A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL).Private credit grew from near zero to roughly $3 trillion in a decade. Now retail money is heading for the exits, firms are putting up gates, and the system has never been tested by a real credit cycle. In this wide ranging conversation, two of restructuring's most experienced voices unpack what is actually happening under the hood: where private credit goes from here, the rise of asset based lending, the search for cheaper alternatives to Chapter 11, and the early warning signs worth watching. It closes with candid career advice for anyone building a future in the business.In this episode:Why private credit went too far, and what the retail pullback really meansGates are not a free lunch: the repercussions of stopping the outflowsPerformance vs. fear of bad performance, and why the numbers have held upMoving private credit into asset based lending, and why it is a different skill setStory credits: companies that are not distressed but cannot access cash flow loansUnderwriting to the downside, assuming you may have to enforce on the assetsThe equivalent of liability management in a one or two lender worldWhy private credit is less amenable to classic 50.1% vs. 49.9% maneuversThe search for efficiency: ABCs, receiverships, Article 9, and offshore filings (UK, Singapore, Denmark)Whether the system can handle a distress wave, and the 2008 ecosystem lessonThe canary in the coal mine: cash to PIK conversions and backdoor defaultsThe case for a new Chapter 16 and why Congress has done nothing with itStaying competitive: why US restructuring has lost groundClosing career advice: put yourself in a position to be luckyChapters: