Top 20 Restructuring & Special Situations Advisory 2025

This report forms part of the Ranking News Advisory series, which evaluates specialized advisory firms across global strategy, transaction, and corporate advisory markets.

Independent restructuring and special situations advisory boutiques play a critical role in financial markets by supporting companies, creditors, and investors in situations involving financial distress, operational underperformance, or complex capital structures. These firms provide advisory services across restructuring, turnaround, distressed transactions, and creditor negotiations.

Unlike traditional M&A advisors, restructuring specialists operate in environments where value preservation, liquidity management, and stakeholder alignment are central to outcomes. Their work often involves navigating uncertain financial conditions, coordinating between multiple parties, and developing solutions under time pressure.

As economic cycles and capital market conditions fluctuate, demand for restructuring advisory has become increasingly institutionalized. Firms in this category differentiate themselves through experience in distressed situations, technical expertise in capital structures, and the ability to manage complex negotiations.

This ranking identifies independent advisory firms that demonstrate consistent engagement in restructuring and special situations across global markets.

Market Overview

The restructuring advisory market has evolved significantly over the past two decades, driven by cycles of economic disruption, increased leverage in corporate balance sheets, and the growth of private credit markets. As capital structures have become more complex, the need for specialized advisory has increased.

Independent restructuring boutiques often act as intermediaries between debtors, creditors, and investors, helping to develop solutions that balance competing interests. Their role includes financial restructuring, liquidity management, debt renegotiation, and distressed M&A.

Private equity and credit investors have become increasingly active in special situations, further expanding demand for advisory services. In these contexts, restructuring firms are often engaged early to assess options and manage execution.

Boutique firms are particularly well positioned in this market due to their flexibility, senior-led engagement models, and ability to operate without conflicts tied to lending or underwriting activities.

Industry Trend — 2025

In 2025, restructuring advisory continues to reflect broader macroeconomic conditions, including interest rate environments, credit availability, and sector-specific stress. Firms are seeing increased demand in sectors affected by structural change, including retail, industrials, and certain segments of technology.

One key trend is the growing role of private credit funds in restructuring situations. These investors often require advisory support in both defensive and opportunistic transactions, including distressed acquisitions and recapitalizations.

Another trend is the integration of restructuring with operational turnaround. While financial restructuring remains core, clients increasingly expect advisors to understand operational drivers of performance and value creation.

Cross-border complexity has also increased, requiring firms to coordinate restructuring processes across jurisdictions with differing legal and regulatory frameworks.

In this environment, firms that combine financial expertise with negotiation capability and execution discipline continue to differentiate themselves.

Methodology — Core Eligibility Criteria

Firms were evaluated based on the following criteria:

• Provides restructuring and/or special situations advisory services
• Demonstrates involvement in distressed or complex transactions
• Maintains independent advisory positioning
• Exhibits expertise in capital structure and financial restructuring
• Shows engagement with creditors, investors, or distressed companies

Large investment banks and accounting-led restructuring practices were excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations. Key factors include:

• Experience in financial restructuring and distressed situations
• Strength of creditor and investor relationships
• Ability to manage complex negotiations and stakeholder alignment
• Track record in distressed M&A and recapitalizations
• Technical expertise in capital structures and liquidity management
• Independence and credibility in high-stakes environments
• Institutional reputation in restructuring advisory

The ranking universe consisted of approximately 55 Restructuring & Special Situations Advisory globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning and do not represent performance rankings or recommendations.

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Tier I — Leading Independent Restructuring Advisory

AlixPartners

• Headquarters: New York, United States
• Founded: 1981

AlixPartners is widely regarded as one of the leading global restructuring and turnaround advisory firms, with a long-standing presence in complex financial and operational distress situations. The firm has built its reputation through consistent involvement in high-profile restructurings, where both liquidity stabilization and operational recovery are critical to preserving enterprise value.

Its advisory approach combines deep financial restructuring expertise with hands-on operational intervention, allowing the firm to address not only balance sheet challenges but also underlying performance issues. AlixPartners is frequently engaged by corporate boards, private equity sponsors, and creditor groups to assess strategic options, manage crisis situations, and execute restructuring plans under tight timelines.

The firm operates across a wide range of industries, including industrials, retail, and healthcare, where sector-specific challenges often require tailored restructuring strategies. Its senior-led engagement model ensures that experienced professionals remain closely involved throughout the process, particularly in negotiations involving multiple stakeholders.

AlixPartners’ ability to integrate financial, operational, and strategic perspectives positions it as a leading advisor in complex restructuring environments where execution certainty and credibility are essential.

Alvarez & Marsal (A&M)

• Headquarters: New York, United States
• Founded: 1983

Alvarez & Marsal is one of the most prominent independent advisory firms in restructuring and special situations, known for its hands-on, execution-oriented approach. The firm has developed a strong reputation among private equity sponsors, credit investors, and corporate clients for its ability to deliver practical solutions in distressed and high-pressure environments.

