Firms To Watch: Restructuring and insolvency

Bumachar Advogados Associados has ‘huge expertise in restructuring and insolvency‘; name partner Juliana Bumachar is considered a ‘super expert on the subject‘.
Sacramone, Orleans e Bragança Advogados is commended for its ‘highly qualified people‘ and ‘quality service‘, with partners Marcelo Sacramone and Gabriel de Orleans e Bragança both singled out for their ‘genuine expertise’ in the restructuring and insolvency field.

Restructuring and insolvency in Brazil

E. Munhoz Advogados

E. Munhoz Advogados has established a first-class reputation for representing major debtors, who turn to the team for assistance in contentious insolvency cases and out-of-court restructurings. With equally strong credentials in debt refinancings and distressed M&A, the firm has been involved in some of the largest insolvencies and restructurings to hit the Brazilian market, including proceedings in key industries, such as energy, infrastructure, sugar and alcohol. While the firm is best known for representing debtors, it has in a recent highlight acted for the ad hoc group of bondholders in the restructuring of Andrade Gutierrez Engenharia Group. Key partners include the ‘very goodEduardo Secchi Munhoz, who brings over 25 years of contentious and non-contentious expertise to the table. Carolina Machado Letizio Vieira excels in related litigation, while Ferdinando Lunardi and Laura Amaral Patella are well versed in corporate law, capital markets and restructuring. Up-and-coming partner Ana Elisa Laquimia is also active in restructuring and insolvency matters.

Practice head(s):

Eduardo Secchi Munhoz; Carolina Machado Letizio Vieira; Ferdinando Lunardi


‘The main partner, Eduardo Munhoz, is a very good lawyer.’

Key clients



PDG Realty


Estaleiro Atlântico Sul S


ATMA Participações

Rossi Residencial

Jive Investments

Work highlights

  • Advising the Coesa Group on its judicial restructuring procedure that aims to restructure R$4.5bn of debt.
  • Acted for the ad hoc group of bondholders in the restructuring of Andrade Gutierrez Engenharia Group.
  • Advised Atma Participações and six subsidiaries on its R$1.4bn debt restructuring.

Felsberg Advogados

With a longstanding reputation in the restructuring and insolvency market, Felsberg Advogados offers an ‘outstanding level of expertise’ and is constantly ‘updated with daily changes in Brazil law and jurisprudence’. A ‘pioneer in new developments or achievements in this branch of law’, the firm is best known for its contentious and non-contentious debtor-side work, including judicial reorganisations and refinancings, although it does also have experience of representing distressed investors and creditors. Founding partner and veteran practitioner Thomas Felsberg is noted for the depth of his restructuring and insolvency expertise. Other key partners include Fabiana Solano, a key contact for debtors, creditors and investors, Thiago Dias Costa, who handles non-contentious and litigation matters involving corporate insolvencies, recovery processes and bankruptcies, and Clara Moreira Azzoni, who is praised for her ‘impeccable quality and knowledge in the area of business recovery’. Clients also single out the ‘young, fast, knowledgeable and efficient’ senior associate Victoria Vaccari Villela Boacnin.

Practice head(s):

Thomas Felsberg; Fabiana Solano; Clara Moreira Azzoni; Thiago Dias Costa


‘The firm has a lot of experience and contacts in the sector, which makes all the difference in cases of restructuring that involve a lot of negotiations.’

‘Vitoria Vaccari Villa Boacnin- young, fast, knowledgeable and efficient. I really like working with her.’

‘Quality and agility in the provision of the service and mainly for the commitment in sending updates on the demands.’

‘Clara Moreira Azzoni – unique professional. Impeccable quality and knowledge in the area of business recovery. She passes a lot of legal certainty when issuing opinions.’

‘The team is highly qualified and has outstanding level of expertise in restructuring and insolvency. They are updated with daily changes in Brazil law and jurisprudence, and a pioneer in new developments or achievements in this branch of law.’

‘The individuals are specialised and focused in the area, and they are well prepared to share and coordinate the responsibilities through the other members reaching amazing results.’

