Boutique firm Estudio Alegría, Buey Fernández, Fissore y Montemerlo provides a market leading, debtor-side, insolvency practice, with experience in contentious and out-of-court restructurings for local and international companies. Pablo Buey Fernández and Gabriel Fissore are well regarded names in the area.
Bankruptcy and restructuring in Argentina
Estudio Alegría, Buey Fernández, Fissore y Montemerlo
Gabriel Fissore; Pablo Buey Fernández; Javier Alegria; Miguel Montemerlo
The litigation, banking and finance experts that make up the Marval O’Farrell Mairal practice provide top tier service to national and international clients in the bankruptcy, insolvency and restructuring segments. Acting for creditors, shareholders, debtors and trustees, the firm advises on both in- and out-of-court matters. The practice is well regarded for its strength in cross-border US issues, as well as being able to ‘adapt to the instability of Argentina’. Despite the departure of former practice head Fernando Hernández (who moved in house at Globant in September 2021), the practice has not missed a beat, with Gonzalo J Fontana a veteran in the sector handling both the advisory and contentious aspects of the practice. The team focuses on complex, multijurisdictional matters and can draw on further senior input from banking and finance partner Ricardo W Beller, and counsel Martín Campbell, who is a specialist in commercial, business and labour law.
‘Marval is a highly professional firm, with legal professionals with the most important experience’.
‘Marval is very flexible and that makes it adapt to the instability of Argentina, providing adequate advice to the context that business does not develop’.
‘Reliability and seriousness’.
Intercontinental Hotels Group
Stichting Cable Escrow
Avions de Transport Regional
Bank of Montreal
Finning Argentina and Finning Chile
Sumitomo Mitsui Banking Corporation
- Advising the lenders, agents and trustee (Project Twist, GLG Partners Limited, Stellex Capital Holdings Luxembourg, Deutsche Bank, GLAS Trust Corporation and GLAS Trustees) on the guarantee and security package to be granted by the Argentine subsidiary of OMSPA, an Italian debtor filing for reorganisation, and insolvency issues relating thereto in Argentina.
- Advising InterContinental Hotels Group, as creditor and licensor, on the reorganisation proceedings of KLP Emprendimientos (owner of the InterContinental Hotel in Mendoza).
- Advising Avions de Transport Regional on the reorganisation proceedings of Avian Líneas Aéreas in relation to the repossession of two airplanes.
Naveira Truffat Martínez Abogados (NTMA)
Naveira Truffat Martínez Abogados (NTMA)’s core areas of practice are bankruptcy and dispute resolution, and the firm’s work covers the full restructuring life-cycle. Key specialisms include debt refinancing, representing bankruptcy trustees and advice on general corporate matters. The team is co-led by Daniel Truffat, who focuses on restructuring processes, reorganisation proceedings, out-of-court agreements and commercial litigation; and Oscar Martínez, who handles acquisitions, complex contracts, corporate conflicts, bankruptcy, reorganisation proceedings and extrajudicial preventative agreements. Other prominent names in the practice are bankruptcy specialist Fernanda Soria and Valentín Tomás Martínez, who is active in corporate disputes, bankruptcy and reorganisations.
