This year was a watershed one for co-op groups. Long a tool for fighting back against aggressive moves by sponsors and companies in the US, they crossed the pond for a starring role in Europe when Altice France and Ardagh creditors banded together.

As co-ops continue to evolve, so too are the strategies being employed by companies and sponsors to push back on them — including NDAs designed to prevent them from forming or ways to shut down communications between creditors and their advisors, and even potential legal challenges to the agreements.

The tug-of-war between creditors and companies is certain to remain in focus into next year and beyond. But we’ll take this opportunity to look back on how it played out this year, and what that meant for the wider world of restructuring.