European Special Situations Outlook: Rising Stress & Shifting Dealflow Dynamics

June 24, 2026

In this webinar, CreditSights experts explore the outlook for the European special situations market, focusing on shifting credit stress, deal activity, and restructuring trends across leveraged finance. Luke Millar, Sandrine Bradley, and Alastair Gillespie introduce a new proprietary dataset tracking stressed and distressed credits, and use it to analyze evolving market conditions, including rising distress levels, muted deal flow, and the growing role of liability management transactions.
The discussion also highlights how macro events, covenant structures, and upcoming maturities could shape restructuring activity and investor outcomes. This session offers practical insights to help credit investors identify emerging risks and navigate opportunities in a more complex European market environment.

Watch on YouTube:

Speakers:

Luke Millar, Global Editor-in-chief at LevFin Insights
Sandrine Bradley, Managing Editor at LevFin Insights
Alastair Gillespie, J.D., Senior Director at Covenant Review

Timestamps:

00:00 Introduction
01:02 Overview of the Special Situations Dataset
05:15 The Importance of the Special Situations Universe
09:06 Current Market Trends and Statistics
12:32 Factors Affecting Deal Flow
16:02 Emerging Deal Opportunities
24:54 The Climate of Fear in Transactions
29:39 Focus on Major Players: Merlin Entertainments
33:04 Restructuring Outcomes and Market Implications

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