2025 was marked by significant U.S. bankruptcy and restructuring activity. To start, there were a number of significant U.S. court decisions in 2025, notably involving instances of appellate courts in Texas overturning bankruptcy court decisions there:
Serta: Literally a day before the start of 2025, the Fifth Circuit issued its Serta decision, which focused on an “open market purchase” exception to pro-rata sharing in U.S. syndicated credit agreements commonly used to accomplish non-pro-rata liability management transactions and interpreted that exception narrowly, reversing a bankruptcy court ruling that the up-tier transaction at issue was a permissible open-market purchase.
Westco/Incora: In September 2025, a Texas district…