Firms To Watch: Bankruptcy and restructuring

Tanoira Cassagne Abogados acts for creditors and debtors and has particular experience assisting with reorganisations.

Bankruptcy and restructuring in Argentina

Marval O’Farrell Mairal

Marval O’Farrell Mairal is a go-to firm for complex cross-border restructuring and bankruptcy matters, with its New York office a key differentiator when supporting clients in cases heard before US courts. The practice is a consistent presence across all the major restructurings in Argentina and is comfortable handling in and out-of-court proceedings. The team will advise debtors and shareholders, but is best-known for its creditor-side work, and takes full advantage of its full service offering to provide support from overlapping practice areas including corporate, banking, litigation, tax and labour. Counsel Martín Campbell has more than 35 years' insolvency experience and leads a strong team that also includes disputes-focused veteran Julio César Rivera, judicial bankruptcy proceedings expert Gonzalo Fontana and banking and finance restructuring lawyer Roberto Silva. Banking and finance partner Ricardo Beller left to join PAG Law in May 2022.

Practice head(s):

Martín Campbell

Key clients

Avions de Transport Regional

Bank of Montreal

Finning Argentina and Finning Chile

Credit Suisse



ING (Tokyo branch), Sumitomo Mitsui Banking Corporation and MUFG Bank

Work highlights

  • Representing Cargill, ING Bank (Tokio branch), Sumitono Mitsui Banking Corp and MUFG Bank in the filing of proof of claims in the reorganisation of Vicentín.
  • Advising Avions de Transport Regional on the repossession of two airplanes in the reorganisation proceedings of Avian Líneas Aéreas.
  • Advised Credit Suisse throughout bankruptcy and liquidation of Banco General De Negocios, in which Credit Suisse has 12% of the voting stock.

Naveira Truffat Martínez Abogados (NTMA)

Dispute and bankruptcy specialists Naveira Truffat Martínez Abogados (NTMA) stands out for the strength of its debtor-side work, where it helps clients from a range of industries to restructure liabilities and navigate complex, sensitive reorganisations. The team handles in and out-of-court proceedings, including commercial litigation and extrajudicial preventative agreements, and also has extensive expertise representing trustees in reorganisations and bankruptcies. Under the leadership of the ‘impressive’ Daniel Truffat and Oscar Martínez -both of whom are well-regarded in bankruptcy circles- the firm has built a track record for devising novel and innovative solutions to support debtors and extend creditor-negotiation timelines. Other key names include bankruptcy specialist Fernanda Soria and Valentín Tomás Martínez, who handles corporate disputes, bankruptcy and reorganisations.

Practice head(s):

Daniel Truffat; Oscar Martínez


‘The leadership of Daniel Truffat is impressive. He stands out for his innovative contributions in insolvency and bankruptcy procedures.

Key clients



UGA Seismic

Grupo Newsan



Sur Pacífico

Vassalli Fabril

Apparel Argentina


Globoaves Argentina

Derudder Hermanos

Estudio Capurro/Rosello, Zaragoza

Alvarez Hnos

Provincia ART


Carlos Tabasco

Estudio Emilio Giacumbo

Roggiano & Asociados

Work highlights

  • Advising Argentine conglomerate Grupo Garbarino in ongoing reorganisation proceedings.
  • Assisted Medanito with a complex private debt restructuring process.
  • Advised Roch on its first restructuring proceedings.

Estudio Alegría, Buey Fernández, Fissore y Montemerlo

The insolvency practice at boutique firm Estudio Alegría, Buey Fernández, Fissore y Montemerlo is best known for its strong debtor-side expertise, although it can also take on creditor mandates when required. The team, led by the highly experienced quartet of Gabriel Fissore, Pablo Buey Fernández, Javier Alegria and Miguel Montemerlo, advises local and international clients and is adept at handling contentious and out-of-court restructurings. 

Practice head(s):

Gabriel Fissore; Pablo Buey Fernández; Javier Alegria; Miguel Montemerlo

Allende & Brea

Allende & Brea advises debtors in complex corporate reorganisation proceedings and out-of-court restructurings, as well as supporting creditors through reorganisations and liquidations, creditor’s committees, the acquisition of bankrupt companies, securities foreclosures and related matters. Versatile bankruptcy and reorganisation lawyer Cristian Fox co-leads the diverse, multi-disciplinary team alongside M&A and real estate partner Diego Botana and disputes specialist David Gurfinkel , whose other practice areas include compliance, and distribution, franchising and licensing law.

