Rising Stars

Firms To Watch: Bankruptcy and restructuring

EY Argentina advises clients across a range of sectors on the preparation and documentation for liquidation processes; Jorge Garnier and Pablo Bisogno are the main contacts.
Tanoira Cassagne Abogados acts for creditors and debtors and has particular experience assisting with reorganisations; senior associate María de los Angeles Franco is the key point of contact.

Bankruptcy and restructuring in Argentina

Estudio Alegría, Buey Fernández, Fissore y Montemerlo

Insolvency boutique Estudio Alegría, Buey Fernández, Fissore y Montemerlo is known for the strength and depth of its debtor-side practice, although it has the capability to take on creditor-side work when called on. The firm is a go-to option for local and international clients and covers the full range of contentious and out-of-court restructuring work. The respected quartet of Gabriel Fissore, Pablo Buey Fernández, Javier Alegria and Miguel Montemerlo co-lead the team, which is also able to call on the vast experience of founding partner Héctor Alegría, who previously chaired Argentina’s Securities and Exchange Commission and has served as an alternate judge for the country’s Supreme Court of Justice.

Practice head(s):

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

Work highlights

  • Sole counsel to regional food company Molino Cañuelas, which -having failed so secure an APE- filed for reorganisation proceedings (‘concurso preventativo’) in 2021 in both its judicial restructuring agreement and various bilateral restructuring agreements with secured creditors.
  • Lead bankruptcy counsel to major Argentine agro-export company Vicentin.
  • Representing a company operating in the power sector, as debtor, in its out-of-court agreement (APE).

Marval O’Farrell Mairal

Creditors, shareholders, debtors and trustees turn to Marval O’Farrell Mairal’s large bankruptcy and restructuring practice for support on complex , cross-border restructurings and bankruptcies. The team has been involved in Argentina’s largest and highest-profile in and out-of-court restructurings and -through its New York office- is able to support clients in cases heard before New York courts. Best known for its creditor-side track record, the firm’s multi-service capabilities allow it to draw on the expertise of banking, finance and litigation experts to provide a comprehensive service in major restructurings. Vastly experienced counsel Martín Campbell is a stand-out practitioner with more than 35 years of insolvency experience. He leads a strong senior team that includes Julio César Rivera (disputes); Gonzalo Fontana  (judicial bankruptcy proceedings) and Roberto Silva Jr  (banking and restructuring). Since publication, Silva has been appointed head of the National Securities Commission by the incoming Millei administration - effective as of Janauary 2024.

Practice head(s):

Martín Campbell

Key clients

Avions de Transport Regional

RR Donnelley de Argentina

Finning Argentina and Finning Chile

Credit Suisse


Advising ING Bank, Surcursal Tokio, Sumitomo Mitsui Banking and MUFG Bank


Banco Comafi

Mercado Libre

Work highlights

  • Advising ING Bank (Tokyo branch), Sumitomo Mitsui Banking and MUFG Bank in high-value reorganisation proceedings involving Vicentín; the proceedings represent the largest insolvency case in Argentina.
  • Advising ING Bank on the restructuring proceedings of Molino Cañuelas.
  • Advising Project Twist and the respective lenders, agents and trustees on a complex, cross-border matter related to the reorganisation of Italian debtor Officine Maccaferri.

Naveira Truffat Martínez Abogados (NTMA)

Naveira Truffat Martínez Abogados (NTMA) has a strong focus on disputes and bankruptcy matters and is best known for its deep expertise in debtor-side work. Covering extrajudicial preventive agreements (APEs), public debt restructurings and bankruptcies, the firm helps corporates from a wide range on industries to restructure liabilities and work through complex reorganisations. The team handles in and out-of-court proceedings, including associated commercial litigation, and also has extensive expertise representing trustees in reorganisation and bankruptcy proceedings. Market references Daniel Truffat and Oscar Martínez have been working together for more than three decades and co-lead the team, with Fernanda Soria (bankruptcy) and Valentin Martinez (corporate disputes, bankruptcy and reorganisations) the other key senior names on the roster.

Practice head(s):

Daniel Truffat; Oscar Martínez


The NTMA team is a specialist in restructuring and bankruptcy. It has incorporated new members that broaden its scope.

They are professionals who delve into the business and help client’s to deliver on their objectives.

The legal wisdom of Daniel Truffat clearly stands out.

