Insights

Rick Hyman, a bankruptcy partner at Crowell & Moring, reports that activity in the first half of this year was elevated compared to the second half of 2025, "although the type of activity continues to change." Hyman, who often represents traditional, regulated banks, notes that discussions have increasingly centered on protective measures in response to threatened liability management exercises. "The days when the administrative agent led the workout negotiations are dwindling," he says. "Ad hoc groups of term lenders continue to organize prior to signs of true distress, leading to earlier engagements and strategizing, but less active negotiation."