Top 20 Restructuring & Special Situations Advisory 2026

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 — 2026

In 2026, 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 & Special Situations Advisory Firms

(Alphabetical order)

Accordion

• Headquarters: New York, United States
• Founded: 2009

Accordion is a private equity-focused financial consulting and advisory firm with restructuring, turnaround, performance improvement, and CFO advisory capabilities. The firm became more relevant to restructuring advisory after adding Mackinac Partners’ turnaround and restructuring platform, giving it a stronger distressed-situation capability alongside its broader finance transformation work.

Its restructuring work is especially relevant for private equity sponsors, portfolio companies, and mid-market businesses facing operational underperformance, liquidity pressure, or transition periods. Accordion’s positioning is not purely restructuring-only, but its private capital orientation gives it a clear role in sponsor-backed special situations.

Accordion fits Tier II because it is active, visible, and institutionally credible, while still remaining closer to the private-market restructuring ecosystem than broad public consulting firms. It should be framed carefully as a restructuring and performance-improvement advisory platform for private equity-backed and middle-market situations.

Ankura

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

Ankura is a global expert services and advisory firm with a significant turnaround and restructuring practice. The firm advises companies, creditors, investors, governments, and stakeholders in situations involving financial distress, operational disruption, disputes, and complex stakeholder negotiations.

Its restructuring work often combines financial advisory, forensic analysis, performance improvement, litigation support, and interim leadership. This multidisciplinary model makes Ankura especially relevant where restructuring issues are not purely balance-sheet problems, but also involve disputes, investigations, governance concerns, or operational recovery.

Ankura fits Tier II because it has scale and visibility without being a listed generalist consultancy like Huron. While broader than a restructuring-only boutique, its distress advisory practice is sufficiently established and relevant for a restructuring and special situations ranking.

Berkeley Research Group (BRG)

• Headquarters: Emeryville, United States
• Founded: 2010

Berkeley Research Group is a global consulting and expert advisory firm with restructuring, bankruptcy, corporate finance, and performance improvement capabilities. The firm supports companies, creditors, investors, and legal advisors in distressed situations requiring financial analysis, plan development, operational review, and stakeholder support.

BRG’s restructuring work is particularly relevant in complex cases where expert analysis, litigation context, valuation, and financial advisory intersect. Its ability to combine restructuring professionals with dispute, forensic, healthcare, energy, and economic expertise gives it a differentiated role in cases with technical or contested issues.

BRG belongs in Tier II because it is active, credible, and visible in restructuring advisory, but broader than pure-play restructuring boutiques. It should be described as an expert-led restructuring and financial advisory firm rather than as a narrowly focused turnaround boutique.

CMA / Carl Marks Advisors

• Headquarters: New York, United States
• Founded: 1925

CMA, formerly Carl Marks Advisors, is a middle-market investment banking and turnaround advisory firm with a long history in restructuring, special situations, and complex corporate finance. The firm advises companies, lenders, creditors, and investors on financial restructuring, operational improvement, M&A, capital advisory, and distressed transactions.

Its relevance lies in the combination of investment banking and restructuring advisory. This allows CMA to support clients not only in stabilizing businesses, but also in evaluating sales, refinancing options, capital structure alternatives, and strategic transactions under pressure.

CMA fits Tier II because it is an established, recognizable platform with a clear restructuring and special situations identity. It is broader than a pure turnaround consulting firm, but its middle-market restructuring orientation makes it suitable for this ranking.

Development Specialists, Inc. (DSI)

• Headquarters: Chicago, United States
• Founded: 1977

Development Specialists, Inc. is a restructuring, financial advisory, and management consulting firm with a long-standing presence in turnaround consulting, financial restructuring, fiduciary roles, forensic accounting, litigation support, and wind-down oversight. The firm works with companies, boards, creditors, lenders, bondholders, and creditor committees in distressed and complex financial situations.

DSI’s strength lies in its deep restructuring heritage and its ability to operate across both advisory and fiduciary roles. It is especially relevant where distressed companies require hands-on execution, insolvency process support, asset recovery, or stakeholder coordination.

