Octus on Credit: Sponsors under pressure to provide support as 2026 maturities drive fresh wave of distress

Robert Schach, Managing Editor, EMEA

Restructuring activity in EMEA has picked up recently as issuers prepare to negotiate with creditors over significant maturities looming in 2026.

Standard Profil, Selecta, Victoria, and HSE have all appointed advisers ahead of amend-and-extend (A&E) discussions. Similarly, Maxeda, Graanul, and Olympic Entertainment are expected to seek extensions for their 2026 maturities.

Creditors are likely to demand additional equity contributions as part of any extensions. For instance, Advent provided €200 million in equity to support Roehm’s A&E in March, while SVP contributed €75 million for Pfleiderer’s A&E in August. SVP is now raising a substantial €500 million in equity to help Kloeckner Pentaplast address its maturities, though in this case, the goal is a full refinancing.

However, in all the cases of the recent advisory appointments mentioned above, shareholder support looks uncertain, which means that negotiations will be tricky.

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