Overview

Restructuring advisory mandate activity in Europe picked up in the final quarter of 2025, with 76 new roles awarded to restructuring professionals, representing a 49% quarter-on-quarter increase over the 51 engagements in 3Q25.

The 4Q25 mandates involved EUR 43.5bn of debt from 30 restructuring situations, up slightly from EUR 38bn in the prior quarter.

In total, 274 new mandates were awarded during 2025. These arose out of 94 restructuring situations and involved EUR 130.5bn of debt. This is a 39% decrease from 2024, which saw 449 new mandates awarded. These mandates were secured on EUR 167.4bn of debt.

Notable situations

The largest situation by mandated debt during the quarter remained Altice International. The distressed telecom operator has been widely expected to embark on an aggressive liability management exercise to tackle its EUR 11.6bn debt load, following in the footsteps of sister-company Altice France last year, Debtwire reported on 23 January.

In November and December 2025, the company moved its assets in Portugal and the Dominican Republic out of the creditor restricted group. Taken together, the manoeuvres moved roughly 78% of group revenues out of the restricted group, Debtwire reported.

The largest situation by mandated debt during 2025 was Altice France, which fully implemented a financial restructuring transaction for its EUR 32.8bn debt load in October.

The largest new situation by mandated debt for the quarter is Swedish green-steel company Stegra. In December 2025, the company was reported to be seeking bridge financing after a planned SEK 10bn (EUR 940m) funding round failed to materialise. Debtwire reported on 16 October that the company engaged advisors to raise roughly EUR 1bn through a new financing round announced a few days earlier.

Another notable situation is Lowell Group. In November 2025 the UK-based debt collector, which has a debt stack of EUR 2.38bn, embarked on a EUR 200m roll-up financing that will precede a broader recapitalisation transaction. The transaction follows just months after finalising a previous restructuring in June 2025. In response, a group of bondholders has signed up to a cooperation agreement over a potential coercive liability management exercise, Debtwire reported on 14 November.

Sector overview

During 4Q25 the consumer & retail sector provided the highest number of mandates, accounting for 20 mandates from seven situations, involving EUR 4.4bn of debt. The telecommunications sector was second with 14 mandates from five situations.

Telecommunications was the top sector in terms of mandated debt in 4Q25, with EUR 20.1bn of debt. Altice International alone contributed 57% (EUR 11.6bn) of the sector total. As a whole, the sector accounted for nearly half (46.4%) of mandated debt during the quarter.

In terms of number of mandates for full year 2025, consumer & retail also ranked the highest, with 62 mandates on 24 situations and EUR 11.9bn debt advised on. Telecommunications ranked second during 2025 with 40 mandates from nine situations. These mandates were related to EUR 53.4bn of debt, primarily due to the Altice companies, Deutsche Glasfaser and UK-based Cityfibre.

Country overview

United Kingdom

For 4Q25 the UK accounted for 13 mandates from six situations, involving EUR 6.2bn of debt. For full-year 2025, the UK was the biggest contributor in terms of number of mandates, generating 99 new mandates from 32 situations, involving EUR 22.4bn debt.

Aside from Lowell, the other UK situations in 4Q25 which involved more than EUR 1bn of mandated debt were:

• Tullow Oil: On 20 February, the company, which is involved in the exploration and production of oil and gas, announced that it had entered into a Lock-Up Agreement with a majority of its due-26 noteholders, as well as senior creditor Glencore, to refinance their respective facilities. The USD 1.28bn senior notes will be replaced with new cash plus PIK-component notes maturing November 2028 while Glencore’s USD 400m notes will be replaced with PIK-ed junior notes maturing May 2030. Tullow began a bondholder outreach process in August 2025.
• Gigaclear: A 19 January news report said that creditors of the UK-based broadband provider are set to take control after a failed sale process, with debt writedowns now being discussed. The company appointed an advisor for the sale in December, which was driven by lenders on profitability and debt concerns. The company and its lenders had initially engaged advisors in February 2025 to secure funding for a fibre rollout.

France

France generated 11 mandates during 4Q25 from four situations involving EUR 4.7bn of debt. For full-year 2025, France generated 54 new mandates from 14 situations, and involving EUR 44.9bn debt – the majority of which was due to Altice France.

In 4Q25, the French situations which involved more than EUR 1bn of mandated debt were:

• Seqens International SAS: Debtwire reported on 15 January that the France-based pharmaceutical chemicals company was waiting for the results of an independent business review. As Debtwire reported in November, the company hired an advisor in anticipation for a potential debt workout.
• Casino Guichard-Perrachon SA: Debtwire reported on 20 November that the France-based retailer had hired an advisor for debt talks following an independent business review. The company proposed, among others, partially equitising its due-2027 Term Loan B and a EUR 300m equity raise. On 12 January, TLB lenders put forward a revised restructuring proposal that entailed a larger recapitalisation.

Germany

Germany accounted for the highest number of mandates during the 4Q with 19 mandates from six situations. For full-year 2025, 16 German situations generated 47 new mandates, involving EUR 18.7bn debt.

The only German situation which involved more than EUR 1bn of mandated debt during the quarter is Deutsche Glasfaser, which first hired advisors in September. Debtwire reported on 31 October that the German fibre company is seeking to restructure its debt after efforts to raise EUR 500m in preferred equity stalled. In December, Debtwire reported that the restructuring proposal foresees up to EUR 2bn of the company’s debt being hived up to a Holdco. The proposal also includes EUR 600m of super senior debt provided by creditors and EUR 1.1bn in preferred equity supplied by sponsors EQT and OMERS.

Top advisors 4Q25

Kirkland & Ellis and Milbank were tied at the top of the legal advisor rankings in 4Q25, both with eight mandates.

PJT Partners won the most mandates amongst financial advisors in 4Q25. Its 10 new mandates in the quarter include advising Stegra, Enstall and Tullow Oil. Rothschild and Houlihan Lokey were tied for second position with four mandates each.

Top advisors 2025

For full year 2025, K&E ranked first, with 23 new mandates on EUR 21.2bn of debt. During the year, its largest situation by mandated debt was from its role as the legal advisor for Altice International. Other major situations included acting as company-side advisor for Lowell, German packaging manufacturer Kloeckner Pentaplast GmbH and Netherlands-based solar company Enstall GroupBV.

Milbank ranked second for 2025, with 18 mandates on EUR 20.6bn of debt. Major situations include advising bondholders on Altice International and advising the sponsor on Deutsche Glasfaser.

Third place was secured by Gibson Dunn with 11 mandates, followed by Linklaters with ten.

In terms of the number of mandates amongst financial advisors during 2025, PJT Partners topped the league table with 18 mandates covering EUR 14.5bn of debt. The firm’s largest situation by mandated debt was advising Lowell.

Houlihan Lokey secured second place with 13 mandates in 2025, advising on EUR 13bn of debt. Notably, the firm was mandated as advisor to creditors on Altice International and Enstall.