Firms To Watch: Restructuring and insolvency

FASV Advogados is a ‘deal-oriented' firm, which ‘possesses high technical knowledge’ for restructuring work, particularly partner Alexandre Faro, who is ‘a highly qualified, prepared and intelligent professional’.
Led by Daltro Borges, the team at Ferro, Castro Neves, Daltro & Gomide Advogados is commended for its ‘technical and strategic capacity for complex litigation', which it applies to an impressive range of high-profile restructuring and insolvency mandates.
PGLaw is ‘truly specialised in restructuring and bankruptcy', with lead partners Thomaz Luiz Sant’Ana and Maria Fabiana Seoane Dominguez Sant’Ana highlighted as ‘knowledgeable in the insolvency market' and with 'good relations with the main players'.

Restructuring and insolvency in Brazil

E. Munhoz Advogados

Boutique firm E. Munhoz Advogados is ‘at the forefront of the main restructuring negotiations in the domestic market’. The firm primarily acts for debtors, which benefit from the team’s ‘outstanding performance and excellence in matters of commercial litigation, arbitration, and restructuring and insolvency cases’. The firm can regularly be found advising on the largest cases to hit the market, including related debt financings and distressed M&A. Founding partner Eduardo Secchi Munhoz is considered ‘one of the most prepared lawyers in this sector’, and is backed by a highly regarded team of partners and associates. Among the partners, Carolina Machado Letizio Vieira ‘has in-depth knowledge of matters of a civil, contractual, litigation and bankruptcy nature, working in highly complex negotiations that sometimes involve all these topics’. Clients also single out associate Ana Elisa Laquimia, ‘an exceptional lawyer’ with ‘a very promising future’.

Practice head(s):

Eduardo Secchi Munhoz; Carolina Machado Letizio Vieira


‘They are super assertive and objective in problem solving. They demonstrate a lot of knowledge in what they are doing and convey a lot of confidence. Ana Elisa is a great lawyer and leads her team very well.’

‘Ana Elisa is a brilliant and extremely intelligent lawyer who has a very promising future.’

‘E. Munhoz has outstanding performance and excellence in matters of commercial litigation in general, arbitration and operations and restructuring and insolvency cases. In particular, partner Carolina Vieira and associate Ana Elisa Laquímia have in-depth knowledge and expertise in such highly complex issues and cases.’

‘Eduardo Munhoz is one of the most prepared lawyers in this sector. Carolina Vieira has in-depth knowledge of matters of a civil, contractual, litigation and recovery and bankruptcy nature, working in highly complex negotiations that sometimes involve all these topics. Ana Elisa Laquímia is an associate on the rise, often assuming the role of partner in complex discussions.’

‘E. Munhoz is at the forefront of the main restructuring negotiations in the domestic market, which usually also involve foreign actors. Dedication, dexterity and deep legal knowledge mark the team.’

‘Ana Elisa Laquimia is an exceptional lawyer: insightful, with accurate legal analysis and capable of overcoming the inevitable challenges posed by negotiations and restructuring processes.’

‘They are the market leaders to act in complex cases in the debtor’s mandate.’

‘Ana Elisa Laquimia stands out. Although very young, she is an excellent professional.’

Key clients

Novonor (formerly Odebrecht)

Metha (formerly OAS)

PDG Realty

Ocyan  (formerly Odebrecht Óleo e Gás)

Estaleiro Atlântico Sul


Work highlights

  • Assisting Novonor (formerly Odebrecht), and several non-operating subsidiaries, on its judicial restructuring proceeding.
  • Assisting PDG Realty Empreendimentos e Participações on its R$6.2bn judicial restructuring and subsequent renegotiations.
  • Advising the Metha Group on its R$9bn judicial reorganisation, which concluded in late 2021.

Felsberg Advogados

Felsberg Advogados has one of the most active restructuring and insolvency practices in the Brazilian market. The firm is best known for its debtor-side work, although it also acts for creditors and distressed debt investors when conflicts allow. 2021 saw the firm advising on over 80 cases, with an aggregate value of over R$50bn, several of which, including Renova Energia’s R$3.1bn debt restructuring and Livraria Cultura’s judicial reorganisation, have been ongoing for several years. New mandates include advising the creditor in the reorganisation proceedings of a sugar and ethanol producer, which includes significant litigation. Founding partner Thomas Felsberg is one of the market’s most senior figures. He regularly works alongside partners Fabiana Solano, Clara Moreira Azzoni and the recently promoted Thiago Dias Costa.

Practice head(s):

Thomas Felsberg; Fabiana Solano; Clara Moreira Azzoni

Key clients

Renova Energia

Grupo Moreno

Livraria Cultura

Debenture holders of Rodovias do Tietê


Isolux Corsan Corvian

Atlas Eletrodomésticos

Fundo de Investimento em Direitos Creditórios Não-Padronizados Alternative Assets I

SPS Capital

Work highlights

  • Advising Renova Energia on its judicial recovery and debt restructuring process.
  • Advising Brazilian sugar and ethanol producer Grupo Moreno on its judicial recovery.
  • Advised Brazilian bookstore chain Livraria Cultura in negotiations with creditors and the organisation of its restructuring plan.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados stands out for its ‘great combination of transactional and litigation lawyers’, who help the team ‘deliver excellent quality work in complex areas such as investments in distressed assets, restructuring with contentious aspects, and highly contentious judicial recoveries’. The firm’s familiarity with complex deals allows it to provide ‘out of the box solutions without ever compromising safety and accountability’. The practice is especially experienced on the creditor side, regularly representing banks and bondholders on restructurings, DIP financings and pre-packaging. The versatile Renato Gomes Ribeiro Maggio has a particular focus on the transactional side, but ‘handles litigation matters well, especially in the area of investments in distressed assets’. Litigation partner Renata Martins de Oliveira is an ‘excellent lawyer and extremely technical’. Adriano Schnur is also highly regarded.

Practice head(s):

Renato Maggio; Renata Martins de Oliveira


‘All the professionals who work in the area of Judicial Recovery and Business are very qualified, attentive and responsible.’

‘The insolvency team participates in the main judicial recoveries, so it always has super updated knowledge of what is happening and trends.’

‘The individuals stand out for their empathy and willingness to cooperate with other practices’ teams. I can mention Renata Oliveira, Andre Ericsson, Camilo Gomes and Gabriela Abdalla, for their legal knowledge and collaboration.’

‘Machado Meyer historically had a lot of presence and still has in the financial market, mainly banking. I consider the great combination of transactional and litigation lawyers to be a strength of the restructuring area. With this, the team is able to deliver excellent quality work in complex areas such as investments in distressed assets, restructuring with contentious aspects and highly contentious judicial recoveries.’

‘Renato Maggio – experienced partner with strong transactional skills. Despite his corporate background, he handles litigation matters well, especially in the area of investments in distressed assets. Camilo Gerosa Gomes – young partner with impeccable technical quality. Extremely attentive to the details of the case and with deep knowledge and experience in highly complex transactions, notably extrajudicial restructurings. Renata Oliveira – focused on credit and insolvency litigation. Excellent lawyer and extremely technical and combative.’

‘Adriano Schnur: stands out for the good relationship he develops with the client and the other parties and advisors involved in the operation. In addition, he always seeks to present creative alternatives in order to accommodate the interest of those involved, in order to allow the conclusion of the operation. Camilo Gerosa: stands out for the serenity with which he handles negotiations, in addition to an excellent technical repertoire. Renata Oliveira: stands out for her availability and agility in resolving demands.’

‘Machado, Meyer, Sendacz e Opice Advogados is our first choice for highly complex financial transactions such as capital market transactions, M&A, debt restructuring, insolvency and legal disputes. This is done by a highly qualified, senior and hands-on team. In addition, lawyers (including partners) are extremely approachable and creative, bringing “out of the box” solutions without ever compromising safety and accountability.’