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.
  • Advise Roch on all of its restructuring proceedings.
  • Advising Alvarez Hnos in various restructuring proceedings.

Allende & Brea

Allende & Brea’s multidisciplinary team represents corporate debtors in reorganisation proceedings and out-of-court restructurings in Argentina, and is also retained by creditors for support on reorganisation and liquidation proceedings, creditor committee-matters, the acquisition of bankrupt companies, foreclosure of securities, and other related issues. The practice is co-lead by experienced bankruptcy and restructuring partner Cristian Fox; disputes specialist David Gurfinkel and M&A and real estate partner Diego Botana.

Practice head(s):

Cristian Fox; David Gurfinkel; Diego Botana


Very good service quality in restructuring. Cristián Fox is very responsive and knowledgable.

The firm has provided excellent service in the insolvency and bankruptcy area. An excellent team, both from the professional technical point of view. They always keep in mind the business and the needs of the client, maintaining the commitment to ethics and professionalism in their actions.

Cristián Fox is one of the most outstanding professionals in the country in the bankruptcy and restructuring area, due to his level of technical knowledge, commitment to work, ethical level and management of interpersonal relationships.

Key clients

Desmet Ballestra Group

Chubb Argentina de Seguros

Oil Combustibles

Mefro Wheels

Wärtsila Group

Unipar Indupa

Zúrich Argentina

Servicios Compass de Argentina

Work highlights

  • Advising Desmet Ballestra Group on the debt restructuring of Alloco, including support on union negotiations, the recognition of pending credits by tax authorities and the challenging of creditor claims in court.
  • Advising 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.
  • Advising and representing the trustee of Oil Combustibles in one of the most important bankruptcies in Argentina.

Beccar Varela

Beccar Varela handles financial restructurings and bankruptcy and insolvency proceedings for international and national clients across a range of industry sectors. The team covers out of-court negotiations, prejudicial proceedings, credit recovery, insolvency and bankruptcy reorganisation proceedings, and debt restructurings. Litigation is another strong area, with the firm managing a large portfolio of proceedings, including cross-border matters, at provincial and national level. Martín Gastaldi is a well-known insolvency, bankruptcy and dispute-resolution expert. He leads the team alongside private equity practitioner Tomás Allende and banking specialist Pablo Torretta. Federico Sosa, who covers complex litigation, class actions, and insolvency and bankruptcy; and corporate and banking lawyer Felipe Videla, who was raised to the partnership in April 2022, are the other key contacts.

Practice head(s):

Martín Gastaldi; Tomás Allende; Pablo Torretta

Key clients

BAF LatAm Credit Fund

BLC Asset Solutions

Deutsche Bank

Alvarez Marsal

Puente Hermanos

Landesbank Baden-Würtemberg

BTG Pactual

Banco BISA


Work highlights

  • Advised BLC Asset Solutions on a complex loan renegotiation involving Gemsa.
  • Advising BAF on the the default of a loan issued to LRI.
  • Advised Deutsche Bank, as secured creditor, in a bilateral restructuring agreement with Molino Cañuelas.


Bomchil represents a wide range of clients, both on the debtor and the creditor side, on a broad field of complex cross-border restructuring matters. Taking an interdisciplinary approach to restructuring cases, and working with colleagues in other departments, the team handles liability management, security interest foreclosures, creditor committee mandates and distressed asset acquisitions. The practice is also well-versed in restructuring and reorganisation proceedings, including Chapter 11 and Chapter 15 proceedings in the US. 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. Litigator Melisa Romero, raised to the partnership in January 2023, is another senior level contact with ample experience of the contentious aspects of bankruptcy matters. Since publication, the practice has been notably reinforced with the hire of former bankruptcy judge Julia Villanueva as practice co-head – effective as of January 2024.

Practice head(s):

Tomás Araya; Martín Torres Girotti

Key clients

Stoneway Capital Corporation

Banco Itaú Argentina

Entre Ríos Crushing

Shareholders of Banco Bisel and Banco de Entre Ríos (BERSA)

Mills Capital Group

Armaduras del Sur – Prearmar

Shareholders of 3Arroyos (Fernando Sansuste)



Work highlights

  • Advised Stoneway Capital Corporation and its affiliates Araucaria Energy, Araucaria Generation, Araucaria Power Generation and SPI Energy on a restructuring  under a Chapter 11 Plan confirmed by the Bankruptcy Court of Southern District of New York New York.
  • Representing Entre Ríos Crushing in its reorganisation proceedings involving more than 200 creditors. The process includes a complex negotiation and restructuring of financial debt belonging to the main five Argentine banks.
  • Representing Gramercy in the refinancing of certain credit facilities granted to Grupo Unión, an Argentine non-banking lending company.