A&M’s restructuring practice is distinguished by its direct involvement in implementation, often working alongside management teams to stabilize operations, improve liquidity, and restructure capital structures. This operationally intensive model differentiates the firm from more purely advisory competitors.

The firm is frequently engaged in complex transactions involving distressed assets, creditor negotiations, and turnaround initiatives across sectors such as industrials, consumer, and energy. Its deep relationships within the private equity and credit community contribute to consistent deal flow and repeat mandates.

A&M’s emphasis on execution, combined with strong technical expertise in financial restructuring, positions it as a leading advisor in situations where rapid decision-making and tangible outcomes are required.

FTI Consulting

• Headquarters: Washington, D.C., United States
• Founded: 1982

FTI Consulting provides restructuring advisory as part of its broader financial and dispute advisory platform, with a strong presence in complex and contentious situations. The firm is particularly active in cases involving bankruptcy, litigation, and regulatory scrutiny, where financial restructuring is closely linked to legal and investigative considerations.

Its restructuring work often involves detailed financial analysis, stakeholder coordination, and support in distressed transactions. FTI’s ability to integrate forensic accounting, valuation, and dispute advisory capabilities enhances its effectiveness in multifaceted engagements.

The firm operates across a wide range of industries and frequently works with corporate clients, creditors, and legal advisors to develop and implement restructuring strategies. Its experience in high-risk environments contributes to its credibility in sensitive situations.

FTI’s multidisciplinary approach and strong analytical foundation position it as a key participant in restructuring advisory, particularly in complex or adversarial contexts.

Gordon Brothers

• Headquarters: Boston, United States
• Founded: 1903

Gordon Brothers is a specialized advisory firm focused on asset-based restructuring and valuation, with a long history of supporting companies and creditors in distressed situations. The firm provides advisory services that emphasize asset monetization, liquidity solutions, and financial restructuring strategies.

Its work often involves assessing the value of inventory, equipment, and other tangible assets, particularly in industries such as retail, industrials, and consumer goods. Gordon Brothers’ ability to provide both valuation insight and practical asset-based solutions differentiates it within the restructuring landscape.

The firm frequently supports transactions involving liquidation, refinancing, and distressed asset sales, working closely with lenders, corporate clients, and investors. Its approach emphasizes realistic valuation and execution feasibility in challenging market conditions.

Gordon Brothers’ long-standing experience and specialized focus position it as a credible advisor in asset-driven restructuring situations.

PJT Partners

• Headquarters: New York, United States
• Founded: 2015

PJT Partners operates one of the most recognized restructuring advisory practices globally, particularly in complex capital structure situations and large-scale financial restructurings. The firm advises companies, creditors, and investors on strategic alternatives, often in high-stakes and time-sensitive environments.

Its restructuring work is characterized by deep expertise in capital structure analysis, negotiation strategy, and stakeholder coordination. PJT is frequently involved in high-profile cases where competing interests among creditors, shareholders, and management require careful alignment.

The firm’s advisory model emphasizes senior banker involvement and disciplined execution, enabling it to manage complex negotiations effectively. Its strong relationships with institutional investors and creditor groups contribute to its relevance in large and complex restructuring transactions.

PJT’s technical expertise and market credibility position it as a leading advisor in special situations and restructuring engagements.

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Tier II — Established Restructuring Advisory

(Alphabetical order)

Ankura

• Headquarters: New York, United States
• Founded: 2014

Ankura is a global advisory firm providing restructuring and turnaround services as part of its broader financial and dispute advisory platform. The firm works with corporate clients, creditors, and investors to navigate complex financial situations, including liquidity challenges and operational underperformance.

Its restructuring work often involves financial analysis, stakeholder coordination, and support in distressed transactions. Ankura’s multidisciplinary capabilities allow it to integrate restructuring advisory with forensic, valuation, and dispute services.

The firm has developed experience across sectors including healthcare, energy, and financial services, where restructuring situations often require both financial and operational insight. Its ability to deliver structured and practical solutions supports its growing presence in the restructuring advisory market.

Berkeley Research Group (BRG)

• Headquarters: Emeryville, United States
• Founded: 2010

Berkeley Research Group (BRG) provides restructuring advisory services within its broader consulting platform, with a particular focus on complex financial and regulatory environments. The firm supports clients in distressed situations through financial analysis, operational assessment, and stakeholder engagement.

Its restructuring work often intersects with dispute advisory and litigation support, enabling the firm to address multifaceted challenges involving financial, legal, and operational considerations. BRG’s analytical rigor and sector expertise contribute to its effectiveness in complex cases.

The firm operates across industries including healthcare, energy, and financial services, where restructuring scenarios often require detailed and defensible analysis. Its integrated approach positions it as a credible participant in restructuring advisory.