Daniel Truffat; Oscar Martínez
‘The relationship with the team was very good both from a technical and interpersonal point of view, excellent predisposition, speed of response.We had to work with one of the lawyers and then continue with another due to the absence of the first and the transfer was impeccable, we as clients did not notice it. The plus that makes them stand out is clarity in communication and precision, along with technical knowledge.‘
‘Its best qualities are the simplicity in dealing with the client’s follow-up; Valentin Martinez, Oscar Martinez and Daniel Trufat.‘
It is a solid team. The solutions they provide are proposed based on the complexity of the needs of us as a client. In relation to other law firms, the dedication of its main components clearly stands out. I emphasize that the attention of the firm was coordinated with other teams of professionals that our company required, acting with outstanding professionalism and synergy, ‘adapting to the requirements of face-to-face and remote work.‘
‘I highlight the performance of Drs Truffat, Martínez, Ferrari and Mallo. All of them are main partners and assist us in complex issues for a high demand restructuring process.‘
‘NTMA is one of the most prestigious firms in Argentina for bankruptcy and insolvency. They are a registered trademark in the market and they really demonstrate it every time they have the opportunity to do so.‘
‘NTMA’s strength is its attorneys. They have partners with outstanding trajectories who are reference points in this practice, as well as young partners who have had a great training within the firm.‘
‘Daniel Truffat and Oscar Martínez are our reference lawyers in the matter. They are directly involved in the care of our affairs and this gives us a lot of security in a matter as delicate as bankruptcy and restructuring. Daniel is a brilliant lawyer with a very marked style of his own and, together with Oscar, they complement each other perfectly, with the latter having excellent commercial qualities and a great knowledge of the market. Finally, I want to highlight especially the work of Valentín Martínez, who is a young lawyer who has really taken care that all our matters are treated in the best way. It is he with whom we have daily contact and we value him very much. I can safely say that he is one of the best under 40 lawyers of his generation.‘
‘NTMA is probably one of the two most recognised law firms in Argentina for bankruptcy matters. Its track record is impeccable and its partners have a great reputation in the market.‘
‘In our case, beyond assisting us in daily procedures related to verifying credits in bankruptcy cases, it is worth highlighting the specific case of the Proteinsa bankruptcy, in which -through a challenge- they managed to get the intervening court to reject mortgage guarantees granted by the bankrupt company to its main creditor. This is a job that very few firms in Argentina are capable of doing.‘
‘In bankruptcy, it is worth highlighting in the leading roles of both Oscar Martínez and Daniel Truffat. Both are widely recognised in the market as two professionals who have worked as a team for many years with excellent results. Oscar is a professional with a more commercial and entrepreneurial profile, Daniel, on his part, is a legal eminence. This makes the conjugation between the two excellent and mutually reinforcing.‘
Estudio Capurro, Rosello, Zaragoza
Crediserv / Fincredit Coop
Estudio Emilio Giacumbo
Roggiano & Asociados
- Ongoing advise to independent oil and gas exploitation, exploration and commercialization operator, Roch, in all its restructuring proceedings.
- Representing Vassalli in its reorganisation proceeding; one of the most sensitive cases for the agricultural industry in Argentina due to the magnitude of the company
- Advice to credit and purchase card system company Credimás (which operates in the Northwest of Argentina), on its restructuring proceedings.
Allende & Brea’s diverse bankruptcy and restructuring practice has experience ranging from representing corporate debtors in reorganization proceedings and out-of-court restructurings, to advising creditors in connection with reorganizations and liquidations, the acquisition of bankrupt companies and foreclosure of securities. Enrique Cristian Fox focuses on judicial and extra-judicial debt restructuring, purchase and sale of companies in bankruptcy and arbitration proceedings. He co-leads the team with David Gurfinkel, who handles commercial litigation, arbitration, bankruptcy and compliance; and Diego Botana, whose areas of expertise include corporate reorganizations, debt restructuring, bankruptcy and insolvency.
Enrique Cristian Fox; David Gurfinkel; Diego Botana
‘Very solid legal knowledge and ability to communicate it in a simple and concise way.‘
‘David Gurfinkel is without a doubt one of the best litigation lawyers active today; he collaborates quickly and explains the advantages and disadvantages in a complete and simple way .‘
NV Desmet Ballestra Group
Chubb Argentina de Seguros
Smith & Nephew
Standard Chartered Bank
Mefro Wheels GmbH
- Advised Desmet Ballestra Group on the debt restructuring of Alloco, a controlled company located in Rosario, Province of Santa Fe; involving advice in relation to creditors’ claims, Unions’ negotiations, recognition of pending credits by Tax authorities and a challenge of creditors’ claims at Court.
- Advise Desmet Ballestra Group on the debt restructuring of Desmet Ballestra Argentina, a controlled company located in Buenos Aires.
- Advised Argentine companies of Codere Group on the restructuring of $1.5bn debt on which they are guarantor.