Bruchou & Funes de Rioja

Bruchou & Funes de Rioja‘s blue-ribbon banking practice and deep lender and financial services network see it regularly sought out by creditors for support in bankruptcy and restructuring matters. Debtor-side work is also taken on by the experienced team, which covers complex judicial restructurings, liquidation proceedings, bankruptcy litigation and testing legal structures for potential dispute scenarios. Experienced commercial litigation and bankruptcy lawyer Martín Beretervide leads the practice with close support from well-regarded banking and finance expert Matías López Figueroa. The team was strengthened in January 2023 with the arrival of specialist disputes and bankruptcy partner Francisco Camauer from Estudio Matta y Trejo. Senior associates Martín Freier and Victoria Nadal are noted.

Practice head(s):

Martin Beretervide


We have chosen Bruchou as our local counsel in Argentina due to the excellent and immediate quality of service we receive. All this together with the fact that Bruchou is also reasonable regarding fees for services. Really, you couldn’t ask for more!

Martin Beretervide and Matias Lopez stand out for the depth of their legal knowledge and the speed of their responses.

It is very significant that partners get involved and constantly attend to the needs of customers. The obviously very professional and significantly cordial immediate response stands out a lot.

In addition to the obvious professional quality, expected in a law firm of this level, all the professionals, from partners to juniors, are very cordial and empathetic with our needs; I note partner Martín Beretervide and senior associate Martín Freier – extraordinary.

It is one of the best teams in the country and with a lot of knowledge of the market. The fact that a lot of the team comes from the judicial field is a significant plus that clearly puts them in a very good position compared to other firms.

Bruchou’s restructuring practice is a good mix of practical advice and really deep technical knowledge of the law.

Martin Beretervide and Ignacio Minorini are excellent litigators and strategists in this field.’

Key clients

Ad-hoc steering committee of international financial creditors of Vicentin

Ad-hoc steering committee of Stoneway Capital Corporation

Ribera Desarrollos

Trident Southern Explorations

Tetra Pak

Grupo ALL

EP Energy and Have Result Investments

Orbis Mertig

Itaú Unibanco – Nassau Branch

JP Morgan


Natixis (NY branch

Federated Project Fund

Credit Agricole


Inter-American Development Bank/Corporación

Interamericana de Inversiones

Banco de Galicia y Buenos Aires

Amec Foster Wheeler Americas Corp

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.
  • Advised an ad-hoc group of bondholders holding a substantial majority of senior secured notes issued by Stoneway Capital Corporation on insolvency and restructuring matters.
  • Advising Ribera Desarrollos, one of the largest real estate companies in Argentina, on its debt restructuring.

Lorente & Lopez Abogados

Bankruptcy and restructuring boutique Lorente & Lopez Abogados specialises in debtor-side work, where it provides expedient, bespoke advice to support financially distressed companies in urgent debt restructurings and reorganisations. Clients rely on the firm to devise made-to-measure solutions and securities-packages' arrangements that appease creditors and allow restructurings to progress. Javier Armando Lorente has broad experience handling the litigation, corporate and M&A aspects of restructurings and insolvencies, and is known for his expertise on proceedings before US bankruptcy courts. He co-leads the practice with complex litigation, corporate conflicts and restructuring expert Ariel Di Bártolo and restructuring and related disputes-focused partner Mariana Russo.

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

Antonio Barilari

Work highlights

  • Advising on the complex reorganisation of Grupo Uno Medios.
  • Advising Petrolera Argentina on proceedings that are pending resolution before the Supreme Court of Justice.
  • Advised on the restructuring of Compañía Americana de Alimentos.

Abeledo Gottheil Abogados

Abeledo Gottheil Abogados counsels creditors, shareholders and debtors on a wide range of receivership, bankruptcy, and restructuring proceedings, covering a range of industry sectors. The team handles judicial and extrajudicial matters, is regularly called on to join steering committees and court designated creditor committees, and has litigated extensively in the Argentine bankruptcy courts. Hernán Martín Oriolo (receivership proceedings, bankruptcy cases, litigation); Leonardo Pablo Cippitelli (bankruptcy, insolvency and shareholder litigation) and Federico Osvaldo Valiño (bankruptcy and insolvency litigation) jointly lead the practice.