‘A highlight goes to Renata Oliveira and Camilo Gerosa Gomes. Both work very ethically and with extensive technical knowledge. In addition to having a much-needed aggregative approach to the area of restructuring and insolvency. Also noteworthy is Gabriela Abdalla, who stood out and handled several meetings and documents with several banks with a lot of maturity and technical knowledge.’

Key clients


Banco BTG Pactual

Banco Bradesco

Farallon Capital Management

Banco do Brasil

Itaú Unibanco

Jive Investments

Banco Santander (Brasil)

Caisse de dépôt et placement du Québec

Ecorodovias Infraestrutura e Logística

Work highlights

  • Advised Samarco Mineração, which is controlled by Vale and BHP, on its R$50bn judicial restructuring plan.
  • Acted as counsel to Itaú Unibanco and Banco Bradesco as creditors in the judicial restructuring of Odebrecht Group.
  • Advised Itaú Unibanco, Banco Santander (Brasil) and other supporting creditors in the pre-packaged reorganisation proceeding of Restoque Comércio e Confecções de Roupas.

Pinheiro Neto Advogados

The ‘excellent' multidisciplinary team at Pinheiro Neto Advogados brings ‘deep technical knowledge and extensive experience in the field’. The firm handles the full range of contentious and non-contentious issues, including DIP financings, judicial and extra-judicial reorganisations, and distressed sales and acquisitions, regularly representing creditors and investors in the country’s largest cases. The team also has notable experience acting on the debtor side in restructuring matters. Among the partners, Luiz Fernando Valente de Paiva is ‘extremely capable and experienced in insolvency proceedings; his name is well known in the industry, including with judges'. Giuliano Colombo is ‘an excellent lawyer and a great person who has probably the very best reputation of any Brazilian restructuring lawyer in the US market'. Thiago Braga Junqueira is noted for his ‘unique strategic vision' and ‘active participation in the process of building solutions'.


‘Deep technical knowledge and extensive experience in the field. Interdisciplinary team, able to advise in relevant related areas. Availability and commitment of professionals.’

‘In extremely complex Judicial Reorganization cases, whether in terms of the amount involved or in terms of legal theses, the firm proves to be extremely capable of dealing with this environment, and of passing on valuable credibility to the different stakeholders involved in the process.’

‘Giuliano Colombo: manages to translate very complex situations in a simple way, as well as transmits a lot of confidence and credibility in the process, which is essential for the negotiation inherent to a case of Judicial Reorganization. Luiz Paiva: extremely capable and experienced in insolvency proceedings, his name is well known in the industry, including with judges. He brings a lot of experience to the case, which is essential for highly complex cases.’

‘Thiago Braga Junqueira: Unique strategic vision; Professional capable of extrapolating the legal field to contribute to global risk analysis; Active participation in the process of building solutions.’

‘Pinheiro Neto is an excellent firm with a fantastic and well-deserved reputation. In the American market, they are probably the first call for investors and other sophisticated clients seeking advice on Brazilian restructuring and distressed investment matters of high importance.’

‘Giuliano Colombo is an excellent lawyer and a great person who has probably the very best reputation of any Brazilian restructuring lawyer in the US market. He has been recognized by the most prestigious US/international associations (e.g., the American College of Bankruptcy) and has an unparalleled reputation and trust among U.S. and international clients. Thiago Junqueira is a brilliant and hard-working younger partner.’

‘We have been working with the restructuring and insolvency area of Pinheiro Neto for some time. The participation of the team, especially Luiz Fernando Paiva, is essential to give us security about the risks and levers in a judicial recovery. Sophisticated discussions, full team involvement are high value differentiators.’

‘Luiz Fernando Paiva is always up-to-date in discussions about insolvency proceedings, participates in important committees in the market and manages to convey confidence and security in the opinions he gives to our decision-making. Fernanda Piva is an extremely competent and present professional, which makes a lot of difference for the shareholder, who is often not 100% involved in the conduct of the restructuring process itself.’

Key clients

BHP Billiton Brasil

BTGP Pactual

Amerra Funds

Mubadala Capital


GoldenTree Capital



Securitas AB



Dana Indústrias


Credit Suisse International

CPFL Energias Renováveis

Lineas International

CBA – Companhia Brasileira de Alumínio


Morgan Stanley

Goldman Sachs

JP Morgan

Work highlights

  • Advised BHP Billiton as controlling shareholder in the judicial reorganisation of iron ore producer Samarco.
  • Aadvised the Ad Hoc Group of Bondholders in the judicial reorganisation proceedings of Odebrecht and other affiliated entities.
  • Advised EuroChem on the agreement to indirectly purchase a controlling 51.48% share in Fertilizantes Heringer, which is under judicial reorganisation.

Thomaz Bastos, Waisberg and Kurzweil Advogados

With a ‘highly qualified and senior team’, Thomaz Bastos, Waisberg and Kurzweil Advogados is ‘certainly an obvious choice when it comes to restructuring and insolvency’. The boutique firm is praised for its ‘competence, business and strategic vision’, particularly for debtor-side mandates, where the lawyers have experience in some of the largest and most complex cases to hit the market. The team also advises creditors and investors, and regularly assists with distressed M&A, DIP financings and cross-border restructurings. The firm’s lead partners include the versatile and extremely well-regarded practice heads Bruno Kurzweil de Oliveira, Joel Luís Thomaz Bastos and Ivo Waisberg, a ‘reference and leader for complex restructuring and insolvency cases’. Other names to note in the department include Adriana Maria Cruz Dias De Oliveira, Herbert Morgenstern Kugler and Gilberto Gornati.

Practice head(s):

Joel Luís Thomaz Bastos; Ivo Waisberg; Bruno Kurzweil de Oliveira


‘TWK is certainly an obvious choice when it comes to restructuring and insolvency. It has a highly qualified and senior team.’

‘Joel Luis Thomaz Bastos stands out for his oratory and intelligence.’

‘Ivo Waisberg is a remarkable lawyer and certainly one of the notable lawyers of the practice in Brazil.’

‘Competence, business and strategic vision, experience of its partners in the subject, make the difference at this firm.’

‘Ivo Waisberg is a reference and leader for complex restructuring and insolvency cases.’

Key clients

Orizon Meio Ambiente

Proton Energy/Prisma Capital

Investimentos e Participações em Infraestrutura – Invepar

USJ – Açúcar e Álcool

Green Way I Fundo de Investimentos em Direitos Creditórios Não Padronizado

Amerra Group

Bambuí Group

Moneda Funds

Capital Funds

Pimco Funds

Golden Tree Asset Management

Saraiva e Siciliano

Itaiquara Group

Agropecuária Nova Vida

Abengoa Group

Vista Alegre Group

Heber Participações

Clealco – Açúcar e Álcool

Banco BTG Pactual

Maksoud Hotels

4Asset Fundo de Investimento

Oceanair Linhas Aéreas

Work highlights

  • Represented Heber Participações and several affiliated entities in the group’s consolidated restructuring plan.
  • Advising Oceanair Linhas Aéreas on its judicial liquidation procedure.
  • Representing USJ – Açúcar e Álcool in its judicial restructuring, involving Chapter 15 proceedings in the US.

BMA - Barbosa, Müssnich, Aragão

The team at BMA - Barbosa, Müssnich, Aragão has ‘remarkable knowledge in the area’, and its multidisciplinary approach enables ‘solutions and analysis of the highest level’. The firm has extremely good credentials for judicial and extra-judicial proceedings, DIP financings and distressed M&A. High-profile debtor-led work has been a major theme for the practice in recent years, with the team taking significant roles in the debt restructurings of Oi and Cimento Tupi. The ‘vast knowledge’ of practice head Sérgio Savi   ‘transmits security for the client and for the other stakeholders’. Eduardo Guimarães Wanderley  is ‘extremely creative and with a very high analytical capacity’, while senior associate Natalia Yazbek  is noted for her ‘pragmatism and assertiveness’. The team was further strengthened by the hire of partner Luciana Celidonio  from Tauil & Chequer Advogados, who is also highly regarded.