Work highlights

  • Representing Paranapanema in its judicial reorganisation process involving R$450m in debt.
  • Advising Grupo Moreno on its judicial recovery.
  • Advised Mobius Capital as potential purchaser, together with Grupo Santa Helena, of the bankrupt estate of sugar and ethanol producer Usina São Fernando.

Machado Meyer Sendacz e Opice Advogados

The team at Machado Meyer Sendacz e Opice Advogados is 'a one-stop shop' for restructuring and insolvency advice, 'as it combines excellence, within the same team, in litigation and transactional matters’. Practitioners possess a solid track record in creditor-side work, regularly acting for banks and bondholders in restructurings and DIP financings. A prime destination for distressed investors, the team is also recognised for its debtor-side experience, as its recent advice to Samarco Mineração on its judicial reorganisation demonstrates. Renato Gomes Ribeiro Maggio, who handles transactional and contentious matters, and disputes partner Renata Martins de Oliveira Amado, noted for providing ‘extensive experience in the restructuring area’, are at the helm of the practice. Camilo Torres Gerosa Gomes, who brings ‘deep technical knowledge’ and ‘a lot of sophistication and experience in cross-border insolvency matters’, and corporate finance partner Adriano Schnur are other key individuals.

Practice head(s):

Renato Gomes Ribeiro Maggio; Renata Martins de Oliveira Amado


‘The restructuring team has legal knowledge in several areas, which allows the identification of complete and innovative solutions to the issues that arise.’

‘Camilo Gerosa has deep technical knowledge and great ability to handle negotiations constructively. Renata Oliveira has extensive experience in the restructuring area.’

‘Machado Meyer’s restructuring team is one of the few that is truly a one-stop shop in terms of insolvency and restructuring, as it combines excellence, within the same team, in litigation and transactional matters. There is considerable synergy between the partners Renato Maggio, Renata Oliveira and Camilo Gerosa in this regard, with Renato and Camilo leading the transactional aspects (financing for companies in crisis, acquisitions of stressed assets, etc.) and Renata the judicial litigation.’

‘Renato Maggio stands out for his experience in transactional matters. He has in-depth knowledge of reorganisations and bankruptcy law. Camilo Gerosa – partner with a lot of sophistication and experience in cross-border insolvency matters.’

‘The team is highly qualified and always available. They always have unique ideas and strategies with differentiated service.’

Key clients

Quadra Capital

Pirelli Comercial de Pneus Brasil

Lumina Capital

Konsberg Maritime

Protor & Gamble Industrial e Comercial

Ecorodovias Infraestrutura e Logística

Farallon Capital Management

Mizuho Bank

Caixa Econômica Federal

Internacional Finance Corporation

Work highlights

  • Assisted Rocha and Cattalini in the potential acquisition of 64,16% of the shares issued by CPA Holding held by Santa Terezinha.
  • Assisting Bradesco in the court restructuring of Calçada Empreendimentos Imobiliários Group.
  • Advising Samarco on its judicial reorganisation proceeding, particularly in relation to the Mariana dam disaster that took place in 2015.

Pinheiro Neto Advogados

The multifaceted restructuring and insolvency practice at Pinheiro Neto Advogados advises clients, ranging from major banks to investment funds and corporates, on the full spread of contentious and non-contentious matters. Standing out for its experience in assisting creditors and investors in major judicial and extrajudicial reorganisations, the group excels in distressed deals and DIP financings.  Clients benefit from a deep bench of experienced partners: the versatile Giuliano Colombo is noted for his strong connections to the US market; Thiago Braga Junqueira has played a significant role in the restructuring of debtors in the construction, telecoms, media, oil and gas, agribusiness and energy sectors; and André Moraes Marques specialises in corporate reorganisations. Carolina Kiyomi Iwamoto and Fernanda Neves Piva offer key support at the senior associate level. Luiz Fernando Valente de Paiva is no longer at the firm.


‘Well-prepared, available and understands the clients’ needs well.’

