Private equity may have been handed a golden ticket in the last downturn, but this time things couldn’t be more different. Restructurings are putting lending banks in charge of a growing number of failed companies.

Unlike in the late 1980s and early 1990s - when lending banks took control of troubled private equity-backed companies only to sell them off on the cheap, often back to private equity - this time they are intent on reaping any gains for themselves.