The Restructuring Playbook 2026

What does restructuring look like in a world of trade wars, oil shocks, and AI-driven disruption? Default rates are climbing, fraud risks are growing more sophisticated, and industries from aviation to energy are facing unprecedented headwinds. Meanwhile, AI is emerging as both a disruptor and a powerful tool for companies looking to restructure and operate more efficiently.

Mayer Brown and FTI Consulting had an afternoon of candid discussion on the trends reshaping restructuring in 2026 - from the macro forces driving distress, to fraud and AI, to the sectors most in the crosshairs.

Agenda

1:30 p.m. Registration Opens

2:00 p.m. Panel Sessions Begin

Scanning the Horizon: Signs and Catalysts of the Next Restructuring Cycle
- This panel will address the various levers driving the increase in distress and how those dynamics intersect with AI, the "SaaS apocalypse," and global trade. Topics will include default rates, the state of the market, and predictions for the near term. The panel should also tie in timely geopolitical developments, such as the impact of U.S.–Iran discussions on oil prices.
- Speakers: Richard Stieglitz, Louis Chiappetta, Timothy Keeler, Robert Del Genio (FTI Consulting), Carl Jones (FTI Consulting)
Cracks in the Foundation? Fraud, Artificial Intelligence and Other Disruption
- This panel will examine how the market disruptions discussed in earlier panels are specifically affecting these industries. On aviation, the discussion will cover trends and possible sources of disruption in the sector, Middle East oil and fuel price changes, and the resulting impact on deal activity. On power and renewables, the panel will explore those same fuel price issues, the regulatory and policy landscape, the impact of government incentives and tax credits on project financing, and the growing role of private capital in the sector. The discussion may also touch on supply chain constraints, the tension between conventional power and the energy transition, and implications for credit quality and restructuring risk. The panel may also address questions frequently raised by market participants, including concerns about limited cash flow, aggressive lending practices, the trajectory of the high-yield and private credit markets, and the outlook for liability management exercises (LMEs).
- Speakers: Joaquin C de Baca, Tyler Ferguson, RJ Arsenault (FTI Consulting), Martin Keuhne (FTI Consulting), Chris Post (FTI Consulting)
Dislocation Fault Lines: An Industry Diagnostic
- This panel will explore fraud-related issues in the current environment, including the complexity of corporate structures, cash flow challenges, and fund operating losses. Two categories of fraud discussed: (1) misappropriation of funds for personal use (e.g., purchasing homes, boats, and other personal assets), and (2) violations of agreements in an effort to keep a company afloat. The panel will also cover how technology is becoming a solution for businesses that are reconstituting or scaling down, with a focus on driving operational efficiency.
- Speakers: Matthew Wargin, Sean Scott, Jamie Netznik, Lisa Collura (FTI Consulting)