DSI fits Tier II because it is independent, established, and directly aligned with the restructuring advisory category. Compared with broader strategy consultancies, DSI has a clearer identity in distress, turnaround, bankruptcy, and creditor-side advisory.

Ducera Partners

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

Ducera Partners is an independent investment banking advisory firm with a strong identity in restructuring, special situations, liability management, and complex capital structure advisory. The firm is partner-owned and conflict-conscious, positioning itself as a specialist advisor in high-stakes financial situations.

Its restructuring work is especially relevant for companies, creditors, sponsors, and investors dealing with debt pressure, capital structure complexity, or strategic alternatives under distress. Ducera’s senior-led model and investment banking discipline give it credibility in large and technically complex mandates.

Ducera belongs in Tier II because it is more focused than broad investment banks, while still carrying the institutional weight required for restructuring and special situations advisory. It is one of the stronger replacements for acquired or inactive boutique names.

Interpath Advisory

• Headquarters: London, United Kingdom
• Founded: 2021

Interpath Advisory is a restructuring, deals, and advisory firm formed from the former KPMG restructuring business. The firm has developed into a major independent advisory platform, with capabilities across restructuring, insolvency, debt advisory, value creation, and transaction support.

Its restructuring work is particularly relevant in the UK and European market, where formal insolvency processes, administration work, creditor negotiations, and operational restructuring often require a dedicated specialist platform. Interpath’s origin as a major restructuring spin-out gives it immediate credibility despite its relatively recent founding date.

Interpath fits Tier II because it is a specialist advisory platform rather than a general public consulting firm. Although larger and more institutional than many boutiques, its core identity remains closely tied to restructuring and financial advisory.

M3 Partners

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

M3 Partners is a corporate advisory firm focused on operational, strategic, and financial solutions for companies facing transition, stress, or underperformance. Its services include turnaround and restructuring advisory, interim management, performance improvement, creditor advisory, transaction advisory, and litigation support.

The firm is especially relevant for clients requiring senior-level execution during periods of financial or operational disruption. M3’s model emphasizes practical value creation, stakeholder alignment, and hands-on advisory work, making it suitable for situations where restructuring is linked to broader business transformation.

M3 Partners fits Tier II because it is active, specific, and closely aligned with the restructuring and special situations category. It is more substantial than many small regional turnaround shops, while still retaining a specialist advisory identity.

Portage Point Partners

• Headquarters: Chicago, United States
• Founded: 2016

Portage Point Partners is a business advisory, interim management, investment banking, and turnaround advisory firm focused on middle-market companies. The firm supports clients across restructuring, operational turnaround, performance improvement, transaction advisory, and interim leadership situations.

Its advisory model is particularly relevant for companies and investors dealing with underperformance, liquidity constraints, creditor pressure, or strategic transition. Portage Point’s middle-market focus gives it a practical restructuring profile, where execution support and financial advisory often need to be delivered together.

Portage Point fits Tier II because it has grown into a visible restructuring and special situations platform without becoming a broad public consulting company. Its recent strategic investment should be treated as a growth signal rather than as a reason for exclusion, since the firm still retains a distinct operating identity.

SierraConstellation Partners

• Headquarters: Los Angeles, United States
• Founded: 2013

SierraConstellation Partners is an interim management and business advisory firm focused on middle-market companies facing difficult business challenges. Its practice areas include turnaround management, financial restructuring, performance improvement, interim management, and transaction advisory support.

The firm is particularly relevant where distressed or underperforming companies require hands-on operators rather than only financial analysis. SierraConstellation often works alongside management teams, sponsors, creditors, and boards to stabilize operations, improve liquidity, and restore business performance.

SierraConstellation fits Tier II because it has a clear restructuring and turnaround identity, an active public footprint, and a practical middle-market advisory profile. It is a stronger candidate than acquired or lightly traceable firms because its current operating presence remains clear.

