Global restructuring outlook: Europe’s restructuring revolution – litigation, legislation and the new normal

In this episode of Global Restructuring Outlook 2025, A&O Shearman’s restructuring experts dive into the evolving European restructuring landscape, where legal reform and rising litigation are reshaping the way distressed businesses navigate financial recovery.  

 As EU member states continue to implement the EU Preventive Restructuring Directive, the result is a patchwork of national approaches that are driving both innovation and contention in restructuring processes. 

From London to Milan, the episode explores how cross-border legal harmonization, court challenges, and creditor activism are influencing deal certainty and timing. The discussion highlights how the increasingly coercive nature of restructuring plans—often challenged by creditors or unsupported by key classes—has made litigation a central feature of European restructurings.  

What does this mean for businesses trying to stay afloat? How are courts responding to valuation disputes and cramdowns? And what strategies should stakeholders adopt to navigate this complex terrain? 

Featuring insights from leading voices in the field, this episode includes contributions from: 

• Karen McMaster, Partner, A&O Shearman 

• Aroen Kuitenbrouwer, Partner, A&O Shearman 

• Bernhard Herding, Partner, A&O Shearman 

• Sven Pruefer, Partner, A&O Shearman 

• Javier Castresana, Partner, A&O Shearman 

• Paolo Manganelli, Partner, A&O Shearman 

These seasoned restructuring professionals bring perspectives from key European jurisdictions including the UK, Netherlands, Germany, Spain, and Italy. Their analysis offers a panoramic view of how legislative shifts and courtroom dynamics are redefining the rules of engagement for distressed companies and their creditors. 

Global Restructuring Outlook 2025 explores the key legal, financial, and geopolitical developments shaping the restructuring landscape worldwide. Featuring expert insights from across jurisdictions—including the U.S., UK, EU, China, and the UAE—the series examines landmark rulings, evolving insolvency regimes, and the growing influence of private credit. Designed for business leaders and restructuring professionals, each episode offers strategic perspectives on navigating distressed situations and unlocking value in complex, cross-border environments.