At a glance
- New-money deals accounted for 11 of the 14 exercises, and five reached universal or near-full lender participation.
- For special-situations desks, the new-money share means most exercises raised fresh capital rather than only extending maturities, and the near-universal cases suggest fewer holdouts and a shorter path from launch to close.
- The forward calendar includes 65 other names at various stages of the liability management cycle. 9fin's report also covers Medallia's lender takeover and shifts in this year's advisor rankings.
Fourteen liability management exercises closed in the third quarter, bringing the 2026 total to 39, according to a 9fin tally published Oct. 26.
New-money deals accounted for 11 of the 14 exercises, and five reached universal or near-full lender participation. The quarter's cohort produced fewer co-ops than earlier quarters, 9fin said.
For special-situations desks, the new-money share means most exercises raised fresh capital rather than only extending maturities, and the near-universal cases suggest fewer holdouts and a shorter path from launch to close.
The forward calendar includes 65 other names at various stages of the liability management cycle. 9fin's report also covers Medallia's lender takeover and shifts in this year's advisor rankings.
Eleven of 14 Q3 exercises raised new money
Liability management exercises completed in Q3 2026, by whether they included new money (count)
| Part | Value | Share |
|---|---|---|
| 11 | 78.6% | |
| 3 | 21.4% |
Reported by the Distressed & restructurings desk from 9fin. Published . Corrections