Special situations arise when conventional capital solutions no longer apply. They involve ambiguity, time pressure, stakeholder complexity, or asymmetric risk — often simultaneously.

Delnor Capital advises on special situations where independent judgment, realism, and disciplined decision-making are critical to preserving value.

A situation typically becomes 'special' when:

• capital decisions must be taken under uncertainty,
• timelines are compressed and leverage is uneven,
• stakeholder interests are misaligned,
• standard funding or transaction routes are unavailable,
• the cost of inaction is rising.

These situations cannot be addressed through templates or optimism.

In special situations, capital becomes defensive. Investors and lenders focus on:

• downside protection rather than upside potential,
• recoverability instead of growth narratives,
• control, governance, and decision rights,
• clarity over speed.

Understanding this behavioural shift is critical to navigating outcomes.

Many special situations worsen due to delayed acknowledgment. Common consequences include:

• erosion of negotiation leverage,
• forced capital at unfavourable terms,
• accelerated stakeholder conflict,
• loss of strategic optionality.

Early, structured intervention often preserves options that disappear later.