• Mandated debt hits multi-year low in 1Q26
• Germany most active; France highest debt volume
• Chemicals sector leads mandates

Restructuring advisory mandate activity in Europe had a slow start to the year, with mandated debt levels dropping to multi-year lows. The UK, in particular, showed a significant slowdown in the number of restructuring situations as in-court activity ground to a halt.

During 1Q26 there were 62 new mandates awarded to restructuring professionals, which is a 18.4% decrease from the previous quarter and 29.5% lower than the same quarter in 2025.

These mandates arose from 26 restructuring situations and involved EUR 13.4bn of debt, which is the lowest mandated debt of any quarter since the first quarter of 2024 . By way of comparison, mandated debt in 4Q25 was EUR 43.5bn and EUR 70.3bn in 1Q25.

Top situations

The largest restructuring situation overall during the quarter was Accell Group, which mandated advisors on EUR 1.3bn of debt. The Netherlands-based bicycle manufacturer announced a recapitalisation on 18 February 2026 under which lenders agreed to a significant debt reduction and to take control of the group. The transaction also includes a cash injection from the holdco before the transfer of ownership to existing super-senior lenders. Accell had hired advisors for a new restructuring mandate in November 2025, less than a year after completing a previous restructuring in February 2025.

The largest new situation by mandated debt was Ingenico Terminals. The payment terminal company defaulted on its EUR 1.1bn term loan B after failing to cure a 31 March interest payment miss within a 30-day period. Before the payment miss, Debtwire reported that Ingenico had engaged advisors in preparation for a possible restructuring of its debt. Per the article, a group of lenders was also working with a legal advisor.

Sector overview

During 1Q25 the chemicals and materials sector provided the highest number of mandates, accounting for 15 engagements from five situations. The largest situations by mandated debt were liability management exercises by UK-based speciality chemicals company Synthomer and German wood producer Pfleiderer Group. The sector also provided for the highest mandated debt on EUR 2.83bn.

The energy and consumer and retail sectors ranked joint second, with eight mandates each. Energy mandates stemmed from two situations, including Germany-based renewable energy company ABO Energy, while consumer and retail mandates were spread across five situations, including France-based snack manufacturer Biscuit Holdings.

Country overview

UK

The UK saw a significant reduction in the number of mandates awarded during 1Q26, and was only the third most active jurisdiction behind Germany and France. In total, 13 mandates were awarded on six situations. These restructurings involved EUR 1.7bn of debt. The quarter saw only one in-court restructuring when the UK-based oil-and-gas explorer Waldorf CNS applied to the Scottish courts for a Part 26A restructuring plan on 16 February. The plan was part of a broader restructuring of affiliate Waldorf Production.

Per Debtwire’s legal analysis on 26 March, the allure of the UK’s Part 26A restructuring plan has faded over the past year due to several failed cases, court challenges and rising costs. Key decisions such as Adler and Petrofac, along with Waldorf Production’s withdrawn Supreme Court case, have left uncertainty in the market, leading some companies to favour simpler, out of court solutions for now.

Germany

Germany saw the highest restructuring activity during 1Q26, with 21 mandates from five situations. The mandates covered EUR 2.49bn of debt. Aside from Branicks, no other Germany-based situation involved debtors with more than EUR 1bn of debt.

•  Branicks AG: Debtwire reported on 13 May that the Germany-based real estate company, which has a debt stack of EUR 1.83bn, has launched a bondholder identification process for its EUR 400m 2026 senior unsecured notes in May 2026. The process follows a standstill agreement reached in March with holders of EUR 87m of promissory notes that matured in March and April. The company first hired restructuring advisors in January 2026.

France

France saw the second-highest number of mandates awarded during the quarter. Although the country saw fewer mandates awarded than in Germany, its restructuring situations were significantly larger. In total, 17 mandates were awarded on six situations, which involved EUR 5.3bn of debt. Other than Ingenico Terminals, the situations that involved more than EUR 1bn of debt were:

• Seqens International: The company entered amend-and-extend negotiations with lenders following the delivery of an independent business review by PwC, Debtwire reported on 23 April. The company’s debt stack include a EUR 930m first-lien term loan and a EUR 130m RCF. The pharmaceutical chemicals manufacturer hired advisors for a potential debt workout in November 2025, following advisor appointments by lenders in September 2025.
• Biscuit International: On 13 April, Biscuit International reached an agreement with second‑lien lenders to defer a March interest payment on its EUR 150m facility as amend‑and‑extend negotiations continued across its capital structure, including its EUR 695m term loan B and EUR 85m RCF. The company hired restructuring advisors in December 2025 after sponsor Platinum Equity began exploring a restructuring with lenders in October 2025.

Top advisors

Kirkland & Ellis and Linklaters were tied at the top spot for legal advisors in 1Q26, with four mandates each. K&E’s mandates included acting as company-side advisor to Germany-based Pfleiderer and DNS:Net Internet Service while Linklaters’ included acting as company-side advisor to Branicks and Wallbox. After K&E and Linklaters, Clifford Chance and Milbank secured three mandates each. Paul Weiss advised on EUR 1.9bn of debt in the quarter, the most of any law firm.

Amongst financial advisors, PJT Partners and Houlihan Lokey were the top advisors with five mandates each. In terms of mandated debt, PJT was the top with EUR 4.6bn of debt. PJT’s mandates included advising Accell, Biscuit and Pfleiderer. Houlihan Lokey’s mandates included advising creditors of Ingenico and Branicks.

Debtwire’s Restructuring Database covers European restructuring/liquidation situations involving debtors with debt in excess of EUR 100m, as well as all UK Restructuring Plans and Schemes of Arrangement, regardless of debt size. The database begins tracking when 1) the debtor engages a restructuring advisor and/or 2) a restructuring or liquidation process is officially launched.

To ensure fair advisory rankings, mandates related to UK Restructuring Plans and Schemes of Arrangement involving debtors with less than EUR 100m debt are excluded from this report. To submit mandates, please email: [email protected].