A $10 billion private equity firm that made its name as a chemicals specialist has seen a wave of its holdings fall into distress amid a severe industry downturn, pushing the investor to adapt its strategy.

SK Capital Partners-backed Archroma just managed to pull off a tricky debt extension for around $1 billion of junk loans. The transaction came down to the wire, with creditors of the Swiss company only agreeing after multiple delays and sweetened terms.