The Bruchou, Fernández Madero & Lombardi restructuring and bankruptcy practice is primarily known for assisting financial entities and other large companies in debtor's reorganization or liquidation proceedings. As well as providing expertise in bankruptcy and reorganization law, the practice handles a range of complex court proceedings and tests of legal structures for potential dispute scenarios. Former judge Carlos María Rotman leads the team and specialises in dispute resolution and bankruptcy proceedings. Additional, experienced partner-level leadership comes from Martín Beretervide, while associates Tomás Ambrosini and Emilia Rodríguez Rohwain provide key associate support.
Carlos María Rotman
‘The professional level is undoubtedly at the height of what is expected in a firm of this line’.
‘The Tenders and Restructuring Staff stands out, beyond its ample technical capacity, for its empathetic and significant personal contact with the Client, which together generates a very good experience in the service provided by the Firm Bruchou.’
‘Constant availability and quick response, the high points of it, in addition to its remarkable technical capacity.’
‘Compared to other firms, there is more collaboration (and less competition) between partners’.
‘Above all, the BFM & L team is characterized by quick and effective responses’
‘Over the years, BFM & L continues to stand out for its efficiency and solidity, not only in response times, but also in the ability to go over the key points and provide complete advice’.
Stoneway Capital Corporation
Grupo ALL Argentina
Amec Foster Wheeler Americas
Greylock Global Direct Latin America
- Assisted the ad-hoc steering committee of the international financial creditors of Vicentín with bankruptcy and litigation matters, along with representing some of the creditors in the reorganisation proceedings.
- Assisted mining company Trident Southern Explorations de Argentina with preparing the strategy to file for its reorganisation proceeding under the provisions of Argentine bankruptcy law.
- Assisted Dow’s affiliate company PBB Polisur with complex restructuring litigation within the insolvency proceeding of Grupo Simpa.
Lorente & Lopez Abogados
Lorente & Lopez Abogados is active in insolvency, debt restructuring, corporate advisory and bankruptcy issues, as well as acting in litigation in the area. Bankruptcy and insolvency specialist Javier Armando Lorente handles litigation, arbitration, partnership conflicts and corporate advisory matters. Other key names include Ariel Di Bártolo, Mariana Russo and associate Diego Fernando Madero.
Javier Armando Lorente
Tata Consultancy Services
Grupo MAS Energía
Instituto de Seguros
Grupo Uno Medios
Gourmand Food Hall
Costruzioni Meccaniche Luigi Bandera
Harrods Buenos Aires
Impresora Internacional de Valores
Bodegas y Viñedos Orfila
Abeledo Gottheil Abogados
Abeledo Gottheil Abogados enters the rankings thanks to the ‘technical, legal and business knowledge’ in a team that ‘specialises in the industry and financial sectors’. The firm provides advice to creditors, shareholders and debtors in a range of bankruptcy and restructuring proceedings, insolvency cases, settlements and reorganization agreements. The practice is co-led by bankruptcy litigation specialist Hernán Martín Oriolo; Leonardo Pablo Cippitelli, who has experience in bankruptcy, insolvency and shareholder litigation; and Federico Osvaldo Valiño, who handles reorganization agreements and restructurings.
Hernán Martín Oriolo; Leonardo Pablo Cippitelli; Federico Osvaldo Valiño
‘They understood the particular focus of our company and the necessary change of course from a productive activity to a commercial one, which determined not only the restructuring of commercial liabilities but also the restructuring of the productive sector’.
‘The team that Dr Oriolo leads is also noted for its diversity of talented senior attorneys’.
‘The Abeledo Gottheil team is made up of excellent professionals with outstanding legal and technical knowledge of the processes to be applied’.
‘Technical, legal and business knowledge’
‘Abeledo specialises in the industry and financial sectors’
United Grain Corporation
San Miguel Global
Unión de Bananeros Ecuatorianos
Compañía General de Combustibles
- Legal advice to UBESA on the restructuringof its $7m debt with Dole.
- Advised United Grain Corporation with legal advice regarding Vicentin’s receivership process, and claim for recognition of the client’s credit.