Practice head(s):

Cristian Fox; David Gurfinkel; Diego Botana


‘Allende & Brea is without a doubt the best bankruptcy and insolvency law firm in the country, both from a technical and customer service point of view. The teams always has the needs of the client in mind and shows commitment to ethics and professionalism.

‘Cristián Fox displays excellent technical knowledge, commitment, ethics and personal interaction.

Key clients

Desmet Ballestra Group

Chubb Argentina de Seguros

Syngenta Agro

Codere Group

Oil Combustibles

Mefro Wheels

Wärtsila Group

Unipar Indupa

Work highlights

  • Advise Desmet Ballestra Group on the debt restructuring of Alloco, including support on union negotiations, recognition of pending credits by tax authorities and the challenging of creditor claims in court.
  • Advise Desmet Ballestra Group on the debt restructuring of Desmet Ballestra Argentina, involving creditor claims and negotiations with clients to obtain full payment for work and services.
  • Advise Codere Group regarding a debt offering to restructure existing debt.

Bruchou & Funes de Rioja

Bruchou & Funes de Rioja's strength in the banking and finance sector ensures that the firm is regularly sought out by creditors involved in bankruptcy and restructuring matters. The ‘knowledgeable’ team also takes on debtor-side work, and is known for designing bespoke reorganisation strategies and testing legal structures for potential dispute scenarios. The practice is particularly strong in complex court proceedings and receives client praise for its ‘commitment, support and advice’ in ‘difficult’ distressed situations. Commercial litigator and experienced bankruptcy practitioner Martín Beretervide fronts the practice with key support coming from Carlos María Rotman, the head of the firm’s dispute resolution department; and banking and finance partner Matías López Figueroa.

Practice head(s):

Martín Beretervide


‘The team really know how to act depending on who we’re dealing with. The team interact very well with the different areas of the firm.’

‘Bruchou’s team is very hands-on. They understand their clients and focus their advice on achieving client goals. They are experts with a practical focus.’

‘Jose Bazan knows how to carry out a huge project with many different aspects. Nacho Mignorini gave us a lot of support when the ex-shareholders tried to file an unapproved bankruptcy.

‘The team has the ability to find creative solutions to problems, which sets them apart.

‘Matías Lopez Figueroa and Martín Beretervide command respect and are constantly coming forward with new ideas and innovation.

‘The team has supported us since 2020 in a difficult distressed situation. Their commitment, support, advice and representation in this complicated matter has been key to defending our position. They are knowledgeable, understand the market and bankruptcy law, and are always available when needed.

‘The team is very knowledgeable and committed. Martín Beretervide and Matias Lopez Figueroa support us on restructuring discussions and negotiations, and they are always available to update and represent us as needed. Guillermo Jorge supports us on a criminal proceeding. His efforts , knowledge and experience have been of incredible value.’

Key clients

Ad-hoc steering committee of international financial creditors of Vicentin

Ad-hoc steering committee of creditors of Molino Cañuelas

Stoneway Capital Corporation


Inter-American Development Bank/Corporación Interamericana de Inversiones

PBB Polisur

Grupo ALL

Tetra Pak

Alstom Argentina

Amec Foster Wheeler Americas


Thor Schifffahrtsgesellschaft

EP Energy and Have Result Investments

Ribera Desarrollos

Las Tierras

Work highlights

  • Advising the ad-hoc steering committee of the international financial creditors of Vicentin in the largest judicial proceeding in Argentina, with an outstanding debt of roughly $1.5bn.
  • Provided ongoing advice to the ad-hoc steering committee of Molino Cañuelas in a restructuring that ended with the company filing for a Concurso Preventivo (similar to a Chapter 11).
  • Advising Ribera Desarrollos, one of the largest real estate companies in Argentina, on its debt restructuring.

Lorente & Lopez Abogados

Boutique firm Lorente & Lopez Abogados specialises its bankruptcy and restructuring practice on the debtor-side, providing expedient, bespoke advice to support financially distressed companies in urgent debt restructurings and reorganisations. The firm is particularly well known for its innovative approach when helping companies to come up with solutions and securities packages that will appease creditors. The practice is led by a trio of dedicated insolvency experts. Javier Armando Lorente covers all the litigation, corporate and M&A aspects of restructurings and insolvencies, and is regularly called as an expert witness in foreign insolvency proceedings before US bankruptcy courts. Ariel Di Bártolo specialises in complex litigation, restructuring and corporate conflicts; while Mariana Russo focuses her practice on restructuring and related dispute resolution matters.

