Now that 2025 is coming to an end, Distressed Diaries is taking a look back at the highs and lows of the year.

Our host, senior distressed reporter Bianca Boorer, sits down with 9fin’s managing distressed credit analyst Emmet Mc Nally and senior legal consultant Luke Viner on Dec 3 to talk about the stories that stood out during this pivotal year.

We revisited a few ghosts of restructurings that haunted us during the year, including Ardagh, Kloeckner Pentaplast, and Petrofac. We delve into the domino effect another successful appeal of the UK Restructuring Plan had in the courts, how aggressive LMEs have made it trickier to predict recoveries and the evolution of the co-op.

Finally, we lay out our expectations for the new year ahead.

And if you prefer a long read, we have also explored these themes in our traditional year-end report: European Distressed Year in Review 2025 — Don't look back in anger.