Practice head(s):

Sergio Savi


‘Quality in the provision of services and concern to meet client demands.’

‘They have remarkable knowledge in the area, having participated in several other relevant cases in Brazil. Something that stands out is, because insolvency cases are also strongly related to other areas of law, BMA is also able to offer solutions and analysis of the highest level in matters related to the light of restructuring (e.g. tax impacts, corporate analysis).’

‘Eduardo Wanderley: extremely creative and with a very high analytical capacity. Very important qualities in highly complex projects. Natália Yazbek: her pragmatism and assertiveness are essential tools for a busy day in a long-term project. It’s certainly a raw talent that will only get better as time goes on. Luciana Celidônio: high combativeness and attention to detail are very welcome characteristics in a project whose litigiousness is very high. Sérgio Savi: transmits security for the client and for the other stakeholders involved in the project, but obviously this security is supported by vast knowledge in the matter.’

Key clients

BHP Billiton

Cimento Tupi


Jive Asset Gestão de Recursos

Lex Finance

Grupo Leste

CCP Cerrado Empreendimentos Imobiliários

Credit Suisse

Sucden do Brasil

Redzero Participações

Sul América Capitalização

Work highlights

  • Provided assistance to BHP Billiton and its subsidiary BHP Billiton Brasil in Samarco Mineração’s judicial reorganisation proceedings.
  • Advising Cimento Tupi on its debt restructuring and judicial reorganisation.
  • Acted for Oi on its debt restructuring, involving more than 55,000 creditors.

Demarest Advogados

Demarest Advogados has a well-regarded multidisciplinary team of ‘extremely qualified professionals'. The practice handles a broad range of related issues, including litigation, distressed M&A, tax and debt restructurings. The department has a good track record in handling some of the country’s largest restructurings, including cross-border cases involving Chapter 11 and 15 filings in the US. Its clients include major debtors and creditors, with recent highlights for the firm including its key role representing LATAM Airlines in its high-profile Chapter 11 and DIP financing. The highly rated team is jointly led by insolvency litigator Guilherme Fontes Bechara and Celso Xavier.

Practice head(s):

Celso Xavier; Guilherme Bechara


‘Full service firm with extremely qualified professionals.’

‘Guilherme Bechara is qualified, solicitous and available.’

Key clients

LATAM Airlines Group

Everis Spain

Hill International

Quadra Capital

Roca Group

Carlisle Fluid Technologies

Crecera Capital Management

Jive Investments

Banco Modal

Credit Agricole Corporate Investment Bank

Fundação Renova

Work highlights

  • Representing LATAM Airlines Group, including the Brazilian entities TAM and TAM Linhas Aéreas, on its groundbreaking Chapter 11 proceedings.
  • Representing LATAM in the Brazilian law matters of a debtor-in-possession financing (DIP financing) valued at $2.4bn and secured in the context of the Chapter 11 cases of LATAM Airlines.
  • Advising Carlisle Fluid Technologies on the liquidation of its operations in Brazil, which will be conducted through a voluntary liquidation proceeding under the Brazilian Bankruptcy Law.

Lefosse Advogados

Lefosse Advogados is noted for the ‘high professional qualifications’ of its lawyers, who are ‘always willing to help’. The versatile practice serves a broad range of clients on contentious and non-contentious matters in the field of restructuring. The firm is especially strong on the banking side, backed by highly experienced transactional lawyers such as Renata Cardoso, but is also seeing an increasing amount of work from corporate debtors and creditors, as well as investment funds. Clients also rate practice head Roberto Zarour and disputes partner Raphael Nehin Corrêa, who together form an ‘unprecedented team’. The group was also boosted by the hire of the experienced Felipe Camara from E. Munhoz Advogados, and subsequent arrivals of Fábio Rosas and José Luis de Rosa from Cescon Barrieu, and Bernardo Carneiro from Chamon Santana Sociedade de Advogados in October 2022.

Practice head(s):

Roberto Zarour


‘Lefosse Advogados has a differentiated restructuring and insolvency team, whose professionals have high professional qualifications and are always willing to help.’

‘Roberto Zarour Filho and Raphael Nehin Correa form an unprecedented team.’

Key clients

Itaú Unibanco

Banco Santander (Brasil)

Cemig Geração e Transmissão

Banco Cargill

New Island Capital

Work highlights

  • Representing Banco Santander (Brasil), one of the biggest creditors in the judicial reorganisation proceeding of Odebrecht Group.
  • Advised Itaú Unibanco on the attempt filed by Oi to change its previously approved judicial recovery plan.
  • Advising Banco Santander (Brasil) in enforcement proceedings against manganese ore producer Buritirama Mineração and its controlling shareholder.

Mange Advogados

Mange Advogados is an extremely well-regarded boutique with ‘a brilliant mix of senior lawyers with respect and access in the higher courts in Brazil’. The firm’s ‘great tradition and excellence’ for serving debtors in judicial and extra-judicial recovery proceedings is backed by an experience team of ‘hands-on lawyers with thorough knowledge of the laws and the process’. The highly specialised practice is led by founding partner Renato Mange, who has guided the firm towards ‘a very high reputation and respect in the market’. He is supported by a strong team, including Eduardo Foz Mange, Walter Vieira Filho  and Luciano Guimarães da Silveira.

Practice head(s):

Renato Mange


‘The team has a brilliant mix of senior lawyers with respect and access in the higher courts in Brazil with hands-on lawyers with thorough knowledge of the laws and the process to reach the legal goals of the clients.’

‘Great tradition and excellence acknowledged in the legal market and knowledge of the legal process.’

‘Renato Mange and his firm have a very high reputation and respect in the market, both among judges and legal advisors. Renato Mange and Luciano Guimarães are  high knowledgeable.’

‘Renato Mange and Walter Vieira Filho are excellent professionals, with deep knowledge, and very ethical.’

Key clients

Grupo Abril

LBR Lácteos




Grupo Pires do Rio





Varca Scatena


Creme Mel/Zeca’s


Work highlights

  • Assisted chemicals company Natrielli in its successful judicial reorganisation plan.
  • Represented dairy company LBR Lácteos in its R$1.2bn judicial reorganisation.
  • Assisting Cotia in the renegotiation of the judicial reorganisation originally approved in 2018.

Mattos Filho

The lawyers at Mattos Filho are ‘impeccable’ in ‘complex deals, where there is a need for a lot of attention to detail’. The multidisciplinary practice combines key lawyers from the firm’s banking, capital markets, tax, corporate and litigation teams to advise a wide range of creditors and investors on major debt restructurings and judicial recovery proceedings. Key partners on the disputes side include André Chateaubriand Martins and Alex Hatanaka, who has ‘a unique ability to understand the issues, thanks to his background as a business and litigation attorney’. On the transactional front, Marcelo Ricupero is ‘always available, very professional, and a great leader’. Banking and finance partner Frederico Kerr Bullamah is also active in debt restructurings.

Practice head(s):

Marcelo Ricupero; Alex Hatanaka; André Chateaubriand Martins; Frederico Kerr Bullamah


‘Expertise in virtually any matter of Brazilian/corporate law; Great at communicating to the client (maintaining an open and coordinated line of communication so that the client feels punctually informed, but without feeling overpriced) and internally (coordination between teams). Always very professional.’ 

‘Marcelo Sampaio Góes Ricupero – always available, very professional, and a great leader in his space. He has a high ability to coordinate his team. Giovanna Campedelli Macedo – process management, communication. Eduardo Melman Katz – communication, explanation of very complicated matters clearly, especially for foreigners without a history in such matters.’

