A&O Shearman global insights

Episode #8: Refinancings and high energy costs set to drive Australian restructurings in the year ahead - Global restructuring outlook

Stubborn inflation, high energy prices and elevated housing costs are combining to put pressure on the Australian economy. In the eighth episode of our Global restructuring outlook podcast series, David Walter in Sydney and Fred Sosnick, co-head of A&O Shearman’s global restructuring team, discuss how these dynamics will drive distressed acquisitions in the year ahead – and in which sectors investors can find the most ‘deal-ready’ assets.  

Episode #7: Germany turns to restructuring to strengthen corporate resilience - Global restructuring outlook

After several years of weak economic growth, restructuring is emerging as a strategic tool to revitalise Germany’s under-pressure businesses. Here, Hauke Sattler in Hamburg, Bernhard Herding in Frankfurt and Katrina Buckley, co-head of A&O Shearman’s global restructuring team, discuss how the use of StaRUG, Germany’s preventive restructuring framework, is creating investment opportunities in distressed assets and special situations. 

Episode #6: Court rulings on ‘fair’ treatment of creditors reshape UK restructuring landscape - Global restructuring outlook

The UK courts are redefining the standards for creditor treatment under the country’s restructuring plans. In the sixth episode of our Global restructuring outlook podcast series, Karen McMaster and Katrina Buckley, co-head of A&O Sheaman’s global restructuring team, explore how, against a backdrop of evolving case law, market participants are exploring alternative mechanisms such as liability management exercises and distressed disposals to navigate financial distress. 

Episode #5: Dutch restructuring framework continues to evolve - Global restructuring outlook

Funding, enforcement and cross-border recognition will play a prominent role in Dutch restructurings in the year ahead. At the same time, WHOA -the Netherlands’ restructuring tool – continues to evolve as court rulings and wider adoption refine its key mechanisms. In the fifth episode of our Global restructuring outlook series, Katrina Buckley, co-head of A&O Shearman’s restructuring practice, and Aroen Kuitenbrouwer in Amsterdam explore what we can expect to see going forward. 

Episode #4: Italy set for a busy year of restructuring activity in 2026 - Global restructuring outlook

Italy’s rescue-first approach under its restructuring and insolvency code, the CCII, is driving earlier corporate turnarounds and faster corporate resolutions than in the past. In the fourth episode of our Global restructuring outlook podcast series, Paolo Manganelli in Milan and Fred Sosnick, co-head of A&O Shearman’s global restructuring team, explain how these developments will shape restructuring and M&A activity in the months ahead. 

Episode #3: International private capital funds target opportunities in the Middle East - Global restructuring outlook

International financial investors are pursuing a wide range of assets across the UAE and Saudi Arabia, encouraged by the robust downside protections offered by recent bankruptcy and restructuring reforms. In this, the third episode of our Global restructuring outlook podcast series, partners Adam Banks in Dubai, Haris Meyer Hanif in Riyadh, and Katrina Buckley, co-head of A&O Shearman’s global restructuring team, explore how their presence is also driving a wave of financial innovation. 

Episode #2: Mainland China and Hong Kong markets continue to experience distress, with further “second round” restructurings expected - Global restructuring outlook

Mainland China and Hong Kong are grappling with ongoing market distress and continued pressure on their real estate sectors. In the second episode of our Global restructuring outlook podcast series, Viola Jing in Hong Kong and Katrina Buckley, co-head of A&O Shearman’s global restructuring team, explain how this is affecting restructuring activity in the region – including among businesses that have already been through a process. 

Episode #1: U.S. restructuring 2025 review and 2026 outlook - Global restructuring outlook

First Brands’ ongoing Chapter 11 process highlights how documentation, collateral traceability and the governance of special purpose vehicles affect key parties in a restructuring. In the first episode of our Global restructuring outlook podcast series, partners Ned Schodek and Fred Sosnick, co-head of A&O Shearman’s global restructuring team, explore the ramifications of the case for distressed investors. 

Investing in the defense sector—FDI, antitrust and the FSR

Interest and investment in the defense sector continue to accelerate, bringing both opportunity and complexity for private capital. In our latest podcast, Peter Banks is joined by Dominic Long, Francesca Miotto, and Ken Rivlin to examine the regulatory pillars now shaping defense M&A and what they mean for timelines, conditionality and deal execution.

The discussion explores the evolving landscape across the U.S., UK and EU, focusing on:

• why defense attracts heightened scrutiny under merger control and FDI, including concentration, government procurement, national security concerns and protection of critical capabilities
• how the European Commission is incorporating resilience (supply-chain robustness, access to key inputs and shock-resistance) into merger analysis, and how the EU’s Foreign Subsidies Regulation (FSR) adds a third review track alongside merger control and FDI
• U.S. developments, including CFIUS review as the norm for defense deals and the DCSA’s FOCI mitigation process for targets with classified information, including governance and information-security solutions (e.g., proxy arrangements, restricted access, national security agreements)
• UK practice under the NSIA, including typical remedies to preserve UK capabilities and protect sensitive and classified information
• EU screening trends, including multiple Member State filings, the push to harmonize FDI with a minimum common scope and the need to coordinate FDI with EU merger control and FSR to avoid conflicts or gun-jumping
• converging remedy themes across jurisdictions—data and technology ring-fencing, access controls, local capability commitments, governance separations and third-party monitoring—and their impact on integration and value capture

What this means for investors

Defense transactions increasingly involve extended signing-to-closing periods, more intensive disclosure and tighter governance constraints. Early planning is essential—map global filing requirements across merger control, FDI and FSR, develop credible mitigation packages, align conditions across jurisdictions, and particularly in the U.S., consider a proactive government-affairs strategy to support a smoother path to approval.

Market Horizons: The UK’s new prospectus regime from a debt capital markets perspective—all change please!

The UK's new prospectus regime came into effect on January 19, 2026, as part of changes to the regulation of public offers and admissions to trading.

In this episode of our Market Horizons series, our panel discuss how the new framework of The Public Offers and Admissions to Trading Regulations 2024 reshapes the landscape and share their thoughts on some of the changes from a debt capital markets perspective.

Our panel for this discussion comprises:

• Amanda Thomas, partner (London)
• Tom Grant, partner (London)
• Jennifer Cresswell, counsel (London)

With the new regime now live, the panel provide a practical overview of the key changes and their implications, exploring:

• The separation of public offer regulation from admissions to trading regulation
• The single disclosure framework for non-equity securities based on the wholesale standard and alleviations for plain vanilla listed bonds
• The opening up of the bond markets to retail investors and practical considerations for bringing retail into institutional deals
• Other (non-retail specific) changes that the new regime brings
• Transitional provisions for programmes with live FCA-approved base prospectuses

Amanda, Tom, and Jennifer also address the documentation changes required, including updates to selling restrictions and final terms.