Practice head(s):

Javier Lorente; Ariel Di Bártolo; Mariana Russo

Key clients

Necxus Negocios Informáticos


Ezentis Argentina

Compañía Argentina de Alimentos


Grupo Uno Medios

Overseas Properties



Ingeniería Gastronómica

Work highlights

  • Advising Petrolera Argentina on proceedings that are pending resolution before the Supreme Court of Justice.
  • Advising on the complex reorganisation of Grupo Uno Medios.
  • Advised Veinfar around issues linked to excluding creditor votes from a reorganisation process.

Abeledo Gottheil Abogados

Abeledo Gottheil Abogados provides ‘comprehensive advice on insolvency and bankruptcy with excellent service’. The firm has a broad bankruptcy and restructuring practice, advising creditors, shareholders and debtors across a range of restructuring proceedings, insolvency cases, settlements and reorganisations. Extensive litigation experience in Argentine bankruptcy courts is another area of strength, with the team regularly participating in steering committees and court designated creditor committees. Hernán Martín Oriolo – whose practice covers receivership proceedings and bankruptcy cases, as well as arbitration and complex litigation – co-leads the practice with Leonardo Pablo Cippitelli, a bankruptcy, insolvency and shareholder litigation expert; and bankruptcy and insolvency litigation practitioner Federico Osvaldo Valiño.

Practice head(s):

Hernán Martín Oriolo; Federico Osvaldo Valino; Leonardo Pablo Cippitelli


‘The team has solid knowledge of bankruptcy and finance law. Attentive, responsive and clear.’

‘A team of lawyers who are technically very solid and stay close to clients in their day-to-day work. They are focused on client requirements and go beyond what is asked for. They are always trying to contribute better solutions to existing problems.

‘The Abeledo Gottheil team provides comprehensive advice on insolvency and bankruptcy with excellent service, and stands out for its technical knowledge.

‘An excellent debt restructuring team.

Key clients

Givaudan Argentina

Grupo Romero y Nuñez Del Prado

United Grain Corporation

San Miguel Global

Danisco US

Finning Caterpillar

Unión de Bananeros Ecuatorianos

Cepas Argentina

Compañía General de Combustibles

LG Electronics

ZF Groups

Pioneer Argentina

Work highlights

  • Advised Cepas Argentinas on an insolvency litigation against Tonel Privado and its debt restructuring proposals.
  • Provided United Grain Corporation with advice on the Vicentin receivership process, claiming for recognition of a client’s credit.
  • Advised Finning Argentina in insolvency litigation against Electrificadora del Valle and on its opposition to the extrajudicial reorganisation proceedings of Electrificadora del Valle.

Aguirre Saravia & Gebhardt

Corporate and insolvency specialist Marcelo Gebhardt leads the Aguirre Saravia & Gebhardt bankruptcy and restructuring practice, which advises debtors and creditors on contentious bankruptcy matters, as well as working on various restructuring and insolvency mandates.

Practice head(s):

Marcelo Gebhardt

Alfaro Abogados

Litigation specialist Gabriela Carissimo leads the bankruptcy and restructuring practice at Alfaro Abogados, which focuses on working with clients to reclaim and recover unpaid debts and money owed from Argentine counter-parties that have gone into restructuring proceedings. International clients in particular turn to the firm for support in navigating Argentine restructuring proceedings and recouping value in a high inflation environment.

Practice head(s):

Gabriela Carissimo

Key clients

Acindar Pymes (Member of Arcelor Mittal Group)

Aval Federal

Bodegas Salentein


Red Surcos

Voestalpine High Performance Metals

Climate Controls and Security Argentina

Work highlights

  • Support Acindar Pymes – a member of the Arcelor Mittal Group – in claiming credits in more than 60 bankruptcy proceedings
  • In charge of the execution of the credit instruments issued by Aval Federal, which regularly require involvement in the debtor’s bankruptcy and restructuring proceedings.
  • Onging assistance to Bodegas Salentein in all matters where its debtors are in restructuring and bankruptcy proceedings.

Beccar Varela

The ‘reliable’ and ‘responsiveBeccar Varela bankruptcy and restructuring team advises national and international clients from a range of sectors on financial restructurings and bankruptcy and insolvency proceedings. The team handles out of-court negotiations, prejudicial proceedings and credit recovery, and is also a strong litigation offering, representing clients before national and provincial courts. In and out-of-court financial liability restructurings constitute another busy area. Insolvency, bankruptcy and dispute-resolution expert Martín Gastaldi co-leads the practice alongside private equity-focused Tomás Allende, banking specialist Pablo Torretta and capital markets practitioner Javier Luis Magnasco. Federico Sosa, who has been raised to the partnership, is another key name and focuses his practice on complex litigation, class actions, insolvency, and bankruptcy.