‘Marcelo Ricupero – accessible, technical knowledge, objectivity in the explanation/identification of relevant issues. Giovanna Macedo – hard worker, accessible, technical knowledge, depth in the analysis of themes.’

‘Alex Hatanaka has a unique ability to understand the issues, thanks to his background as a business and litigation attorney.’

‘They are impeccable in the execution of deals, especially in complex deals, where there is a need for a lot of attention to detail and where the systematic monitoring of each stage of the transaction is essential for deadlines to be met.’

Key clients

The Carlyle Group

Finnvera PLC

Credit Agricole

Quadra Capital

Albright Capital Management

Banco Santander


Société Générale

Novo Banco

Swiss Re Corporate Solutions Brasil Seguros

Deutsche Bank  – Banco Alemão


IG4 Capital Investimentos

Farallon Latin America Investimentos

Banco Itaú

CAOA Group

Oi Móvel

Starboard Partners

Mubalada Investment Company


GOL Linhas Areas


PJSC Uralkali

BTG Pactual

Qatar Airways


Banco Bradesco

Angra Partners

Work highlights

  • Advising Angra Partners on the acquisition, by investment funds managed by Angra Partners, of the full equity interest held by Cemig Geração e Transmissão in Renova Energia, a renewable energy under judicial reorganisation.
  • Represented Banco BTG Pactual and its vehicles in the acquisition of approximately $100m in claims linked to Moreno Group’s judicial reorganisation proceeding.
  • Advised UBS Brasil Corretora de Câmbio, Títulos e Valores Mobiliários  and Banco Santander Brasil on the refinancing of debentures issued by GOL Linhas Aéreas.

Padis Mattar Advogados

Insolvency and restructuring boutique Padis Mattar Advogados has a ‘highly specialised, business-oriented team’ with ‘great experience involving foreign creditors and cross-border restructurings’. Clients note that the firm’s lawyers are ‘aggressive, creative and incredibly hard-working, and have come up with innovative strategies for debt enforcement and the structuring of complicated transactions and restructuring plans’. The firm advises an impressive range of creditors and investment funds on contentious and non-contentious restructurings, including DIP financings and distressed M&A. Name partners Paulo Padis  and Eduardo Augosto Mattar  respectively cover the transactional and litigation issues and are ‘excellent practitioners who offer unique and complementary skills’. Clients also highly rate Beatriz Mazzi and senior associate Victor Clementino.

Practice head(s):

Eduardo Augosto Mattar; Paulo Padis


‘Both Padis and Mattar are excellent practitioners who offer unique and complementary skills. Padis is knowledgeable and thoughtful about business issues and is commercial, strategic and aggressive in managing contentious cases and negotations. Mattar is a bankruptcy heavyweight and is very thoughtful, thorough and methodical in approach. He is able to work through very complex legal issues and explain them in English in a way that is authoritative and digestible. Victor Clementino is an up-and-comer and probably a future star.’

‘Great experience involving foreign creditors and cross-border restructurings. The difference is the relationship with all the New York and London funds that invest in Brazil.’

‘A leading restructuring/insolvency boutique focused on high end work for corporate and investor clients. In my opinion its name partners are two of the biggest players in the international restructuring space in Brazil and are among the three or four best known Brazilian lawyers for U.S. and non-Brazilian investor clients.’

‘The lawyers at this firm are aggressive, creative and incredibly hard-working, and have come up with innovative strategies for debt enforcement and the structuring of complicated transactions and restructuring plans.’

‘Padis has a distinction that is the intelligence he demonstrates in the financial part of the restructuring that goes beyond the legal issues.’

‘Padis Mattar Advogados has a highly specialized, business-oriented team that, despite being young, conveys security and confidence in all the work performed. Ability to respond quickly to client demands and prompt responses to changes in route that arise in the development of works and processes.’

‘Paulo Padis and Beatriz Mazzi are two partners who work hard, are always available, and ready to present intelligent, modern solutions that are adequate to the difficulties and challenges faced by clients.’

Key clients

Lone Star Funds


Solus Alternative Asset Management

Carval Investors

Prisma Capital

Moneda Asset Management

Geribá Investimentos

Dommo Energia

Graal Participações

Oaktree Capital

Centerbridge Partners




VR Global Partners

Megeve Investments

ICE Canyon

Fratelli Investments Limited

Gramercy Funds Management

Goldentree Asset Management

Merrill Lynch International

Silverpoint Capital

York Capital Management Global Advisors

Finepoint Capital

Canyon Capital Advisors

Cerberus Capital Management

Citadel Equity Fund

Payden & Rigel

Andrade Gutierrez

OSX 3 Leasing BV

Ibitu Enegia

Fundo de Investimento em Direitos Creditórios Não-Padronizados PCG-Brasil Multicarteira

Settlement Shareco

Work highlights

  • Advising the Ad Hoc Group of Lenders and Bondholders (AHG) of Samarco Mineração on the restructuring of the facilities lent by AHG to Samarco, as well as of the bonds held by AHG members.
  • Acted as adviser to investment funds in the recovery of the $250m credit held in debentures against a holding company for the Atvos Group (the sugar and ethanol portion of the Odebrecht Group).
  • Advised Graal Participações through a decade long dispute about the exercise of put and call options related to the sale of Graal’s 20% interest in the Odebrecht Group (now in judicial reorganisation proceedings).

Sergio Bermudes Advogados

The restructuring and insolvency practice at Sergio Bermudes Advogadoshas multiple skills that, when integrated, provide a bold, absolutely technical, service’. The firm is especially strong on the disputes front and regularly represents creditors and debtors in high-profile judicial recovery proceedings and any related disputes that might occur. With almost 30 years’ experience, highly rated practice head Marcelo Lamego Carpenter  has extremely good credentials for contentious insolvency matters. Other key individuals include disputes partner Ricardo Loretti Henrici , Frederico Ferreira  (noted for having ‘broad negotiation power and knowledge of the financial market’), and partners Sérgio Nascimento  and Thais Vasconcellos de Sá  (who are highlighted for their ‘technical legal knowledge‘).

Practice head(s):

Marcelo Carpenter; Ricardo Loretti


‘The team at Sergio Bermudes Advogados has multiple skills that, when integrated, provide a bold, absolutely technical, service.’

‘Frederico Ferreira – broad negotiation power and knowledge of the financial market. Sérgio Nascimento and Thais Vaconcelos de Sánotório – technical legal knowledge.’

‘I would highlight Marcelo Carpenter and Alessandra Martini.’

Key clients


Banco do Brasil


BTG Pactual

JP Morgan


Yokr Global Finance Fund

Grupo Globo

Aurelius Investments

EBX/Grupo X

Sete Brasil

Grupo João Fortes


Work highlights

  • Representing several parties in the R$80bn+ reorganisation proceedings of the Oi group.
  • Representing João Fortes Engenharia in its filing for bankruptcy – considered the first judicial restructuring filed after the pandemic decree in Brazil.
  • Representing Sete Brasil Group in its R$19.5bn judicial reorganisation.

Veirano Advogados

Veirano Advogados has a ‘well diversified, qualified and structured’ restructuring team, which allows for ‘agility and precision in the face of the most complex and innovative types of demand in the field of insolvency’. The cross-practice group is especially known for its advice to creditors, as well as distressed investors and controlling shareholders of distressed companies. Clients also note that the firm has ‘a lot of experience in cross-border insolvency‘ matters. Key partners include Paulo Fernando Campana Filho for transactional and strategic advice, and Ricardo Gama for disputes. Recently promoted partner Julia Tamer Langen is considered ‘an exceptional professional‘.

Practice head(s):

Paulo Fernando Campana Filho; Ricardo Gama; Julia Tamer Langen


‘The restructuring team is well diversified, qualified and structured, which allows them to react with agility and precision in the face of the most complex and innovative types of demand in the field of insolvency. The partners have a lot of experience in cross-border insolvency.’