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Tier III — Specialist Restructuring & Special Situations Advisory Firms

(Alphabetical order)

Aurora Management Partners

• Headquarters: Atlanta, United States
• Founded: 2000

Aurora Management Partners is a turnaround and restructuring advisory firm serving companies, creditors, investors, and stakeholders in complex financial and operational situations. The firm provides business consulting, creditor services, investor services, and corporate governance advisory, with a focus on companies facing transition, distress, underperformance, or operational complexity.

Its work is relevant to restructuring and special situations because it combines financial advisory, operational review, stakeholder communication, and governance support. Aurora’s advisory model is particularly suited to middle-market companies and investors that require practical turnaround execution alongside restructuring analysis.

Aurora Management Partners was placed in Tier III in recognition of its specialist restructuring and turnaround platform, middle-market advisory relevance, and experience across distressed and transitional business situations.

Dundon Advisers

• Headquarters: White Plains, United States
• Founded: 2016

Dundon Advisers is a restructuring advisory, asset management, and credit-focused firm working with institutional investors, creditors, borrowers, and other stakeholders in complex credit situations. The firm’s work spans restructuring advisory, distressed and illiquid assets, credit transactions, litigation-linked situations, and special situations involving creditor recoveries.

Its profile is especially relevant where restructuring work intersects with distressed investing, credit analysis, asset recovery, and litigation-related claims. Dundon’s advisory perspective is shaped by creditor-side and investor-side situations, making it distinct from general turnaround consulting firms focused primarily on operational performance.

Dundon Advisers was placed in Tier III in recognition of its specialist credit orientation, distressed-asset expertise, and relevance to restructuring and special situations mandates involving creditors, investors, and complex recoveries.

Focus Management Group

• Headquarters: Chicago, United States
• Founded: 1998

Focus Management Group is a professional services firm focused on corporate turnaround, restructuring advisory, financial advisory, enterprise improvement, bankruptcy support, and asset management. The firm works with underperforming companies and stakeholders including lenders, equity sponsors, management teams, and legal advisors.

Its restructuring relevance comes from its practical focus on business stabilization, financial review, operational improvement, and stakeholder support during periods of financial distress. Focus Management Group is particularly relevant to middle-market situations where turnaround execution, lender communication, and operational recovery need to be closely connected.

Focus Management Group was placed in Tier III in recognition of its restructuring advisory capabilities, turnaround execution focus, and established role in middle-market distressed and underperforming company situations.

Force 10 Partners

• Headquarters: Newport Beach, United States
• Founded: 2016

Force 10 Partners is an advisory firm specializing in corporate restructuring, challenged businesses, litigation, fiduciary roles, and other special situations. The firm supports middle-market companies, creditors, stakeholders, and professionals through financial restructuring, operational restructuring, valuation, forensic accounting, and litigation support.

Its advisory model is relevant to special situations because it extends beyond traditional turnaround consulting into fiduciary, litigation, forensic, and valuation-related work. This makes Force 10 especially applicable where restructuring issues are connected to disputes, governance concerns, asset recovery, or complex stakeholder processes.

Force 10 Partners was placed in Tier III in recognition of its specialist restructuring focus, litigation and fiduciary capabilities, and relevance to middle-market special situations requiring both financial and operational advisory support.

Harney Partners

• Headquarters: Austin, United States
• Founded: 1991

Harney Partners is a national corporate advisory firm serving middle-market organizations and stakeholders facing complex financial and operational challenges. Its services include restructuring and turnaround, bankruptcy advisory, fiduciary services, interim management, transaction advisory, and forensic and litigation support.

The firm is relevant to restructuring and special situations because it works across operational recovery, creditor engagement, formal restructuring processes, and distressed business advisory. Its capabilities are particularly applicable to situations where financial distress, management transition, litigation support, and stakeholder communication overlap.

Harney Partners was placed in Tier III in recognition of its established restructuring and turnaround identity, middle-market advisory experience, and broad capabilities across bankruptcy, fiduciary, interim management, and forensic support.

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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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