Debtwire‘s 2Q25 Europe Restructuring Advisory Mandates Report shows that restructuring advisory mandate activity in Europe continued to slow in 2Q25. During the period, there were 43 new restructuring mandates awarded across 24 situations according to data from Debtwire‘s Restructuring Database¹. That is a 42.7% decrease from the 75 new mandates in 1Q25 and a substantial 64.8% decline from 122 new mandates in 2Q24.

The new mandates were awarded on EUR 53.1bn of debt, which is down 12.9% from EUR 60.9bn of debt in the previous quarter and a significant 42.1% decrease from EUR 91.7bn of debt in 2Q24. The first half of 2025 saw 118 restructuring mandates awarded – only around half (53.4%) of the 221 mandates awarded in 1H24

Of the 24 restructuring situations in this report, the largest situation by mandated and total debt during 2Q25 remained Altice France at EUR 28.3bn. The French telecommunications company entered accelerated safeguard proceedings (SFA) on 10 June after obtaining lender support for a wide-ranging restructuring plan of its senior secured capital structure. The company’s restructuring plan aims to reduce the group’s debt by EUR 8.6bn and extend maturities by three years. Altice France also filed for US Chapter 15 recognition of the process, which it received on 29 July.

The largest new situation by mandated debt was Altice International. Debtwire reported on 7 May that the sister company to Altice France had hired advisors to explore options to address its EUR 11.6bn debt load, ahead of a 2027 maturity wall. A large majority of the company’s secured creditors have organised under a cooperation agreement. Another significant new situation is CityFibre Infrastructure Holdings. The UK telecommunications company filed a scheme of arrangement before the English High Court on 5 August, seeking to address GBP 3.8bn in liabilities. The company secured an order to convene its creditors, with a sanctioning hearing provisionally scheduled for 5 September.

Sectors

The most restructuring mandates during the quarter were awarded in the technology and consumer products sectors, which accounted for eight mandates each. In the case of the technology sector, the eight mandates came from a single situation – French telecoms distributor Netceed. The sector that accounted for the most restructuring situations was retail, which had four situations. The sector with the highest mandated debt was telecommunications (EUR 44.4bn), thanks to Altice France, Altice International and CityFibre. The telecommunications sector alone accounted for 83% of mandated debt during the quarter.

United Kingdom

The UK accounted for the largest number of new mandates during 2Q25, with 14 mandates across 11 situations. Aside from CityFibre, the following ongoing restructuring situations involved more than EUR 1bn of debt.

• Thames Water: On 28 July, the UK Supreme Court denied permission to appeal the restructuring plan sanctioned for Thames Water, effectively ending legal challenges to the deal. The plan aims to secure up to GBP 3bn in interim financing and extend maturities. Thames Water hired its first advisors in March 2024.
• The Very Group: On 17 June, The Very Group completed a tender offer for outstanding 6.5% due-26 senior secured notes. The UK online retailer, which appointed a financial advisor in February, made the offer as part of a liability management exercise in order to push out maturities.

France

France accounted for 12 new mandates across four situations in 2Q25. It also ranked highest in terms of new mandated debt, accounting for over half (55.8%) of mandated debt during the quarter. In addition to Altice France, the following ongoing restructuring situations involved more than EUR 1bn of debt:

• Netceed: Netceed continued its ongoing debt talks with its creditors, as Debtwire reported on 13 June. A week before Debtwire’s reporting, the company completed amendments to its RCF and two term loan facilities on 7 June 2025, capitalising all interest payments and the amortisation due on its USD term loan for the remainder of the year. Netceed and its lenders appointed advisors in early April.
• Colisee: Care home operator Colisée hasn’t provided any update since its four-month conciliation process expired on 11 August. Debtwire reported on 6 June that lenders pushed back on a proposed recapitalisation plan from sponsor EQT by organising under a cooperation agreement. Colisée and its lenders first appointed advisors in mid-March.

Germany

Germany accounted for seven mandates from three situations during the quarter. The largest German situation by total debt was automotive supplier Webasto, which announced on 4 June that its lenders had agreed to extend a stabilisation agreement until the summer due to challenging economic conditions. Webasto, which appointed an advisor in November 2024, now expects the restructuring to be completed in 2028.

Top advisors

Amongst legal advisors, the top rank in 2Q25 is shared by Latham & Watkins and Linklaters, with two new mandates each. Latham is acting as the legal advisor to CityFibre in its scheme of arrangement. It also acts as the legal advisor to German toy manufacturer Schleich. Linklaters, in turn, is advising Schleich’s creditors and French marine services company Bourbon Group.

Houlihan Lokey secured the top spot among financial advisors for 2Q25 with three mandates, including Italian sportswear manufacturer Dainese, Spanish logistics company ESP Solutions and Spanish EV charger maker Wallbox. The firm is followed by PwC, Grant Thornton, FTI and Lazard on two mandates each. Rothschild advised on the most mandated debt during the quarter (EUR 1.8bn) due to its role advising Netceed.

The top spot on the 1H25 rankings is shared by Gibson Dunn and Kirkland & Ellis, with seven mandates each. Kirkland’s notable mandates include its role as an advisor to a potential white knight on Thames Water, while Gibson is advising creditors to Altice International. Third place for the half-year is held by Linklaters, with five mandates.

Among financial advisors, PJT Partners took the top spot for 1H25 with six mandates, including Colisee and Thames Water. The firm is followed by Houlihan Lokey with five mandates for the half-year.

¹Debtwire’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].