Lawyers
Restructuring and debt capital solutions partner Jake Adlerstein spoke with Turnarounds & Workouts for its “2026 Mid-Year Review,” describing strong first-half activity and an optimistic forecast for the market. Jake characterizes conditions as “busy but choppy.” He points to a variety of structural forces driving this activity, including cheap pandemic-era debt, elevated rates and rising energy costs, led by the industrials and consumer discretionary sectors.
Looking ahead, Jake expects a busier second half of the year influenced by interest rates, trade policy uncertainty, private credit stress and consumer bifurcation.
“I’d expect the restructuring mix to shift away from pure maturity-wall liquidity events toward operating underperformance and capital-structure mismatches, with private credit workouts adding a new layer of activity,” he says.
Jake also points to the increasing complexity and contention around liability management exercise (LME) deals, noting that the “pipeline of LME activity continues to build, and we're also seeing a wave of post-LME restructurings.”
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