‘Julia Tamer Langen, who was promoted to partner in the area, is an exceptional professional. She has a deep domain of the subject, has a business vision and is very practical. She’s that trusted professional that you know will solve your problem in the best way possible. She also has great people management skills and manages to encourage the team to respond to demands quickly and effectively.’

Key clients

Banco Itaú BBA

Banco Bradesco

Tim Celular


Nokia Solutions

Networks do Brasil Telecomunicações


Planner Trustee Distribuidora de Valores Mobiliários

Pentágono Distribuidora de Títulos e Valores Mobiliários

Itaú Unibanco

Banco BTG Pactual

Yellow Soluções de Mobilidade


Chimera Capital

Concessionária do Aeroporto de Salvador

Mogno Capital

Club de Regatas Vasco da Gama

Work highlights

  • Advising multiple creditors holding claims in the Oi Group’s judicial reorganisation proceeding.
  • Assisting several banks, including Banco Bradesco BBI and Banco do Brasil, on the judicial reorganisation proceedings of construction company UTC Group.
  • Advising Deloitte in the judicial reorganisation proceeding of Aeroportos Brasil, Aeroportos Brasil Viracopos and Viracopos Estacionamento.

Dias Carneiro Advogados

Dias Carneiro Advogados is well regarded in cases involving bankruptcy, judicial reorganisations, out-of-court debt restructurings and DIP financings. The bulk of the firm’s focus is on creditor work, though the team will act for debtors when banks are not involved on the other side. The highly rated Laura Mendes Bumachar leads the practice, and alongside partner Antonio Nachif has developed an extremely good reputation for representing banks and investors in contentious and non-contentious mandates. The team was further boosted by the recruitment of partner Álvaro Brito Arantes from Muriel Medici Franco Advogados; he has a notable practice assisting trade creditors.

Practice head(s):

Laura Mendes Bumachar; Antonio Nachif; Álvaro Brito Arantes


‘A dedicated team, attentive to details, with an immediate and personalized service.’

‘In addition to their technical knowledge, they stand out for their knowledge of trends, which allows the company to foresee scenarios.’

Key clients

Arcadia Commodities

Alstom Brasil Energia e Transporte


Bio Energias Comercializadora de Energia

Biofast Medicina e Saúde

Black & Decker do Brasil

Brasil Plural Special Situations Nonstandard Credit Investment Fund

China Development Bank

Czarnikow Brasil

Dominion Instalações e Montagens

Emsenhuber Advogados Associados

Enterprise City Center

Interpart Planejamento de Negócios Empresariais

Mag Brasil Comércio e Assistência Técnica de Máquinas

M-SKO Investiments

Newton Sérgio de Souza

Oracle do Brasil Sistemas


Organización Corona

Petróleo Sabbá


Suzlon Energia Eólica do Brasil

UBS Securities

Unicasa Comércio de Móveis

Work highlights

  • Providing an expert report on Brazilian insolvency law for the consideration of a dispute to be determined by a court in the Cayman Islands.
  • Advising on a potential DIP financing or acquisition of claims related to the judicial reorganisation of a major Brazilian group.
  • Representing Mag Brasil Comércio e Assistência Técnica de Máquinas as debtor in its bankruptcy proceeding, and its shareholder, M-SKO Investments, on discussions related to the piercing of the corporate veil.

Pinheiro Guimarães

Pinheiro Guimarães is noted for its ‘essential pro-business perspective for the client’, ‘excellent lawyers’ and aptitude for ‘highly complex operations and legal issues’. The practice has a good track record in representing creditors in judicial reorganisations and debt restructurings, including advice on DIP financings and distressed sales and acquisitions. Gustavo Mota Guedes is the lead partner for related litigation; he works closely with Guilherme Vaz, who is highlighted as ‘a highly versatile practitioner, who delivers top-notch service to clients with respect to commercial arbitration, court litigation, and bankruptcy issues’.

Practice head(s):

Gustavo Mota Guedes; Guilherme Vaz


‘We have a relationship of trust with the firm, especially with its partner Plínio Pinheiro Guimarães, and the service is always excellent.’

‘Pinheiro Guimarães is one of the most qualified and sophisticated firms on the market. It is always a choice for highly complex operations and legal issues. This status was achieved by a team of excellent lawyers, always available and close to the client’s needs.’

‘Guilherme Vaz is a highly versatile practitioner, who delivers top-notch service to clients with respect to commercial arbitration, court litigation, and bankruptcy issues.’

‘Well trained and act with an essential pro-business perspective for the client. It should be noted that the partners are accessible and are always available to help the client.’

‘Bruno Lardosa and Guilherme Vaz work with an extremely important pro-business perspective to conclude deals.’

Key clients

Itaú Unibanco

Andrade Gutierrez

Itaú BBA

CarVal Investors

Guggenheim Partners

Banco Votorantim

Merrill Lynch International


Empresa de Energia São Manoel

International Finance Corporation

Stallone Investments Group

Quadra Gestão de Recursos

Elera Renováveis


Globo Comunicação e Participações

DEG Deu Deutsche Investitions

Victoria Capital Partners

Work highlights

  • Representing a creditor holding a total claim of over $514m, which represents over 70% of the total claims in the bankruptcy proceeding of Oceanair Linhas Aéreas (Avianca Brasil) and AVB Holding.
  • Representing Vale, a major shareholder, in Samarco Mineração’s R$50.5bn judicial reorganisation.
  • Assisting Quadra Gestão de Recursos, as arranger of a R$435m debtor-in-possession financing to the debtors in Moreno Group’s judicial reorganisation.

Stocche Forbes Advogados

Stocche Forbes Advogados has a multidisciplinary restructuring and insolvency practice, with versatile partners handling a broad mix of judicial and non-judicial proceedings. The firm is particularly active on the creditor side, where it regularly assists major banks and bondholders as well as trade creditors. Recently, the firm has been involved in several high-profile mandates in the infrastructure and energy sectors, and also assists investors in matters connected to non-performing loans and distressed assets. Guilherme Gaspari Coelho and Bruno Gandolfo handle both contentious and non-contentious insolvency procedures, working closely with partners in the finance team, including Guilherme Forbes, Frederico Moura and Henrique Filizzola.

Practice head(s):

Guilherme Forbes

Key clients

Gramercy Funds Management


Porto Sudeste

Banco Cargill

Canvas Capital

Banco Santander

Cargill Agrícola

Highline do Brasil II Infraestrutura de Telecomunicações

Work highlights

  • Advising Citibank, BNP Paribas, ING Capital, Export Finance Norway and DNB Capital on the judicial reorganisation proceeding of the Constellation Group.
  • Advised Porto Sudeste, Douro International Finance and Trafigura Group as Brazilian counsel on Porto Sudeste’s $572m out-of-court restructuring.
  • Advised Highline do Brasil II Infraestrutura de Telecomunicações on the acquisition of the tower business of the Oi Group, currently under judicial reorganisation.

ASBZ Advogados

ASBZ Advogados has a good reputation for advising major creditors, including banks, financial institutions and other bondholders. The team is particularly experienced in high-value insolvencies, judicial restructurings and Chapter 11 proceedings, and has been involved in several high-profile cross-border mandates. Practice heads Aitan Canuto Cosenza Portela  and Bruno Delgado Chiaradia  have both developed strong credentials for contentious matters. Recently promoted partner Milena Meyknecht  is also active on this front, while finance partner Alexandre David  regularly handles non-contentious matters.

Practice head(s):

Aitan Cosenza Portela; Bruno Delgado Chiaradia


‘Bruno Chiaradia is an excellent professional, highly competent, with deep knowledge in the area of ​​insolvency.’

