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

Estudio Alegría, Buey Fernández, Fissore y Montemerlo

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.

Practice head(s):

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

Key clients

PVC Tecnocom

Tía Maruca




CRZ Construcciones


Molino Cañuelas

Marval O’Farrell Mairal

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. Since publication, Beller has departed the firm to join PAG Law in New York - effective as of May 2022.


‘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’.

Key clients

Project Twist

Intercontinental Hotels Group

Stichting Cable Escrow

Avions de Transport Regional

Bank of Montreal

Finning Argentina and Finning Chile

Credit Suisse


ING Bank

Sucursal Tokio

Sumitomo Mitsui Banking Corporation


Work highlights

  • 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.

Practice head(s):

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.

Key clients


Sur Pacífico

Vassalli Fabril

Apparel Argentina


Globoaves Argentina

Derudder Hermanos

Estudio Capurro, Rosello, Zaragoza

Alvarez Hnos

Provincia ART


Crediserv / Fincredit Coop

Carlos Tabasco

Estudio Emilio Giacumbo

Roggiano & Asociados

Work highlights

  • 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

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.

Practice head(s):

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 .

Key clients

NV Desmet Ballestra Group

Chubb Argentina de Seguros

Syngenta Agro

Codere Group

Smith & Nephew

BASF Argentina

Oil Combustibles

Standard Chartered Bank

Mefro Wheels GmbH

Wärtsila Group

Work highlights

  • 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.

Bruchou, Fernández Madero & Lombardi

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.

Practice head(s):

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’.

Key clients

Stoneway Capital Corporation


PBB Polisur

Grupo ALL Argentina

Tetra Pak


Amec Foster Wheeler Americas


Greylock Global Direct Latin America

Thor Schifffahrtsgesellschaft

Work highlights

  • 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 BártoloMariana Russo and associate Diego Fernando Madero.

Practice head(s):

Javier Armando Lorente

Key clients

Tata Consultancy Services






Ingenieria Gastronómica


Emilio Alal

Grupo MAS Energía

Sancor Seguros

Prevención ART



Instituto de Seguros


BW Group

Grupo Uno Medios



Challenger Management

Gourmand Food Hall

Costruzioni Meccaniche Luigi Bandera

Vicunha Argentina

Grupo Ezentis


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.

Practice head(s):

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’

Key clients

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

  • 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:

Marcelo Gebhardt

Beccar Varela

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.

Practice head(s):

Martín Gastaldi

Key clients


Banco de Galicia y Buenos Aires


BTG Pactual

Grupo Sabre

Bodega Norton

Banco Macro

Piso 10


The Scoular Company

Work highlights

  • 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.

Practice head(s):

Tomás Araya; Martín Torres Girotti


‘Incredibly responsive, insightful and very commercial’.

‘Tomas Araya has a real commercial touch and is very practical’

Key clients

Ad-Hoc Group Bondholders Group

Araucaria / Stoneway

Banco Itaú

Credit Agricole



Mills Capital Group

Banco Macro

Latam USD Exim Investments Fund


Armaduras del Sur – Prearmar

Work highlights

  • 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

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.

Practice head(s):

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.

Practice head(s):

Gustavo Vayo; Juan Duggan

Key clients

JP Morgan Chase Bank

JP Morgan Finance Limited

BNP Paribas

Central National

Establecimiento Rio Grande

Creditors To Isolux Argentina/Spain

Creditors To Hope Funds

Societe Generale

Martin Ruete

Work highlights

  • 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.

Mitrani Caballero & Ruiz Moreno Abogados

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.

Key clients

JBIC – Japan Bank for International Cooperation

Société de Promotion et de Participation pour la Coopération Economique (Proparco)

The Netherlands Development Finance Company (FMO)


Credit Agricole

Ilumno Licensing Coöperatief and Ilumno Servicios de Colombia


Robert Bosch

Prestolite Electric


Pérez Alati, Grondona, Benites & Arntsen

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.

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


BBVA Banco Francés

Banco Santander Río

Banco Macro

Banco Comafi

Work highlights

  • 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.

Practice head(s):

Jorge Tützer; Calixto Zabala; Sebastian Borthwick

Key clients


Aguas Argentinas

LM Wind Power

Sappi Papier Holding

Baf Latam Trade Finance Fund

Microsoft Corporation



Work highlights

  • 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

Salaverri, Burgio & Wetzler Malbran is known for debt restructurings, judicial proceedings, out-of-court restructurings and preventative settlements. Key names in the team are disputes specialist Damián Burgio and Germán Wetzler Malbrán, who handles litigation and transactional matters.

Zang, Bergel & Viñes Abogados

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.

Practice head(s):

Francisco Roggero

Key clients

Banco Itaú Argentina

Banco Hipotecario

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

Work highlights

  • 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.