• Mandated debt surges despite softer quarterly mandate activity
• France and Germany tie for most 2Q26 mandates
• Kirkland and PJT top first-half advisor rankings

Restructuring advisory mandate activity in Europe was down slightly quarter-over-quarter in 2Q26 while the amount of debt being advised on surged significantly QoQ as in-court activity picked up in the UK and a number of large-cap restructurings, including New Fortress Energy, Emeria and Grupo Antolin, occurred across the region, according to Debtwire data.

During 2Q26, there were 64 new mandates awarded to restructuring professionals, which is an 11.1% decrease from the previous quarter but 8.47% higher than the same quarter in 2025. These mandates arose from 27 restructuring situations and involved EUR 36.76bn of debt, up significantly from EUR 17.9bn in 1Q26.

The first half of 2026 saw 136 restructuring mandates awarded, involving EUR 50.30bn of debt across 51 situations. By comparison, the first half of 2025 saw 147 restructuring mandates awarded, according to Debtwire data.

Top situation

The largest situation by total and mandated debt during the quarter, as well as during 1H26, was New Fortress Energy. The New York-listed gas-to-power company’s twin UK restructuring plans were sanctioned in June 2026 after receiving near-unanimous creditor support. The transaction will equitise around USD 9.6bn (EUR 8.4bn) of debt, hand control of the business to creditors and provide approximately USD 885m of new funding. After announcing in April that creditors holding 95% of debt supported the transaction, the company launched its Part 26A restructuring plans in May. New Fortress Energy first hired advisors in September 2025.

Sector overview

During 2Q26 the consumer and retail sector provided for the highest number of mandates, accounting for 15 mandates from four situations. These included Kalle and Schleich from Germany, TG Jones Group from the UK, and Maisons du Monde from France. Industrials had the second highest number of mandates, with 13 appointments from four situations, including Spanish automotive parts supplier Grupo Antolin which alone accounted for eight. The energy sector accounted for the highest mandated debt during the quarter, with the bulk stemming from New Fortress Energy.

For 1H26, the highest number of mandates came from the consumer and retail sector. Altogether 25 mandates were awarded on situations involving EUR 4.23bn of debt during the period. The 10 situations included notable restructurings such as French confectionary company Biscuit International and Casino Guichard-Perrachon, the French retailer. The chemicals and materials sector followed, with 24 mandates awarded from seven situations, including two German situations – engineered wood producer Pfleiderer and chemicals group OXEA. The sector with the highest mandated debt during 1H26 was energy, which involved EUR 9.12bn of debt, primarily due to New Fortress Energy.

Germany

Germany tied with France for the highest number of mandates during 2Q26, with 20 mandates awarded each. These stemmed from nine situations and involved EUR 10.65bn of debt. Germany also accounted for the highest number of mandates awarded during 1H26, with 41 mandates awarded on 11 situations, including property developer and investor Branicks and fibre company Deutsche Glasfaser – the only German situation that involved more than EUR 1bn of mandated debt during 2Q26.

•  Deutsche Glasfaser: The company’s scheme of arrangement was sanctioned by the English High Court in June 2026 as part of a EUR 1.2bn recapitalisation. The transaction provided EUR 400m of new super senior funding, an EUR 845m equity contribution from its sponsors, a maturity extension and the bifurcation of approximately EUR 7.1bn of existing debt into opco and holdco instruments. The company agreed the recapitalisation with stakeholders in April 2026 after restructuring negotiations began in October 2025. Deutsche Glasfaser first hired advisors in September 2025 after an equity raise launched earlier that year stalled.