‘André Moraes Marques understands the client’s needs, is very available and engaged in matters. He is always able to provide quality and high-level advice, taking into account not only the legal aspects but also the client’s business strategy.’

Key clients

EdenRed – Ticket Serviços

BHP Billiton Brasil

Banco BTG Pactual

Amerra Capital Management

CHS Agronegócio – Indústria e Comércio

CBA – Companhia Brasileira de Alumínio




Work highlights

  • Advised BHP Billiton, as controlling shareholder, on the judicial reorganisation of iron ore producer Samarco.
  • Advising CHS Agronegócio – Indústria e Comércio on the judicial reorganisation of Seara Indústria e Comércio de Produtos Agropecuário.
  • Advising TIM in the judicial reorganisation proceeding of Atma Participações.

Thomaz Bastos, Waisberg and Kurzweil Advogados

A leading force in the restructuring and insolvency market, Thomaz Bastos, Waisberg and Kurzweil Advogados is noted for its ‘technical knowledge’ and for ’converging the interests of its clients with the best market alternatives’. The versatile player is regularly involved in Brazil’s largest insolvencies and restructurings, where it represents a broad mix of debtors, creditors and investors. In the past year, the practice handled $10bn worth of restructuring and insolvency work, including support in judicial and non-judicial reorganisation proceedings, distressed M&A, cross-border restructurings and DIP financings. The firm fields a highly experienced team, including founding partners Joel Luís Thomaz Bastos, Bruno Kurzweil de Oliveira and Ivo Waisberg, who handle contentious and non-contentious matters in this space. They are backed by several ‘standout’ individuals, such as Gilberto Gornati, whose ‘extensive knowledge enables him to guide clients closely’ throughout insolvency proceedings, and Adriana Dias de Oliveira. Clients also rate the ‘dedicated and helpful’ associate Luiza Serodio Giannotti.

Practice head(s):

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


‘The  team has differentiated technical knowledge and makes alternative recommendations, converging the interests of its clients with the best market alternatives.’

‘Among the individuals who stand out, we can mention Gilberto Gornati. His extensive knowledge enables him to guide clients closely. Another individual who stands out is Luiza Serodio Giannotti, a dedicated and helpful professional, with excellent knowledge.’

Key clients

Orizon Meio Ambiente

Investimento e Participações em Infraestrutura

USJ – Açúcar e Álcool

Green Way I Fundo de Investimentos em Direitos Creditórios Não Padronizado

Amerra Group

Bambui Group

Moneda Funds, Capital Funds and Pimco Funds

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

  • Advising on the restructuring proceeding of the Virgolino de Oliveira group.
  • Assisting the bondholders (Moneda Alturas II Fondo De Invesion, Capital World Bond Fund, Pimco Dynamic Credit, Mortgage Income Fund) in pursuing its credits against the Constellation Oil Services Holding and its subsidiaries.
  • Assisting Fundo de Investimento em Direitos Creditórios Não Padronizados Alternative Assests I in pursuing a claim against Banco Cruzeirdo Sul, a Brazilian bank that is going through a liquidation procedure.

BMA Advogados

BMA Advogados is recognised for its ‘great ability to think of creative and efficient solutions’ in the context of complex restructuring and insolvency proceedings. The firm remains active in debtor-led matters, though it also sees plenty of activity advising shareholders and creditors. A notable example on the shareholder side is representing BHP Billiton on the debt restructuring of Samarco Mineração, following the tragic rupturing of a dam in the city of Mariana in 2015. The multifaceted practice has good credentials across all work streams, including DIP financings, distressed M&A, and judicial and extra-judicial reorganisations. Practice head Sérgio Savi, a reference for distressed deals and reorganisation proceedings, is backed by a highly experienced team that includes Eduardo Guimarães Wanderley, who ‘combines legal knowledge with an excellent understanding of financial structures for solving insolvency cases’. Other names to note include Luciana Celidonio, who handles debt financings, distressed transactions and bankruptcy-related litigation, and senior lawyer Natalia Yazbek, a key contact for financial institutions, investors, bondholders, fiduciary agents, shareholders and companies in financial distress.

