The second quarter of the year was dominated by the impact of the Iran war, conflict in the wider Middle East, and the rise of AI. Concerns about AI undermining the viability of SaaS businesses and other companies reliant on replaceable technology have persisted.
All this means activity among restructuring lawyers in the first quarter carried into the second, as our Q2 26 and H1 26 European league tables for law firms advising on restructurings and LMEs show.
The rankings are based on our own reporting and information provided by the firms at our request. We accepted deals that either began or closed in the first quarter or both (see more on criteria below).
Milbank had the highest number of new engagements, with 10 new mandates in Q2, up from eight in Q1. It recorded 18 mandates across H1, ranking first, followed by Willkie (16) and Kirkland & Ellis (15). Milbank also led the completed-deals ranking, with five in the latest quarter, totalling six in the first half. Akin Gump was involved in eight engagements in Q2 and Gibson Dunn in seven. Weil and A&O Shearman ranked second for completed deals in Q2, with four each. A&O led the list for the highest number of completed engagements over the last six months.
The joint Israeli-US attacks on Iran that began in late February was a pivotal event for distress tipping companies over the brink. Air Baltic, the Latvian state airline, is a case in point. Milbank has been advising the company.
The restructuring of Spanish renewable energy company Amara Nzero closed this year with Kirkland advising the company and Milbank advising an ad hoc group of bondholders.
The first half also saw US firms to restructure in the UK and winning recognition back home through a Chapter 15 filing. The most notable one was New Fortress Energy, the natural gas company. Here, bondholders were advised by several firms including Akin Gump and A&O Shearman.
The latest quarter also saw the close of US spandex manufacturer Lycra’s complex cross-border restructuring via a Chapter 11 process with entities in multiple jurisdictions subject to the court-led process. Linklaters advised the company, while Sullivan & Cromwell, Milbank, and Gibson Dunn worked with a cross-section of lenders.
The ongoing restructuring of French property management company Emeria has also kept several firms busy. A&O Shearman is with the RCF holders, Kirkland & Ellis is with the company and Latham & Watkins with the creditors.
9fin’s restructuring and LME league tables Q2 26 and H1 26 below provide details as to the levels of activity of law firms and geographies.
League Tables
Completed mandates over Q2 26
Completed engagements in Q2 26 by region:
New engagements in Q2 26 by region:
H1 26 overview
Criteria
In these league tables 9fin covers deals that involved a minimum of £/€50m of term debt, with mandates, conclusion dates, or both in Q2 26 and H1 26 in Europe. In addition, engagements should have contained a stressed element with the type of deal falling under one of the following categories: Liability Management Exercise, Out-of-Court Restructuring, Court-Supervised Restructuring, Stressed A&E, administration/liquidation.
For any inquiries, submissions and to participate in our future league tables, please get in touch with us at restructuring_submissions@9fin.com