France

The 20 mandates awarded in France during 2Q26 stemmed from six situations and involved EUR 12.18bn of mandated debt. Four situations involved more than EUR 1bn of mandated debt during 2Q26:

• Cerba Healthcare: The French medical diagnostics group secured creditors’ consent to extend the original 30-day grace period for the May coupon on its EUR 525m notes due 2029 to 27 August. The company suspended the coupon payment after launching discussions with creditors under the French mandat ad hoc framework in April. Cerba fully drew its EUR 450m revolving credit facility and disclosed its advisor appointments in September 2025, following separate advisor appointments by first lien lenders in July 2025 and sponsor EQT in August 2025.
• Emeria: Debtwire reported on 3 June that first-lien lenders to property manager Emeria were putting a co-operation agreement in place as the company explored options to address its capital structure, including a proposed EUR 700m preferred equity raise. Emeria first hired advisors in April 2026 to address its EUR 3.5bn debt stack, which includes a September 2027 RCF maturity and a broader maturity wall in 2028.
• Ingenico Terminals: Ingenico reached an agreement with a majority of its senior secured lenders in July 2026 to defer interest payments on its EUR 1.1bn term loan B and EUR 278m RCF while restructuring negotiations continued. The payment terminal company defaulted on its term loan B after failing to cure a 31 March interest payment miss within a 30-day grace period. The company first appointed advisors in March.
• Seqens International: French pharmaceutical company Seqens entered into a forbearance agreement with lenders to defer June interest payments on its EUR 930m term loan B and EUR 130m RCF to 30 November. Debtwire reported in March 2026 that amend‑and‑extend talks with lenders had gathered pace following the delivery of an independent business review by PwC. The company hired advisors for a potential debt workout in November 2025, following advisor appointments by lenders in September 2025.

During 1H26, France saw slightly fewer mandates awarded (39) but a higher amount of mandated debt (EUR 14.57bn) than Germany, despite both countries recording 11 situations. In addition to the situations above, these included facilities management company Atalian, which sought to restructure EUR 918.5m of debt through debt equitisation, maturity extensions and EUR 140m of new super senior secured financing.

UK

The UK still trailed France and Germany for a second quarter in the number of mandates awarded despite the uptick in in-court situations. The region recorded 12 restructuring mandates across seven situations involving EUR 10.46bn of mandated debt. In 1H26, 27 mandates were awarded across 14 situations involving EUR 13.59bn of mandated debt.

Apart from New Fortress Energy, no other UK situation involved more than EUR 1bn of mandated debt during 2Q26.

Spain

Spain saw a marked QoQ increase in both the number of new mandates and the amount of debt being advised on during 2Q26. A total of 10 mandates were awarded across three restructuring situations involving EUR 1.90bn of debt, up from three mandates involving EUR 336m of debt in 1Q26. The significant increase was primarily due to the restructuring of Grupo Antolin, which contributed eight new mandates, involving EUR 1.25bn of debt.

• Grupo Antolin: The automotive interior supplier has secured majority creditor support for its Spanish restructuring plan in August 2026 after being admitted by a Spanish commercial court the previous month. The proposal would restructure around EUR 1.25bn of debt and provide EUR 220m of new financing. The company first appointed advisors in May 2026.

Top advisors

Kirkland & Ellis received the top spot as legal advisor during 2Q26. The firm secured five mandates – all on the company side – during the period and was mandated on the highest amount of debt (EUR 6.50bn). Notable engagements included advising Antolin, Emeria and OXEA. A&O Shearman ranked second with four mandates, followed by Latham & Watkins with three.

For 1H26, Kirkland & Ellis was also the top legal advisor both by number of appointments and mandated debt, with nine mandates on EUR 7.76bn of debt. Gibson Dunn, Milbank and A&O Shearman followed with five mandates each.

For 2Q26, PJT Partners, Alvarez & Marsal, Rothschild and FTI Consulting tied as the top financial advisor by number of appointments, with three each. By the amount of mandated debt, PJT Partners ranked highest, thanks to its two company-side engagements including acting as the advisor to Emeria and the sponsor of Deutsche Glasfaser.

For 1H26, PJT Partners also ranked highest with eight appointments, followed by Houlihan Lokey with seven and Rothschild with six. By the amount of mandated debt, PJT Partners was also the top financial advisor during the period.