Practice head(s):

Hernán Martín Oriolo; Federico Osvaldo Valino; Leonardo Pablo Cippitelli


Federico Valiño understands business, has very good communication and is up-to-date with news related to his area of expertise.

Deep knowledge of regulations applicable to complex litigation, complemented by a great capacity for analysis in the relationship between these conflicts and the business.

Federico Valino and Leonardo Cippitelli and very solid in litigious and procedural issues, and in the strategy to carry out negotiations.

I appreciate that Abeledo has a more flexible style than that of other firms.

Federico Valiño: understands business, has very good communication, knows about his area of expertise, remains up-to-date on it.

Deep knowledge of regulations applicable to complex litigation, complemented by a great capacity for analysis in the relationship between these conflicts and the business.

They have very good strength in the bankruptcy and liability restructuring process. Partner Hernán Martín Oriolo has successfully led liability restructuring processes for the ZF Group and has also represented the group in counseling and legal representation before bankrupt debtors.

Regarding the differences that we noticed with other law firms, it is that the partner personally attends to the queries and they also have specific knowledge of the subject and an excellent command of all areas of law in general, which allows them to advise us on all issues related to the operation of the company together with the assistance of other professionals of the Abeledo Gottheil firm.

Key clients

Givaudan Argentina

Grupo Romero y Nuñez Del Prado

United Grain Corporation

San Miguel Global


Finning Caterpillar

La Mercantil Leon

Cepas Argentina

Compañía General de Combustibles

LG Electronics

ZF Groups

Pioneer Argentina

Work highlights

  • Advised Finning on CPC’s (Grupo Indalo) receivership process, including active participation in its creditor’s committee to monitor debtor compliance with the approved reorganisation plan.
  • Legal advice to different clients from Bolivia on the José Cartellone Construcciones Civiles receivership.
  • Provided United Grain Corporation with advice on the Vicentin receivership process, claiming for recognition of a client’s credit.

Aguirre Saravia & Gebhardt

Aguirre Saravia & Gebhardt advises debtors and creditors on contentious bankruptcy matters, as well as working on various restructuring and insolvency mandates. The team is led by experienced corporate and insolvency specialist Marcelo Gebhardt.

Work highlights

  • Co-counsel to IMPSA on its out-of-court reorganisation proceeding.
  • Representing Bienes Raíces de Capitales Privados in relation to a default on a $10m facility granted by Banco Hipotecario.

Alfaro Abogados

Lenders turn to Alfaro-Abogados for support when seeking to recover debts from Argentine debtors that have entered restructuring proceedings. International lenders in particular call on the firm for guidance on how to recoup value from restructurings in a jurisdiction with high inflation. The team’s expertise also covers the negotiation of liens in lending documents, to ensure clients have priority in the event of bankruptcy. Litigation specialist Gabriela Carissimo is the main point of contact on bankruptcy and restructuring matters.

Practice head(s):

Gabriela Carissimo


‘ The team has a business perspective. They understand the dynamics and needs of a company and align legal advice with the commercial aspects of managing a business.’

Key clients

Arcelor Mittal Acindar

Voestalpine High Performance Metals


Red Surcos

Aval Federal

Bodegas Salentein

Textron Financial Corporation

Work highlights

  • Advised Textron Aviation on the sale of a helicopter and the preparation of guarantee contracts to secure the financing plan.
  • Advised Red Surcos on the negotiation of a judicial agreement.
  • Advising Acindar Pymes on a debt restructuring agreement.

Bulló Abogados

Bulló Abogados has a strong focus on creditor-side work, with experience spanning contentious and non-contentious restructuring matters. The practice is led by experienced corporate and banking lawyers Esteban Gramblicka and Gustavo Torassa, with senior associate Nicolas Micieli also a point of contact.

Practice head(s):

Esteban Gramblicka; Gustavo Torassa

Hope, Duggan & Silva

The experienced Hope, Duggan & Silva team advises creditors, debtors and trustees across a variety of in and out-of-court bankruptcy and restructuring matters, with international banks among its most important clients. The practice is co-led by the trio of Juan Duggan, Gustavo Vayo and Jose Bo, who have been working together for more than three decades and have extensive corporate, litigation and insolvency experience.

