Polish companies in growing distress. In 2025, for the first time ever, the annual number of opened restructuring proceedings exceeded the threshold of 5,000. In total, 5,132 enterprises entered restructuring, with the largest among them carrying debt of over PLN 1 billion.
This record figure represents a 14.7% increase year on year compared with 2024. Just a few years ago, restructuring was seen by companies as a last resort, often confused with bankruptcy. Today, however, it is increasingly perceived as a protective instrument—one that helps preserve liquidity, safeguard jobs, and reach agreements with creditors.
“Restructuring is no longer a stigma; it is becoming a conscious business decision. Companies are responding to financial problems much earlier and seeking protection before losing control of the situation,”
says Konrad Latoch from the law firm Lege Restrukturyzacje.
Retail trade losing margins and liquidity
The retail and wholesale trade sector recorded the highest number of new restructuring proceedings in 2025. A total of 1,011 cases were opened in this industry, marking an 11.2% year-on-year increase. These figures confirm that trade remains one of the most vulnerable segments of the economy, heavily dependent on consumer sentiment and financing costs.
Inflationary pressure, declining real consumption, and rising costs of energy, rent, and debt servicing are eroding margins and liquidity for many trading companies. This is particularly acute for mid-sized enterprises, which lack the scale advantages of the largest retail chains.
“Retail has found itself trapped between weakening demand and rising operating costs. Restructuring often becomes the only way to put liabilities in order and renegotiate terms with banks and suppliers,”
explains Adam Pasternak from Lege Restrukturyzacje.
Construction sees the fastest growth in restructurings
Construction ranked second in terms of the number of new restructurings. In 2025, 920 proceedings were initiated in this sector—30.3% more than in the previous year, the highest growth rate among major industries.
The problems facing construction companies stem from several overlapping factors: project delays, payment backlogs, the aftermath of the earlier cost surge, and contracts signed during periods of high inflation that have since become unprofitable.
“In construction, we are seeing the consequences of decisions made two or three years ago. Many companies are carrying out contracts that generate no profit while still requiring ongoing financing. Without restructuring, maintaining liquidity becomes impossible,”
says Konrad Latoch.
Manufacturing under cost pressure
Industrial processing and manufacturing came in third. In 2025, 771 new restructurings were recorded in this sector, representing an 18% increase year on year. Rising costs of energy and labor, combined with shrinking margins—especially on long-term contracts—are the key challenges.
Additional pressure comes from uncertain demand and growing competition from abroad. An increasing number of industrial firms are opting for operational restructurings combined with financial restructuring, encompassing both cost reductions and negotiations with creditors.
The largest restructurings of 2025
The year 2025 also brought high-profile restructuring cases involving exceptionally large liabilities. The largest restructuring by total debt involved MA Polska S.A. from Tychy, whose liabilities reached PLN 1,014.4 million. This demonstrates that restructuring instruments are used not only by small and medium-sized enterprises, but also by large companies of significant economic importance.
Second place went to Okechamp S.A. from Poznań, with debt amounting to PLN 361 million. Third was Lexitor sp. z o.o. from Włodawa, with liabilities of PLN 332.8 million.
The record number of restructurings in 2025 shows that Polish business is entering a new phase of maturity. Entrepreneurs are increasingly treating restructuring as a risk management tool rather than a sign of failure. At the same time, the scale of the phenomenon indicates that cost and financial pressure across many sectors remains high.
Data source: analytical firm MGBI