Practice head(s):

Sergio Savi


‘I worked with the BMA team on some restructuring cases and they were always very good technically and with a great ability to think of creative and efficient solutions to the various problems encountered by their clients.’

‘Among BMA’s partners, I have a great impression of partner Eduardo Wanderley, with whom I’ve worked on some cases. Eduardo combines legal knowledge with an excellent understanding of financial structures for solving insolvency cases.’

‘Technical quality and dedication.’

Key clients

BHP Billiton

Cimento Tupi


Jussara Elaine Simões and Fernando Antonio Simões

Sucden do Brasil

Credit Suisse

Antonio José de Almeida Carneiro

Keppel Fels

Sul América Capitalização

Redzero Participações

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 in its debt restructuring, involving more than 55,000 creditors.

Demarest Advogados

Demarest Advogados is a popular choice for major debtors and creditors seeking legal support in contentious and non-contentious restructuring and insolvency proceedings. Commended for its ‘ability to solve multiple problems’ and competence in handling ‘extremely complex cross-border transactions’, the group is well versed in international work involving Chapter 11 and 15 filings in the US, as well as DIP financings and distressed M&A. Practice head Guilherme Fontes Bechara is an ‘outstanding professional’ with ‘enormous respect and recognition in the sector’. In May 2023, former partner Celso Xavier left to establish a new firm, Xavier Gagliardi Inglez Verona Schaffer.

Practice head(s):

Guilherme Bechara


‘The availability of the firm, ability to solve multiple problems, logistical organisation and problem-solving abilities differentiate its from its competitors.’

‘Guilherme Fontes Bechara, has high negotiation and problem-solving skills.’

‘I am a great admirer of the work of Demarest’s restructuring and insolvency team. The team provided an excellent service and showed its full ability and competence to handle extremely complex cross-border transactions.’

‘I would like to highlight the work of Guilherme Fontes Bechara, a partner, who is an outstanding professional. In addition to being a reference in the area, Guilherme is always available and makes the client feel as if they were the only one, guiding us with precision and simplicity.’

‘Demarest Advogados (Guilherme Bechara) is very active in the corporate recovery and insolvency area, acting for both debtors and creditors. He has extensive experience in the litigation area and leads matters of a transactional nature with great ease.’

‘Guilherme Bechara is an excellent lawyer. He has enormous respect and recognition in the sector.’

Key clients

Everis Spain, SLU

Quadra Capital

Roca Group

Carlisle Fluid Technologies

Jive Investments

Banco Modal

Credit Agricole Corporate Investment Bank (and affiliates)

LATAM Airlines Group

Hill International

Caixa Econômica Federal

Work highlights

  • Acted as Brazilian counsel to LATAM Airlines Group in all matters related to the Chapter 11 cases filed in the Southern District of New York.
  • Advised LATAM Airlines Group on the Brazilian law aspects of the debtor-in-possession (DIP) and exit financing valued at $3.925 billion in the context of the Chapter 11 cases.
  • Assisted Caixa Econômica Federal in the restructuring of the project finance debt of Arena Itaquera.

Galdino & Coelho, Pimenta, Takemi, Ayoub Advogados

Galdino & Coelho, Pimenta, Takemi, Ayoub Advogados enjoys a strong reputation in the market for its involvement in ‘highly complex’ court-supervised reorganisations and bankruptcies. Major domestic and international clients acknowledge the team’s ‘extensive experience’ in assisting both debtors and creditors in proceedings. Standing out for its impressive track record in contentious matters, the group ‘demonstrates valuable strategic insight and knowledge of the Brazilian judiciary’ and a ‘tireless performance’ in litigation. Flavio Galdino is noted for his ‘vast experience’ in disputes and transactional matters in this space, and Eduardo Takemi Kataoka is ‘a reference in matters of insolvency recognised by his peers and by the judiciary’. Rafael Pimenta is praised for his ‘broad strategic vision in complex multi-party and multi-incident litigation cases’, while André Furquim Werneck is a young partner who demonstrates ‘great mastery of the cases’.