Practice head(s):

Juan Duggan; Gustavo Vayo; José Bo

Key clients

Mayekawa Japan/Mayekawa Argentina

JP Morgan

Establecimientos Rio Grande

BNP Paribas

Creditors to Isolux Argentina/Spain

Creditors to Hope Funds

Martín Ruete


Work highlights

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

Mitrani Caballero & Ruiz Moreno Abogados

Mitrani Caballero & Ruiz Moreno Abogados works with domestic and international debtors, creditors and trustees on reorganisations and bankruptcy litigation. Veteran public law and dispute resolution partner Horacio Ruiz Moreno is the main contact.

Practice head(s):

Horacio Moreno

Work highlights

  • Counsel to Bunge in relation to the bankruptcy proceedings of Vicentin.

Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen is known for representing creditors, debtors, trustees and ad hoc creditors’ committees in judicial and out-of-court workouts and debt restructurings, for both local and foreign parties. Companies turn to the firm for counsel on complex debt reduction, restructuring and recapitalisation matters, with the team also recognised for its expertise in extrajudicial preventive agreements (APEs). A large practice leadership team is comprised of well-known transactional lawyer Alan Arntsen; capital markets and transactional partner Diego Redonnet; litigation-focused Lautaro Ferro; banking practitioner María Gabriela Grigioni and Guillermo Quiñoa, who covers real estate and litigation.

Practice head(s):

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

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

  • Advised GCDI in the negotiation and drafting of the restructuring of the Class XVI and XVII Notes, issued in February 2020.
  • Advised Hospitality Infrastructure and Latin Advisors on the negotiation and drafting of a refinancing agreement with Ponte Armelina (as borrower) and TGLT Uruguay (as warrantor).

Richards, Cardinal, Tützer, Zabala & Zaefferer

Richards, Cardinal, Tützer, Zabala & Zaefferer‘s experienced team of restructuring and insolvency lawyers support creditors, debtors, shareholders and investment funds in judicial and out-of-court debt restructurings, reorganisations and insolvencies. The team is co-lead by debt restructuring and insolvency expert Jorge Tutzer; Calixto Zabala, who handles in and out-of-court debt reorganisation proceedings; and insolvency and corporate law partner Sebastian Borthwick.

Practice head(s):

Jorge Tützer; Calixto Zabala; Sebastian Borthwick

Work highlights

  • Counsel to Los Reyunos International with regard to the default on a $12m loan from BAF LatAm Credit Fund.

Salaverri, Burgio & Wetzler Malbran

Salaverri, Burgio & Wetzler Malbran’s bankruptcy and restructuring practice draws on the strong reputation of the firm’s banking and finance department to secure a steady flow of debt restructuring work. The team is also well-versed in judicial proceedings and out-of-court reorganisations. Dispute resolution expert Damian Burgio and veteran litigation and insolvency lawyer German Wetzler Malbran lead the team.

Practice head(s):

Damián Burgio; Germán Wetzler Malbrán

Work highlights

  • Counsel to GEMSA on the restructuring of $43m in outstanding debt related to an original $50m loan from BLC.

Zang, Bergel & Viñes Abogados

Zang, Bergel & Viñes Abogados advises creditors, including banks, financial investors and steering committees, on in and out-of-court restructurings, including litigation, Chapter 11 and bankruptcy. Creditor-side mandates have been a core source of work, but as the team has advised more clients on distressed M&A deals, further engagements have emerged from debtors in the entertainment, household appliances and technology sectors, among others. Francisco Roggero is an experienced transactional, bankruptcy and litigation partner. He leads the team with key support coming from senior associate Agustina Torre, who specialises in judicial and extrajudicial proceedings as well as business reorganisations and liquidations.

Practice head(s):

Francisco Roggero


The firm’s insolvency and restructuring team is second to none. They have unsurpassed technical knowledge and vast experience in the field.

The service they provide, as well as their availability and technical ability, makes them stand out.

The partners are professionals with considerable experience in this sector and with many contacts; additionally, they are always available.

Key clients

Banco Itaú Argentina

Banco Hipotecario

HSBC Bank Argentina

BAF Latam Trade Finance Fund

Banco Internacional de Costa Rica

Itaú Unibanco Nassau Branch

Perfeta Producciones

Parque de la Costa

BACS Banco de Crédito y Securitización

Radiodifusora Buenos Aires

Danone Argentina and 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.
  • Representing Banco Hipotecario and Banco Internacional de Costa Rica in the restructuring proceedings of Vicentín.