Practice head(s):

Martín Gastaldi; Tomás Allende; Javier Magnasco; Pablo Torretta


‘Beccar Varela is unique for the breadth of its service and full transparency on fees. The team is super-well connected.

‘The team is reliable and responsive. The lawyers go above and beyond. A special mention to Tomas Allende and Felipe Videla for their competence and pro-activeness.

Key clients

BTG Pactual

Deutsche Bank

IIG Structured Trade Finance Trust

Alvarez Marsal

TriLinc Global

Banco de Galicia y Buenos Aires

Piso 10


Asociados Don Mario

Tarjeta Naranja

Work highlights

  • Represented the ad-hoc committee of noteholders in the restructuring of Codere’s debt.
  • Advised Deutsche Bank and Jebsen & Jessen Industrial Solutions as creditors in the restructuring of Molino Cañuelas.
  • Advised Alvarez Marsal and TriLinc Global on the private restructuring negotiation of certain portion of a secured debt held by dairy company Sancor Cooperativa Unida.


Bomchil brings an interdisciplinary approach to its work on bankruptcy and restructuring proceedings, leveraging expertise from other departments to cover client needs. The team works especially closely with partners in the firm’s financial services group, handling numerous restructuring and liability management matters. Other areas of work include foreclosing security interests, assisting foreign clients with the acquisition of distressed assets and participating in creditors’ committees. The team is co-led by experienced insolvency lawyers Tomás Araya and Martín Girotti, who are both members of the insolvency section of the International Bar Association. Senior associate Melisa Romero is another key name and has extensive reorganisation and restructuring experience.

Practice head(s):

Tomás M Araya; Martín Torres Girotti


‘A highly professional team with exceptional technical and legal knowledge of capital markets and specialist expertise in tax, contests and bankruptcies.

‘The team provide valuable support on many of our legal and practical concerns.

Key clients

Ad-hoc group bondholders group (YPF Liability Management)

Ad-hoc group bondholders group (CLISA Liability Management)

Araucaria / Stoneway


Banco Itaú

Credit Agricole



Mills Capital Group

Banco Macro

Latam USD Exim Investments Fund


Armaduras del Sur – Prearmar

Work highlights

  • Advising Stoneway Capital on bond issuances following a non-judicial restructuring process and the implementation of a new collateral package.
  • Represented the ad-hoc group of bondholders in the $6bn liability management offer launched by YPF.

Bulló Abogados

Experienced corporate and banking lawyers Esteban Gramblicka and Gustavo Torassa  lead a Bulló Abogados' bankruptcy and restructuring team that focuses on creditor-side work and handles both contentious and non-contentious restructuring matters.

Practice head(s):

Esteban Gramblicka; Gustavo Torassa

Hope, Duggan & Silva

Experienced corporate, litigation and insolvency lawyers Juan Duggan, Gustavo Vayo and Jose Bo lead the bankruptcy and restructuring team at Hope, Duggan & Silva, which has developed a strong creditor-side practice advising local and international banks across a range of bankruptcy matters. The team also takes on work from debtors and trustees.

Practice head(s):

Juan Duggan; Gustavo Vayo; José Bo

Key clients

JP Morgan

Central National

BNP Paribas

Societe Generale

Martin Ruete

Establecimiento Rio Grande

Creditors of Hope Funds

Creditors to Isolux Argentina/Spain

Work highlights

  • Represented JP Morgan Chase Bank in the bankruptcy proceedings of Banco General de Negocios.
  • Representing Establecimiento Rio Grande and Martin Ruete (as guarantor) in their composition proceedings.
  • Representing BNP Paribas in the bankruptcy proceedings of Extrader.

Mitrani Caballero & Ruiz Moreno Abogados

Respected public law and dispute resolution partner Horacio Ruiz Moreno fronts the bankruptcy and restructuring team at Mitrani Caballero & Ruiz Moreno Abogados. The practice advises domestic and international debtors, creditors and trustees on reorganisations and bankruptcy litigation.