- Advice to Finning Argentina on its insolvency litigation against Electrificadora del Valle.
Aguirre Saravia & Gebhardt
Aguirre Saravia & Gebhardt acts for debtors and creditors in contentious bankruptcy proceedings, as well as advising on a range of restructuring matters. Commercial, corporate and bankruptcy law specialist Marcelo Gebhardt is active in the area.
Other key lawyers:
The experienced Beccar Varela practice handles financial restructurings, and bankruptcy and insolvency proceedings for national and international clients across a range of industries, particularly banking, insurance, automotive, agribusiness, food and beverages, real estate, transport and logistics. The firm is principally known for representing creditors, but is increasingly active for insolvent companies. Martín Gastaldi leads the team and specialises in restructuring, insolvency and dispute resolution. Another key name in the area is associate Federico Sosa.
Banco de Galicia y Buenos Aires
The Scoular Company
- Secured recognition of BTG Pactual’s $70m credits to Proteinsa in relation to Cresta Roja bankrutcy.
- Advising and representing Citibank on the reorganisation proceedings of e-commerce company Necxus and its four guarantors, seeking recognition of a $5m secured credit (related to six secured loans); as well as representing the client in a mortgage foreclosure proceeding against Necxus.
- Advising and representing Banco de Galicia y Buenos Aires in the AR$40m reorganisation proceeding of cable company Magnacom, as well as in an associated foreclosure proceeding related to its principal real estate property.
Representing both creditors and debtors, the Bomchil practice prides itself on its interdisciplinary approach, bringing in experts from across the full service firm to deal with a range of restructuring and bankruptcy matters, particularly cross-border matters. Notable specialisms include advising on foreclosing security interest, assisting foreign clients in acquisitions of distressed assets and participating in creditors’ committees. Tomás Araya is senior vice chair of the insolvency section of the International Bar Association and is recommended for having ‘a real commercial touch'. He co-leads the team with insolvency specialist Martín Torres Girotti. Also notable in the field is seasoned associate Melisa Romero.
Tomás Araya; Martín Torres Girotti
‘Incredibly responsive, insightful and very commercial’.
‘Tomas Araya has a real commercial touch and is very practical’
Ad-Hoc Group Bondholders Group
Araucaria / Stoneway
Mills Capital Group
Latam USD Exim Investments Fund
Armaduras del Sur – Prearmar
- Acting as local counsel to Araucaria Energy and its affiliates (subsidiaries of Stoneway Capital Corporation) on its restructuring of $600m in bonds in default since March 2020.
- Acting as local counsel of the ad hoc group of bondholders in the $6bn liability management launched by YPF.
Bulló Abogados focuses on creditor-side work and handles a variety of contentious and non-contentious restructuring matters. Esteban Gramblicka and Gustavo Torassa co-lead the practice and combine banking and finance expertise with general corporate and industry knowledge.
Esteban Gramblicka; Gustavo Torassa
Hope, Duggan & Silva
Acting for creditors, debtors and trustees, Hope, Duggan & Silva advises on bankruptcy and restructuring matters across a range of industries. The firm has particular expertise in the banking and finance field, but also advises agricultural and livestock, textile, insurance, construction and private clients. Gustavo Vayo is assisting BNP Paribas in relation to the bankruptcy proceedings of financial institution Extrader. He co-leads the team with Juan Duggan, who in a recent highlight is representing JP Morgan chase bank, JP Morgan finance limited and its affiliates in civil and commercial actions related to the BNG bankruptcy proceedings.
Gustavo Vayo; Juan Duggan
JP Morgan Chase Bank
JP Morgan Finance Limited
Establecimiento Rio Grande
Creditors To Isolux Argentina/Spain
Creditors To Hope Funds
- Represented JP Morgan Finance Limited in the bankruptcy proceedings of Banco General De Negocios.
- Representing BNP Paribas in the bankruptcy proceedings of Extrader.
- Representing Establecimiento Rio Grande in its own bankruptcy proceedings.