Conway MacKenzie

• Headquarters: Chicago, United States
• Founded: 1987

Conway MacKenzie is a restructuring and turnaround advisory firm focused on supporting middle-market companies in distressed and underperforming situations. The firm provides services across financial restructuring, operational improvement, and performance transformation.

Its advisory approach emphasizes hands-on involvement, often working closely with management teams to stabilize operations and implement restructuring plans. Conway MacKenzie’s focus on execution differentiates it within the mid-market segment.

The firm is particularly active in industries such as manufacturing, retail, and business services, where operational challenges often accompany financial distress. Its ability to combine financial and operational expertise supports its role in complex restructuring engagements.

Getzler Henrich & Associates

• Headquarters: New York, United States
• Founded: 1968

Getzler Henrich & Associates is a restructuring advisory firm specializing in turnaround management and financial restructuring. The firm works with corporate clients, lenders, and investors to address financial distress and operational challenges.

Its services include liquidity management, cost reduction, and restructuring strategy, often delivered through close collaboration with management teams. The firm’s approach emphasizes practical implementation and measurable performance improvement.

Getzler Henrich has developed experience across sectors including retail, industrials, and consumer businesses. Its focus on mid-market engagements and operational turnaround supports its role as a restructuring advisor.

Huron Consulting Group

• Headquarters: Chicago, United States
• Founded: 2002

Huron Consulting Group provides restructuring and turnaround advisory services as part of its broader consulting platform. The firm supports organizations facing financial and operational challenges, particularly in sectors such as healthcare and higher education.

Its restructuring work often involves performance improvement, cost management, and financial analysis, with a focus on stabilizing operations and restoring profitability. Huron’s sector expertise enables it to address industry-specific challenges effectively.

The firm’s integration of financial and operational advisory supports its role in restructuring engagements where both dimensions are critical.

Portage Point Partners

• Headquarters: Chicago, United States
• Founded: 2016

Portage Point Partners is a restructuring and special situations advisory firm focused on middle-market transactions. The firm provides services across financial restructuring, interim management, and operational improvement.

Its advisory model emphasizes flexibility and execution, often supporting private equity sponsors and corporate clients in complex situations. Portage Point’s involvement in both restructuring and transaction contexts enhances its relevance.

The firm’s growing presence reflects increasing demand for specialized advisory in the mid-market restructuring segment.

Riveron

• Headquarters: Dallas, United States
• Founded: 2006

Riveron provides restructuring and financial advisory services across transactions and special situations. The firm supports corporate clients and investors in addressing financial challenges and executing restructuring strategies.

Its work often includes financial analysis, liquidity management, and operational improvement, particularly in middle-market environments. Riveron’s integrated advisory model allows it to support clients across multiple stages of the restructuring process.

SierraConstellation Partners

• Headquarters: Los Angeles, United States
• Founded: 2012

SierraConstellation Partners is a restructuring advisory firm focused on interim management and turnaround services. The firm works with companies and investors to address financial distress and stabilize operations.

Its approach emphasizes hands-on involvement, often placing experienced professionals within organizations to manage restructuring efforts directly. This model supports execution in complex and time-sensitive situations.

Teneo (Financial Advisory – Restructuring)

• Headquarters: New York, United States
• Founded: 2011

Teneo provides restructuring advisory as part of its broader financial and strategic advisory platform. The firm supports clients in complex financial situations, often integrating restructuring with communications and stakeholder management.

Its multidisciplinary approach allows it to address both financial and reputational aspects of restructuring, particularly in high-profile cases.

Zolfo Cooper

• Headquarters: London, United Kingdom
• Founded: 1985

Zolfo Cooper is a restructuring advisory firm with a strong presence in Europe, providing services across financial restructuring, insolvency, and turnaround situations. The firm works with companies, creditors, and investors in distressed environments.

Its experience in cross-border restructuring and insolvency processes supports its role in complex international engagements. Zolfo Cooper’s focus on execution and stakeholder coordination enhances its effectiveness in restructuring advisory.

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Tier III — Specialist Restructuring Advisory

(Alphabetical order)

• Accordion
• GlassRatner (now B. Riley Advisory)
• Mackinac Partners
• Phoenix Management
• Province

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Remarks

Independent restructuring advisory boutiques continue to play a critical role in managing financial distress and complex capital structures. As market conditions evolve, the demand for specialized advisory services in distressed and special situations remains closely tied to broader economic cycles.

Firms in this category are differentiated by their ability to operate effectively under pressure, manage stakeholder complexity, and deliver practical solutions in uncertain environments. The composition of this ranking reflects a focus on independent advisory providers with demonstrated experience in restructuring and distressed transactions.

Tier classification reflects relative institutional positioning within the restructuring advisory segment and does not represent performance rankings or investment recommendations.

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Recognition

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