Key clients

Banco Bradesco

Banco Santander (Brasil)

Banco Original

Itaú Unibanco

Banco Fibra

China Construction Bank – Banco Múltiplo

Deutsche Leasing Finance

Kirton Bank

DASA – Diagnósticos da América

Archer Daniels Midland Company

Premier Capital Fomento Mercantil

United Airlines

Banco AndBank (Brasil)

Banco Modal

Roche Diabetes Care Brasil

UMB Bank

AB FCP I – Global High Yield Portfolio

AB FCP I – Mortgage Income Portfolio

AB High Income Fund

Alliancebernstein Global

High Income Fund

AB Bond Fund

Alliancebernstein Securitized Assets Master Fund

Alliancebernstein High Yield Open Fund

Alliancebernstein Institutional Fund – Global Plus Fixed Income Fund

Aurion Canadian Bond Fund

Citigroup Pension Plan Trust

Commonwealth of Pennsylvania Public School Employees’ Retirement System

Desjardins Enhanced Bound Fund

Halifax Regional Municipality Master Trust

Japan Trustee Services Bank

Kaiser Foundation Hospitals

Kaiser Permanente Group Trust

Mizuho AB Trust Series – Mizuho US High Income Bond Fond

Sanford C. Bernstein & CO. Trust Funds – AB Canada Core Plus Advanced Bond Fund

Sanford C. Bernstein & CO. Trust Funds – AB Canada Core Plus Bond Fund

SEI Global Master Fund PLC – The SEI U.K. Credit Fixed Interest Fund

SEI Institutional Investments Trust – Multi-Asset Real Return Fund

SEI Institutional Managed Trust – Multi-Asset Inflation Managed Fund

Sprint Master Trust

Stichting Bedrijfstakpensioenfonds Voor Het Beroepsvervoer Over De Weg

Teachers’ Retirement System of Louisiana

The AB Portfolios – AB All Market Total Return Portfolio

The Board of The Pension Protection Fund

The Glencore Canadian Pension Funds Trust – Bond Fund

ACP I Trading

CVI EMCVF Cayman Securities

EOC Lux Securities

Pathfinder Strategic Credit


Moneda Latin Corporate Debt

Moneda Deuda Latinoamericana Fondo De Inversión

Pathfinder Strategic Credit

CVC Brasil Operadora e Agência de Viagens

Ativos Especiais II – Fundo de Investimento em Direitos Creditórios – Não Padronizados

Work highlights

  • Defending Banco Bradesco’s interests in the judicial reorganisation of Moreno Group, involving a total amount of over R$2.9bn.
  • Defending the interest of noteholders and the trustee agent of GVO Group in the judicial reorganisation of GVO.
  • Advising several Grupo CVC companies in both Avianca’s and Latam’s Chapter 11 procedures.

Castro Barros Advogados

Castro Barros Advogados is a popular choice for banks and trade creditors in high-profile bankruptcy and restructuring proceedings. The firm handles a broad range of debt recovery cases, and has been involved in a significant number of court-supervised restructurings in recent years. The practice is jointly led out of Rio de Janeiro by Alexandre Espínola Catramby and Olympio Carvalho, who have strong backgrounds in dispute resolution across a range of sectors. Carvalho is particularly experienced in shipping and transportation-related insolvency proceedings. Litigation head José Augusto Leal is also active in this area.

Practice head(s):

Alexandre Catramby; Olympio Carvalho

Key clients

Haitong Banco de Investimentos do Brasil

Hewlett-Packard Enterprises Financial Services

Banco BTG Pactual

FIDC Brasil Plural Recuperação de Crédito Fundo de Investimento em Direitos Creditórios – NP II

Pentágono Distribuidora de Títulos e Valores Mobiliários

Banco Modal

Fundação Petrobras de Seguridade Social – Petros

Promonlogicalis Tecnologia e Participações

GNB Gestora de Patrimónios

International Paper do Brasil

Work highlights

  • Successfully represented Haitong Banco de Investimento do Brasil in the settlement of a major recovery claim.
  • Defended Haitong Banco de Investimento do Brasil in two claims filed by Comprebem Comércio e Transportes and Central Distribuição de Alimentos.
  • Representing HP Financial Services Arrendamento Mercantil in two multimillion-dollar credit recovery and repossession claims against BMK Pro Indústria Gráfica.

Cescon, Barrieu, Flesch & Barreto Advogados

Cescon Barrieu has a solid reputation for restructuring and insolvency work, where it represents a mix of creditors and debtors. This includes support on debt restructurings, judicial recoveries, DIP financings and distressed M&A. The team has experience across several key sectors, including oil and gas, shipping, agriculture, telecoms and logistics. Alexandre Gossn Barreto has a good reputation for banking work. Former practice head Fábio Rosas  and partner José Luis De Rosa Santos are no longer at the firm.

Key clients

Brookfield Asset Management

Brookfield Brasil

Oaktree Capital Management

Archer Daniels Midland Company

Baldacci Pharma


Brasil PCH/BSB Energética

AES GF1 Holding

Unipar Indupa do Brasil

GE Energias Renováveis

IFC – International Finance Corporation

Watson Farley & Williams

Work highlights

  • Advised Brookfield Asset Management in the negotiations and litigation related to its entities’ rights under the voting of the amendment to the Oi Group judicial reorganisation plan.
  • Advised Oaktree Capital Management on a debtor-in possession financing to LATAM Airlines Group as part of its Chapter 11 proceedings.
  • Represented Archer Daniels Midland Company as creditor in the judicial reorganisation of Armando Bianchessi, a major rural producer.

Leite, Tosto e Barros Advogados Associados

Leite, Tosto e Barros Advogados Associados is commended for its ‘technique, skill, knowledge and effort for satisfying the client’s interests'. This is particularly the case in contentious matters, where the firm leverages its sizeable disputes practice in major judicial recovery proceedings and debt restructurings. The firm assists creditors and debtors, including several major banks and corporations. Key partners include disputes head Paulo Guilherme Lopes and fellow litigator Patricia Rios. Rodrigo Quadrante is strong on the banking and commercial side.

Practice head(s):

Rodrigo Quadrante; Paulo Guilherme Lopes; Patrícia Rios


‘The firm has always valued excellence in the service provided, demonstrating technique, skill, knowledge and effort for satisfying the client’s interests. They have teams with a lot of experience in the sector, working in several emblematic cases of judicial recovery.’

Key clients

UTC Participações

Wow Nutrition

Schahin Participações

Banco Fibra

Montblanc Securitizadora de Crédito

Banco Rabobank

Alumini Engenharia

Foton Aumark do Brasil, Importação, Exportação e Distribuição

Banco Alfa


Work highlights

  • Advised Schahin Participações on its debt reorganisation and a linked dispute with Petrobras to reinstate an agreement that was terminated as a result of Operation Car Wash.
  • Advised Alumini Engenharia on a $400m debt reorganisation.
  • Assisted UTC Participações in the negotiation of a leniency agreement with the government linked to Operation Car Wash.

Petribu, Cabrera, Pires de Mello

Petribu, Cabrera, Pires de Mello fields teams that are ‘always the right size and capable of delivering what the cases and clients demand'. The firm has strong credentials in the agribusiness sector, where it regularly represents major creditors in judicial credit recoveries and related disputes, and also assists sellers in distressed asset sales. Co-managing partners Ben-Hur Cabrera Filho (‘vast technical knowledge'), Henrique Petribu Faria (‘a present, agile lawyer, always ready to resolve the demands received by clients') and Rodrigo Pires de Mello (‘with extensive experience') all come highly recommended.

Practice head(s):

Ben-Hur Cabrera Filho; Rodrigo Pires de Mello; Henrique Petribu Faria; Guilherme Oliveira Afonso


‘Ben-Hur Cabrera Filho promptly attends to the client’s needs with vast technical knowledge. Also noteworthy is Gabriela Stephanie Nunes, who attends us directly and daily with technical excellence, behaviour with extreme professionalism and integrity, and a differential in seeking to understand the company’s business and the effective reasons for legal demands, especially contractual, to offer the most effective alternatives for the concrete cases.’

