Persistently high interest rates, regulatory changes and the impact of tariffs have meant that bankruptcy activity continues to be active in 2025. According to Debtwire data, as of July 2025, there have been 90 Chapter 11 cases filed year-to-date, involving approximately USD 62.9bn in funded debt, compared to the same time in 2024, with 105 cases involving USD 39.7bn in funded debt.  Our panelists will delve into the evolving bankruptcy trends, challenges, and opportunities impacting the US restructuring market and discuss the outlook for 2026. 

• What have been the main drivers of restructurings in 2025, and are out-of-court restructurings still popular?
• Macroeconomic outlook: What has been the economic impact of tariffs, and how is it impacting restructuring in the US?
• Two years on- how has the bankruptcy map changed post Judge Jones?
• How is the deal pipeline shaping up for 2026? 

LMEs continue to take the spotlight in 2025, as macroeconomic and political risks and looming maturities push borrowers to look for creative ways to avoid in-court restructurings. As the market evolves, however, LMEs have become increasingly sophisticated and controversial, with courts ruling on the enforceability and limitations of these transactions. What is next for the LME market, and how can parties adapt? Our panel of experts will unpack the opportunity set and discuss: 

• What are the factors contributing to increasing LME activity, and how has the US market evolved in the past few years? 
• Case studies: Recent LME litigation and repercussions from a borrower and lender perspective - dropdowns, uptiers and double-dips
• What are the associated risks and limitations with using LMEs, and are they becoming more contentious? 
• Post-Serta, how have discussions on LMEs shifted, and where is the market headed? 

Private credit funds continue to play an important role in the restructuring process, given their ability to explore more flexible and creative workout solutions outside of bankruptcy filings. As private credit continues to play a growing role in mid-market deal financing, there has also been an increase in stressed and distressed situations where private credit fund lenders find themselves taking the keys. Our panel of experts and managers will discuss the future of restructurings in the asset class.

• What continues to drive the growth of private credit restructurings in the market? How has private credit changed deal dynamics?
• Are private credit funds increasingly willing and able to explore creative out-of-court restructurings and workout solutions?  
• Will we be seeing an increase of ‘key taking’ restructurings as defaults rise?  
• What is the outlook for the year ahead?

Co-op agreements are quickly becoming a popular tool as an alternative to reduce the risk of being on the receiving end of an LME transaction, and for creditors to protect themselves from aggressive tactics in restructuring deals. It is expected that co-op agreements are likely to continue evolving as lenders seek to mitigate risks in complex restructuring scenarios. Our panel will explore the rise of co-ops and discuss the opportunities- and pitfalls- that may arise. 

• Why are creditors increasingly turning to co-op agreements?
• What are the advantages and disadvantages of co-op agreements?
• Looking abroad: what is prompting the increased use of co-op agreements in European restructuring situations?
• How are co-op agreements evolving in terms of structure and governance? 

The Latin American restructuring market has seen 10 new in-court and out-of-court restructuring situations through 3Q25, compared to 15 in 9M24. Nevertheless, there are several corporate and sovereign borrowers to watch as US policy shifts have changed the economic backdrop. This panel will discuss the significant cases this year and the outlook for 2026. 

• Brazilian corporate earthquakes: what does it mean and will there be more? 
• Mexico:  Pemex problem solved? Upshot of judicial reform 
• Will Milei’s agenda survive and will there be another round of corporate and provincial restructurings in Argentina? Are other vulnerable sovereigns off the hook? 
• Interest rates falling, US tariffs rising – what is the corporate distress outlook for 2026? 

According to Debtwire’s database, the healthcare sector has been dominating restructuring activity in 2025, accounting for 17% of all Chapter 11 filings tracked so far this year. Changes in federal health policy, cuts to Medicare/Medicaid and continued macroeconomic uncertainties have meant that there is considerable pent-up demand for restructuring in the health services markets, including hospitals and clinical practices. Our panel of experts will discuss:  

• What are some of the ongoing tailwinds impacting the sector?
• How are recent legislative and regulatory updates impacting the pace of restructurings in the sector?
• Where is there the most restructuring activity taking place, such as hospitals and senior care practices? 
• What does the 2026 restructuring pipeline look like?

Retailers, restaurants and the leisure & hospitality sector are increasingly turning towards Chapter 11 bankruptcy protection in response to rising costs, shrinking margins, and changing consumer behaviours. This panel will review major retail filings in 2025 and discuss the key opportunities and challenges the sector will face in the year ahead. 

• What are the top factors and market trends that are causing retail and leisure bankruptcies in 2025?
• Case studies: implications of recent Chapter 11 filings and liquidations 
• Bankruptcy vs out-of-court restructuring- what do retailers have to consider? 
• What is the outlook for the sector?