Acting for creditors, debtors, trustees and other stakeholders, Mitrani Caballero & Ruiz Moreno Abogados has experience in reorganizations and bankruptcy litigation, domestically and internationally. Horacio Ruiz Moreno is a key name in the area.
JBIC – Japan Bank for International Cooperation
Société de Promotion et de Participation pour la Coopération Economique (Proparco)
The Netherlands Development Finance Company (FMO)
Ilumno Licensing Coöperatief and Ilumno Servicios de Colombia
The Pérez Alati, Grondona, Benites & Arntsen practice focuses on assisting financially distressed and healthy companies to reduce debt, restructure operations and recapitalize. It acts for creditors and bondholders, debtors and issuers, trustees, ad hoc creditors' committees, financial advisors and dealer managers in workouts and debt restructurings. The team is co-led by Alan Arntsen, Guillermo Quiñoa, Diego Serrano Redonnet, María Gabriela Grigioni and Laurato Ferro.
Alan Arntsen; Guillermo Quiñoa; Diego Serrano Redonnet; María Gabriela Grigioni; Laurato Ferro
Banco de la Nación Argentina
Banco Provincia de Buenos Aires
Banco de Galicia y Buenos Aires
ABN AMRO Bank
BBVA Banco Francés
Banco Santander Río
- Advising the members of the CAGSA’s Steering Committee in the negotiation and planning of the financial debt restructuring process of CAGSA and its related company, Molino Cañuelas.
- Advised the Argentina Creditor Committee, UBS Securities and Mens Sana Advisors on matters related to Argentine law in the process of restructuring the Republic of Argentina’s debt, issued under foreign law.
- Advised the banks -led by Banco Santander Río- in the negotiation of a stand still agreement.
Richards, Cardinal, Tützer, Zabala & Zaefferer
The insolvency and reorganisation practice of Richards, Cardinal, Tützer, Zabala & Zaefferer represents a broad spectrum of clients including banks, investment funds, bondholders, unsecured and privileged creditors, borrowers, lenders and shareholders. The team is co-led by Jorge Tützer, who handles debt restructuring and cross-border insolvency scenarios; Calixto Zabala, whose experience covers working for debtors and creditors in judicial and out-of-court debt reorganizations; and corporate, commercial and insolvency law specialist Sebastian Borthwick.
Jorge Tützer; Calixto Zabala; Sebastian Borthwick
LM Wind Power
Sappi Papier Holding
Baf Latam Trade Finance Fund
- Representation of Aguas Argentinas in its ongoing insolvency proceeding (“Concurso Preventivo”) filed in 2006.
- Primary legal advisors and current counsel to MetroGas in relation to its $290m insolvency proceedings (“Concurso Preventivo”) filed before local courts in June 2010.
- Advised GE subsidiary LM Wind Power in the new out-of-court restructuring proceeding (Acuerdo Preventivo Extrajudicial) filed by IMPSA in the Province of Mendoza, Argentina.
Salaverri, Burgio & Wetzler Malbran
The restructuring, insolvency and distressed M&A practice of Zang, Bergel & Viñes Abogados continues to provide local and international clients with a safe pair of hands in reorganisations and liquidations. The firm has a particular forte for advising creditors in restructuring processes, in- and out-of-court, including chapter 11 and bankruptcy proceedings. Another string to the firm’s bow is its experience in distressed M&A deals. Practice head Francisco Roggero combines strengths in bankruptcy litigation and restructuring with a long track record assisting in M&A deals.
Banco Itaú Argentina
Hsbc Bank Argentina
Banco Internacional De Costa Rica
Danone Argentina – Logística La Serenísima
Radio Victoria Argentina
Bacs Banco De Crédito Y Securitización
Radio Difusora Buenos Aires
Fenix Entertainment Group
- Representing HSBC Bank Argentina in the $100m restructuring of oil services-related company San Antonio Internacional.
- Representing Itaú Unibanco (Nassau) in the AR$900m restructuring process of Ribera Desarollos.
- Representing Banco Hipotecario in the AR$1bn ($13m) restructuring process of Vicentin Grupo.