‘The technical quality of the partners and lawyers exceed expectations within the areas they serve. Being a large company client and dealing with different levels of hierarchy, they manage to move between them very well, having a very clear and accessible language for everyone.’

‘I recommend Ben-Hur, a partner with great technical quality. And, as an associate, Gabriela Nunes, who stands out for her resourcefulness serving the corporate environment, always wanting to update herself and expand her knowledge.’

‘In my view, one of the great differentials of Petribu, Cabrera e Pires de Mello Advogados (PCPM) is the availability of its partners and lawyers, always ready to meet the demands that are sent by clients. As a client I was always very well attended whenever I needed it, in times and deadlines always within the expected and necessary for the type of work we develop. The work teams that are assigned to cases are always the right size and capable of delivering what the cases and clients demand.’

‘Henrique Petribu Faria has the expertise and experience to deal with complex cases within the business sector of agribusiness and in cases of credit recovery and insolvency. I would like to highlight the fact that Henrique is a present, agile lawyer, always ready to resolve the demands received by clients.’

‘Henrique Petribu is always proactive, receptive, capable and always available to the company, having a well-structured team, with Luis Rodrigues, Thiago Roxo and Guilherme Afonso, who are always working on strategies as well.’

‘The team is extremely committed to solving problems. They are firm and decisive and in all cases we manage to receive our values.’

‘Rodrigo Pires de Melo is the partner who stands out, with extensive experience, he serves us with mastery, leaving us completely satisfied with the office, we have been clients for a long time and we don’t think about changing!’

Souto Correa Advogados

Souto Correa Advogados has ‘a dynamic, innovative and collaborative' approach. The Porto Alegre-based team ‘is extremely technical and committed to the projects it works on'. The firm represents domestic and international creditors and debtors with interests across the country. Founding partner and corporate expert Gilberto Deon Corrêa Júnior leads the team alongside Luis Felipe Spinelli, ‘a great lawyer‘ who is ‘always striving for excellence'. Fernando Pellenz has a good reputation for agribusiness-related restructurings and ‘has an excellent relationship with his clients and always seeks to innovate in his area of expertise’.

Practice head(s):

Gilberto Deon Corrêa Junior; Luis Felipe Spinelli


‘The firm maintains high-quality professionals, especially its partners. The team has a dynamic, innovative and collaborative profile. The relationship is very personal and very welcoming. They are always willing to bring appropriate solutions to the client’s business.’

‘One of the highlights is the partner Fernando Pellenz, who deserves prestige. A qualified professional in the market, he has an excellent relationship with his clients and always seeks to innovate in his area of expertise.’

‘The team is extremely technical and committed to the projects it works on. It is an excellent combination and, from a practical point of view, the formula for success in cases where we work together.’

‘Luis Spinelli is a great lawyer. In addition to insolvency expertise, he has extensive knowledge in other business areas. Undoubtedly, it is an extremely valuable piece for project solution. In addition, Spinelli is directly involved in the cases, always striving for excellence in delivery (which is common to achieve).’

Key clients

International Finance Corporation

Export-Import Bank of the United States

CHS Agronegócio – Indústria e Comércio

Ecovix Construções Oceânicas

Brasil/CT – Comércio e Turismo

Fundação CEEE de Seguridade Social – Eletroceee


Akzo Nobel



Nidera Sementes

Vibra Comercializadora de Energia

Work highlights

  • Advising the Export-Import Bank of the United States in the judicial recovery of the university education business AELBRA.
  • Assisting the IFC in pursuing $16m recovery against Bonasa Alimentos, guaranteed by Asa Participações e Administração and others.
  • Represented Group Ecovix in its judicial reorganisation.

Tauil & Chequer Advogados

The ‘very attentive’ team at Tauil & Chequer Advogados is a solid choice for creditors and debtors in cross-border restructurings and insolvency procedures and is also regularly instructed by distressed debt investors. The team is now led by Liv Machado Fallet - who joined from TozziniFreire Advogados in July 2022 and succeeded Fabio Peixinho in the leadership seat - following the departure of Luciana Celidonio. Banking partners Eduardo Lima and Luis Montes (who is highlighted as ‘creative, pro-business’) are also well regarded in this area.

Practice head(s):

Liv Machado Fallet


‘Very attentive and able to satisfy the client’s questions. My case was very complex, and yet the firm did its job properly.’

‘Flexibility in commercial structures, and a feeling of ownership by the lawyers, maintaining the quality of service in all areas.’

‘Luis Montes – creative, pro-business, simple and direct communication.’

Key clients

The Bank Of New York Mellon

Deutsche Bank London Branch


Banco Bradesco

Bunge Alimentos

Deloitte Touche Tohmatsu Consultores

Cargill Group

China Construction Bank Brasil Banco Múltiplo

Ferrari Agrícola

GE Power Conversion

Work highlights

  • Advising ABN Amro Bank, Cooperatieve Rabobank, ING Bank, Crédit Agricole, Natixis and Société Générale in Biosev’s $1bn debt restructuring.
  • Assisting Bunge in the R$500m acquisition of two of Imcopa’s facilities in connection with the company’s judicial reorganisation proceeding.
  • Representing the The Bank of New York Mellon as a bond trustee in the judicial reorganisation of the U.S.J Group, a major sugar producer.

Huck, Otranto, Camargo Advogados

Huck, Otranto, Camargo Advogados has a solid reputation for restructuring and bankruptcy cases, where it offers a varied mix of banking, dispute resolution and M&A advice. The firm primarily focuses on creditors and investors, and has recently been involved in cases within the construction, agribusiness, engineering and technology sectors. Following the split within the firm, former corporate partner Luis Gustavo Haddad left for the newly founded HRSA. Key remaining partners include Diego Billi Falcão for transactional issues and Luiz Felipe Pereira Gomes Lopes for litigation.

Practice head(s):

Luiz Felipe Pereira Gomes Lopes

LMorato Advogados

Established in 2020, LMorato Advogados is a dedicated boutique, which has ‘surgically positioned itself in restructuring and recovery with a unique and personalised approach’. The firm represents debtors and creditors across all areas, from DIP and exit financings, through to distressed M&A, debt restructurings and contentious judicial proceedings. Founding partner Leonardo Morato has a distinguished background leading practices at major international firms and has ‘unique knowledge of the market and successful strategies in the sector’. Renan Arcaro is highly active on the disputes side.

Practice head(s):

Leonardo Morato


‘Treats each case as if it were unique.’

‘The firm has surgically positioned itself in restructuring and recovery with a unique and personalised approach.’

‘Leonardo Morato – Unique knowledge of the market and successful strategies in the sector.’

Key clients

Deutsche Bank

Concessionária Rodovias do Tietê

Autostrade / Atlantia Group

AB Concessões

Concessionária Rio Mais

Westchester Group South America Gestao de Investimentos (Radar)

Banco Safra

Jive Investments

Austin Empreendimentos Imobiliários


Work highlights

  • Advising four Deutsche Bank entities as the largest creditors in the cross-border restructuring of Abengoa Group.

Rayes & Fagundes Advogados Associados

Clients of Rayes & Fagundes Advogados Associados benefit from the firm’s ‘good infrastructure and good professionals', noting that the low turnover of fee-earners helps create a sense of ‘solidity and trust'. The practice primarily represents creditors in judicial and non-judicial restructurings, including preventative debt negotiations and the sale and acquisition of distressed assets. Work in the banking, life sciences, software, technology and food sectors dominates the agenda. Key partners include litigator Eduardo Vital Chaves, and Ligia Azevedo Ribeiro and Renata Cavalcante de Oliveira for commercial negotiations.

Practice head(s):

Eduardo Vital Chaves; Ligia Azevedo Ribeiro Sacardo; Renata Cavalcante de Oliveira


‘Good infrastructure and good professionals in the team.’

