoveries across creditor classes.

In this episode of the Debtwired podcast, Blackstone’s Rick Campbell joins Melina Chalkia, Debtwire’s primary market reporter for North America, to discuss how the landscape for infrastructure financing is evolving.In this episode, Campbell talks about the shift of infrastructure finance away from traditional banks and toward private credit, alongside a growing demand for power and a global push for digitization. He explains how themes like AI, data centers and renewable energy are converging, with data-center developers starting to build their own generation capacity. Campbell breaks down how these project financing deals are structured and how Blackstone’s “corporate solutions” strategy exemplifies that approach.Campbell is a Senior Managing Director with Blackstone Credit and Insurance (BXCI) based in Houston. He is involved with originating and executing investments in the energy transition, renewable energy and sustainable infrastructure sectors. Before joining Blackstone in 2022, Campbell worked as a Managing Director in the Global Infrastructure Finance Group at Citi for nearly 15 years.

In this episode of Debtwired!, James Pade, partner and managing director at Clearlake Capital Group, joins Debtwire co-managing editor, Madalina Iacob, to discuss investing opportunities after Clearlake consolidated its credit arms under one roof.Pade also digs into how lenders are navigating liability management exercises, the challenges faced by smaller CLO managers, and why strong sponsor relationships matter more than ever. Pade notes that Clearlake recently had discussions with stakeholders focused on building stronger, more direct communication with CLO managers and broadly syndicated investors, although it was never an “apology tour.”

Gijs de Reuver, managing director in Houlihan Lokey's restructuring team, discusses the erosion of creditor protections in Europe and the subsequent rise in creditor-on-creditor violence on the latest edition of the Debtwired! Podcast. Gijs also touches on recent high-profile restructuring court decisions in the UK and the role of CDS in restructuring.