Practice head(s):

Horacio Moreno

Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen is best known for advising distressed and profitable companies on complex debt reduction, restructurings and recapitalisation matters. The firm’s strong banking and finance expertise has seen the team build up an impressive roster of creditor-side clients, although it will also represent debtors and trustees in workout situations and restructurings. Name partner and respected M&A lawyer Alan Arnsten co-leads the team alongside versatile transactional and capital markets partner Diego Serrano Redonnet; litigation specialist Laurato Ferro; and banking and finance practitioner Marìa Gabriela Grigioni.

Practice head(s):

Alan Arntsen; Diego Serrano Redonnet; María Gabriela Grigioni; Laurato Ferro


‘A knowledgeable team that communicates well and and provides good client service.

Key clients

Banco de la Nación Argentina

Banco Provincia de Buenos Aires

Banco de Galicia y Buenos Aires

Banco Hipotecario


Banco BBVA Argentina

Banco Santander Argentina

Banco Macro

UBS Securities

Louis Dreyfus Company Suisse

Work highlights

  • Advising the members of the CAGSA’s steering committee (formed by local and international banks and financial institutions) on the complex financial debt restructuring of CAGSA and its related company Molino Cañuelas
  • Advising ABN Amro Bank on filing of proof of claim in the reorganisation proceedings of Vicentin.
  • Advised a consortium of banks on the restructuring of the financial debt of Oilstone Energía.

Richards, Cardinal, Tützer, Zabala & Zaefferer

Name partners Jorge Tützer, a debt restructuring and insolvency expert, and Calixto Zabala, an adviser to debtors and creditors in judicial and out-of-court debt reorganisations, co-lead  Richards, Cardinal, Tützer, Zabala & Zaefferer's bankruptcy practice, alongside Sebastian Borthwick, who focuses on insolvency and corporate law. The team advises a broad range of clients on both creditor and debtor-sides, including banks, investment funds, bondholders, unsecured and secured creditors, borrowers and shareholders.

Practice head(s):

Jorge Tützer; Calixto Zabala; Sebastian Borthwick

Key clients


Aguas Argentinas

LM Wind Power

Sappi Papier

Baf Latam Trade Finance Fund

Microsoft Corporation



Finanzas & Gestion

Frigorífico Regional Industrias

Alimenticias Reconquista


Chubb Seguros Argentina

Pluna Líneas Aéreas Uruguayas

Work highlights

  • Advising Aguas Argentinas on its ongoing insolvency proceeding.
  • Counsel to MetroGas in relation to its insolvency proceeding filed before local courts.
  • Advised LM Wind Power the in an out-of-court restructuring proceeding (Acuerdo Preventivo Extrajudicial) filed by Impsa.

Salaverri, Burgio & Wetzler Malbran

Dispute resolution expert Damián Burgio and litigation and transactional partner Germán Wetzler Malbrán front Salaverri, Burgio & Wetzler Malbran's bankruptcy and restructuring practice. The team leverages it strength in banking and finance to support clients on debt restructuring matters and is also experienced in judicial proceedings and out-of-court reorganisations.

Practice head(s):

Damián Burgio; Germán Wetzler Malbrán

Zang, Bergel & Viñes Abogados

Francisco Roggero, who combines his transactional background with extensive bankruptcy and litigation experience, leads a Zang, Bergel & Viñes Abogados' bankruptcy and restructuring practice that specialises in advising banks, funds, and financial institutions as creditors in insolvency cases. The team handles in and out-of-court restructurings and also covers restructuring-related litigation and Chapter 11 matters. The firm has also expanded its distressed M&A practice, which has helped to win more debtor-side work alongside its core creditor client roster.

Practice head(s):

Francisco Roggero


‘Francisco Roggero is a lawyer with a lot of experience.

‘The Zang, Bergel & Viñes bankruptcy and restructuring team is on top of new developments and provides a world class service.

‘Exceptional attention to detail and service. The team has deep market knowledge and is very responsive.

Key clients

Banco Itaú Argentina

Banco Hipotecario

HSBC Bank Argentina

Itaú Unibanco (Nassau)

BAF Latam Trade Finance Fund

Banco Internacional De Costa Rica

Perfeta Producciones

Parque de la Costa

Bacs Banco de Crédito y Securitización

Radiodifusora Buenos Aires

Danone Argentina – Logística La Serenísima

Work highlights

  • Advising BAF on the insolvency process of José Cartellone Construcciones Civiles.
  • Representing Banco Hipotecario in the restructuring proceedings of MolCa Group.
  • Represented Fenix Entertainment Group in the restructuring and acquisition of Parque de la Costa.