The Rise and Rise of European LMTs

2025 saw a shift in European LMTs, with the growth of more aggressive US-style transactions, some of which have faced significant litigation challenges from dissenting creditors. This comes alongside a rise in the use of co-operation agreements among creditors.

Below are recent highlights from Covenant Review, CreditSights and LevFin Insights extensive coverage of European LMTs:

European Liability Management 2025 Year in Review: European LMTs Have Landed

Aggressive liability management tactics have officially arrived in Europe. This year-in-review explores how 2025 became a watershed moment for creditor-on-creditor violence, with marquee deals like Selecta, Victoria, and Altice showcasing priming maneuvers that left minority holders blindsided. From antitrust challenges to distressed disposals, discover the bold restructuring tactics reshaping European debt markets and why 2026 promises even more fireworks.

Cooperation Agreements & Antitrust: Webinar Recap

On January 13, 2026, CreditSights hosted a special webinar and podcast entitled “Cooperation Agreements and Antitrust: The Next Major Battle.” The panel explored how creditor cooperation agreements function in out-of-court restructurings and their emergence as a response to liability management transactions
(uptiers, drop-downs, double-dips, etc.). The panel then did a deep dive into two headline antitrust lawsuits—Optimum Communications (f/k/a Altice USA) and Selecta.

2026 Euro Special Sits: Some Are More Equal

European restructuring enters a new era where creditors dominate, governments push back, and emergency equity injections have vanished, according to the latest market analysis.

Levered Lines Podcast: Restructuring Plans – Reasons to be Cheerful as we head into 2026

Listen to LFI’s deep dive into the Thames case and into how RPs may develop next year in its latest Levered Lines podcast, with guests Tim Newey from Slaughter and May, Professor Sarah Paterson, and South Square’s Ryan Perkins.

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