Transatlantic Restructuring Trends: What To Expect In 2026

Key takeaways

• It has been a tumultuous year, with modest economic growth with a continuing steady flow rather than a new wave of restructurings.
• Tariffs, layoffs, and industry-specific structural weaknesses are projected to constrain US economic growth in 2026.
• Private credit became more influential in US restructurings, and LMEs continued to shape US markets.
• In the UK, trends were similar to those in the US, with steady growth in private credit.
• France witnessed a record level of insolvencies in 2025, and 2026 looks set to be similar.
• The German economy has been feeling the pressure, with insolvencies of large companies increasing.
• Restructuring activity is likely to increase in 2026, but not at systemic levels and with varied impacts across markets.