Legal advisers played a pivotal role in several high-profile restructuring and liability management cases across Europe and the United States in 2025, showcasing innovative approaches to debt refinancing and corporate recovery.
Weil, Gotshal & Manges emerged as a standout firm for its work with Fossil, the US-based watches and accessories retailer facing financial distress. In November 2025, Weil advised Fossil on restructuring $150 million of unsecured loans using an English rescue scheme, notable for being one of the first instances where a US public company restructured US-law-governed debt through a UK court. The firm introduced a "stapled exchange" strategy designed to circumvent formal Chapter 11 bankruptcy proceedings in the US. This approach helped the company avoid any risk of minority creditor opposition blocking its UK-based refinancing plan, which had the approval of the majority of creditors. Subsequently, a Texas court recognized the UK-approved scheme under Chapter 15 rules, which govern cross-border insolvency cases. This enabled Fossil to maintain its listing on the Nasdaq and continue with its recovery plan, signaling a potential new direction for US companies seeking restructuring options abroad.
In Spain, Cuatrecasas advised Blantyre Capital on a contentious acquisition and restructuring of two hotels located in Lanzarote in the Canary Islands. Despite an initial loss in a competitive bid for the hotels, Blantyre leveraged its status as a secured creditor to impose change-of-control provisions and secure a 70 percent equity stake in the business. The resulting debt-for-equity swap was completed in the face of resistance from incumbent shareholders and represents one of the few "non-consensual" restructurings carried out under Spain's reformed insolvency laws introduced in 2022.
The French telecommunications sector saw significant debt restructuring activity as Gibson, Dunn & Crutcher advised a consortium of 210 creditors holding approximately €18 billion in claims against Altice France. The company, owner of the country’s second-largest mobile group, faced a total debt load of about €24 billion. After a prolonged standoff with Altice founder Patrick Drahi, creditors were rallied through an open cooperation agreement, ultimately agreeing to a plan wherein Altice transferred a 45 percent ownership stake to creditors in exchange for a reduction of the company’s debt to €15.5 billion. This restructuring preceded an approved takeover offer for the company’s core business by rival firms in June 2025.
In addition, Gómez-Acebo & Pombo advised Spanish steel producer Celsa on refinancing €2.2 billion of debt in 2025. The transaction included a €200 million equity injection and alleviated the company’s debt burden following a prior restructuring approved by the courts in 2023 to sidestep insolvency.
Lastly, Uría Menéndez Abogados facilitated the restructuring of €143 million of debt for Alcaliber, a Spanish morphine producer, in March 2025. The deal was conducted under the updated Spanish insolvency framework and concluded despite opposition from certain creditors.
These cases collectively illustrate evolving legal strategies and legislative changes affecting insolvency and restructuring across multiple jurisdictions, reflecting firms’ growing adaptability in addressing complex financial distress scenarios.