The counted mandates cover €14.57bn of debt; Alvarez & Marsal ties lenders' stronger hand to a 2021 cram-down reform.
Debtwire counted 39 restructuring mandates in France during the first half of 2026, covering €14.57bn of debt. Lenders ended up with ownership in those cases, according to the same count.
Alvarez & Marsal attributes the shift in creditor leverage to a 2021 reform of French insolvency law that, in the firm’s assessment, underpins creditors' stronger position in French restructurings.
Reported by The Wrap desk from Debtwire and Alvarez & Marsal. Published . Corrections
The counted mandates cover €14.57bn of debt; Alvarez & Marsal ties lenders' stronger hand to a 2021 cram-down reform.
Debtwire counted €14.57bn of debt across those mandates; Alvarez & Marsal ties creditors' stronger hand to a 2021 cram-down reform.
Flat first-half volume masks a market doing fewer, larger loans, with Audax and Churchill tied at No. 1.
Add-on loans to existing borrowers were about 45% of direct-lending deployment in the first nine months, the quarterly update says.
Credit and insurance inflows reached $35.8bn in the third quarter, lifting assets to $480bn.
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