‘The partners are attentive and there is not a high turnover of employees, which for clients translates into solidity and trust.’

Key clients

Supplier (TOTVS)

J.P. Morgan

Boehringer Ingelheim

Cabify Agência de Serviços de Transporte de Passageiros

Masterfoods Brasil Alimentos

Tereos Group (Açúcar Guarani)

Loggi Tecnologia

DHL (Deutsche Post DHL)

Banco Indusval



Work highlights

  • Represented IBM Brazil as an unsecured creditor in the court-supervised corporate restructuring of the Oi Group.
  • Representing Companhia de Locação das Américas – Locamerica as an unsecured creditor in Grupo Estre’s court-supervised restructuring.
  • Representing Banco Indusval’s interests in Seara’s multimillion-dollar court-supervised restructuring.

Santos Neto Advogados

Santos Neto Advogados has developed a strong reputation for advising creditors and debtors operating within Brazil’s agribusiness sector. Offering good expertise in contentious and non-contentious matters, the team is regularly involved in judicial and extra-judicial proceedings, including debt renegotiations and restructurings. Lead partner Fernando Bilotti Ferreira is singled out for his ‘strong agility and assertiveness' in commercial and litigation issues. Vivian Castelan Bernardino regularly handles related trade finance disputes and structured finance credit recovery claims.

Practice head(s):

Fernando Bilotti Ferreira; Vivian Castellan Bernardino


‘Fernando Bilotti – strong agility and assertiveness.’


Scalzilli Althaus Chimelo Spohr Advogados

Scalzilli Althaus Chimelo Spohr Advogados has an experienced practice based in Porto Alegre and regularly represents creditors and debtors. This includes advice on debt restructurings, judicial reorganisations and bankruptcy proceedings, but also extends to crisis management and risk assessments linked to legal proceedings. Its clients come from across key market sectors, including automotive, software, construction, healthcare and agribusiness. Gabriele Chimelo and Veronica Althaus are the two lead partners.

Practice head(s):

Gabriele Chimelo; Verônica Althaus

Key clients

Quinta Do Vale Alimentos

Associação Dos Profissionais Liberais Universitários – APLUB

Instituto Porto Alegre Da Igreja Metodista E Outras (Rede Metodista De Ensino Superior)


Quinto Tabelionato De Notas De Porto Alegre

Indústria De Calçados Blip

Radicom Centro De Diagnóstico Computadorizado


Comercial De Comercial De Combustíveis Dapa

Stemac Grupos Geradores

Work highlights

  • Advised Quinta Do Vale Alimentos on its judicial recovery and tax liability.
  • Assisted Associação Dos Profissionais Liberais Universitários – APLUB on its bankruptcy proceeding.
  • Advised Instituto Porto Alegre Da Igreja Metodista E Outras (Rede Metodista De Ensino Superior) on asset protection strategies.

Siqueira Castro – Advogados

Siqueira Castro – Advogados has an active credit recovery practice, which works closely with lawyers in the firm's corporate and dispute resolution teams. The group provides support in high-value debt renegotiations and judicial recovery proceedings. The contentious side of the practice includes highly experienced partners such as Daniela Soares Domingues and Alexandre Wider in Rio de Janeiro and André Frossard Albuquerque in São Paulo. Heitor Faro de Castro is the key contact on the corporate side following the departures of partners Guilherme Dantas and André Gondinho.

Practice head(s):

Heitor Faro de Castro; Daniela Soares Domingues; Alexandre Wider; André Frossard Albuquerque

Key clients


Dialogic do Brasil Comércio de Equipamentos para Telecomunicações

Construções e Comércio Camargo Correa

Bartira Agropecuária

Votorantim Cimentos

Ecolab Química

Braga e Gonzales Advogados

MPE – Participação em Agronegócio

Kurgan RJ Participações

CEG – Companhia Distribuidora de Gás do Rio de Janeiro

Furukawa Industrial Optoeletrônica

Furukawa Electric Latam

Fundo de Investimento em Direitos Creditórios Não Padronizados Credicorp

POSTALIS – Instituto de Seguridade Social dos Correios e Telégrafos

Multi-Optica Distribuidora


Solvi Participações

Credicorp – Fundo de Investimento

Teleperformance Brasil

Work highlights

  • Advised BASF, a major creditor in the restructuring of agribusiness company Monte Alegre Group.
  • Assisted Dialogic, a technology company, as creditor in the Chapter 11 restructuring of Hoje Sistemas De Informatica.
  • Advising Construções e Comércio Camargo Correa, a creditor in the Chapter 7 bankruptcy of Group Schahin.

Souza Araujo Butzer Zanchim Advogados – SABZ Advogados

Souza Araujo Butzer Zanchim Advogados – SABZ Advogados provides a combination of administrative, commercial, banking and litigation support to debtors and creditors. The firm is particularly noted for its real estate, construction and infrastructure experience, where it represents a mix of banks, private and public operators, and investment funds. This includes support on high-value out-of-court debt and asset restructurings, and advice to clients handling outstanding tax liabilities. Kleber Luiz Zanchim is the main contact for transactional matters, while Paulo Doron Rehder Araujo heads the litigation and insolvency side.

Practice head(s):

Paulo Doron Rehder de Araujo; Kleber Luiz Zanchim

Key clients

Newen Group – New Energies


Thomas Case Associados

Banco Itaú Unibanco and Banco Itaú BBA

Banco BTG Pactual


PDG Realty


Work highlights

  • Representing Banco BTG Pactual in Renova group’s judicial reorganisation proceeding.
  • Assisting Viver and its subsidiaries in a R$210m debenture debt restructuring.
  • Advising PDG Realty on the restructuring of R$1.5bn in assets and R$2.5bn in liabilities within estates managed by its subsidiaries.

Trench Rossi Watanabe

Trench Rossi Watanabe is noted for its ‘deep technical knowledge in the most varied fields of law’, a multi-faceted approach that brings value to its restructuring and insolvency team, whose performance is ‘exceptional’. The litigation side is handled by Giuliana Bonanno Schunck and Gledson Marques De Campos, who alongside associate Mariana Conrado, provide ‘exceptional knowledge on the subject of judicial reorganisation’. Banking and finance partner Luís Ambrósio is also experienced in high-value domestic and cross-border debt restructurings, where clients benefit from the firm’s association with Baker McKenzie LLP.

Practice head(s):

Luis Ambrosio; Gledson Campos; Giuliana Schunck


‘The firm has qualified professionals, with deep technical knowledge in the most varied fields of law. We count on the firm’s support in Judicial Recovery processes, and the team’s performance was exceptional, always pointing out risks with precision and suggesting innovative solutions to complex problems.’

‘Mariana Conrado and Gledson Campos are professionals of the highest competence, having exceptional knowledge on the subject of Judicial Reorganisation. The lawyers in question have exceptional performance, always pointing out risks with precision and proposing innovative solutions to complex problems.’

Key clients

Vibra Energia (previously Petrobrás Distribuidora)

Thales Portugal

Oracle Do Brasil Sistemas

Emerson Electric Do Brasil

BMC Software Do Brasil

Export Development Canada

Motorola Solutions

Pepsico Do Brasil

Commscope Cabos Do Brasil

New Energies Soluções em Energia

Accenture do Brasil

Fundo de Investimento Renda Fixa Petros Crédito Privado de Recuperação Br

Procter & Gamble Do Brasil

Nestlé Brasil

Kidzania Mexico

Omnisys Engenharia

Work highlights

  • Representing Fundo de Investimento Renda Fixa Petros Crédito Privado de Recuperação BR in the bankruptcy of Faville Indústria e Comércio de Alimentos.
  • Assisting New Energies Soluções em Energia with the judicial reorganisation proceeding of Argon Comercializadora de Energias.
  • Advising Hasbro on the judicial reorganisation of Ricardo Eletro Group.