Practice head(s):

Flavio Galdino; Rafael Pimenta; Eduardo Takemi Kataoka; Luiz Roberto Ayoub; Gustavo Salgueiro; Diogo Rezende de Almeida


‘It is a reference firm for highly complex claims, especially court-supervised reorganisations and bankruptcies. All professionals are of high technical quality.’

‘Rafael Pimenta is a lawyer of high technical capacity, pragmatic, with a global vision, and recognised in the market for his expertise in debt recoveries and bankruptcy.’

‘This is one of the main Brazilian firms in the restructuring and insolvency market, especially on the contentious front. The firm combines its experience of representing debtors and creditors in numerous cases. The team demonstrates valuable strategic insight and knowledge of the Brazilian judiciary, and its members are always available to clients and engaged in cases. Of special note is the tireless performance of the team in litigious situations related to judicial recovery and bankruptcy, and in credit recovery litigation.’

Key clients

Abril Comunicações

Estre Ambiental Group

Samarco Mineração


Cotia Trading

Chimera Capital – AgroZ matter


Enauta Participações

Sinopec Brasil


Itaú Unibanco

Queiroz Galvão

Banco Master


ASA Investments

Serviços de Petróleo Constellation

Banco Cruzeiro do Sul


Work highlights

  • Acting for the Constellation Group in its judicial restructuring proceeding.
  • Assisting Abril Comunicações with its judicial restructuring, which involves a complex reorganisation plan.
  • Assisting Estre Ambiental Group in a judicial restructuring that was filed to restructure a multi-million-dollar liability.

Lefosse Advogados

Lefosse Advogados has invested heavily in its restructuring and insolvency practice over the past year with several high-profile partner recruits. These included former Cescon Barrieu practice head Fábio Rosas and partner José Luis de Rosa, who are ‘both very experienced’ in acting for financial institutions, creditors, lenders, and investors in restructurings, judicial and extrajudicial reorganisations and distressed transactions. Bernardo Carneiro, who joined from Chamon Santana Sociedade de Advogados in late 2022, brings a wealth of experience in distressed M&A, DIP lending and credit recovery. They add to an already strong team with proficiency in both contentious and non-contentious matters, particularly for banking clients. Practice head Roberto Zarour possesses expertise in debt restructuring, capital markets and securitisation matters, while Raphael Nehin Corrêa is the name to note for restructuring and insolvency-related litigation.

Practice head(s):

Roberto Zarour


‘Fábio Rosas and José Luis de Rosa are both very experienced and with very strong qualities of dedication, technical knowledge and organisation.’

Key clients

Itaú Unibanco

Banco Santander (Brasil)

Cemig Geração e Transmissão

Banco Cargill

New Island Capital

Work highlights

  • Acting for Banco Santander (Brasil) in the judicial reorganization proceeding of Odebrecht Group.
  • Representing Banco Santander (Brasil) in three enforcement proceedings filed against Buritirama Mineração.
  • Representing Banco Santander (Brasil) in three enforcement proceedings filed against 17 debtors including companies and controlling shareholders of Brazilian group Setah Atacadista (HQZ Comércio de Alimentos).

Mange Advogados

With an impressive track record in some of Brazil’s largest judicial reorganisations, Mange Advogados has established itself as one of the country’s top restructuring and insolvency boutiques. The firm attracts regular instructions from debtors in judicial and extrajudicial recovery proceedings, with clients benefiting from a deep bench of experienced partners. Founding partner Renato Mange has over 40 years’ experience in bankruptcy law and remains a leading light in the market. He is backed by a prominent team that includes Walter Vieira Filho, Luciano Guimarães da Silveira and Eduardo Mange. A strong team of junior lawyers, including Bruna Mendonça, offer key support in the context of complex restructuring and insolvency matters.

Practice head(s):

Renato Mange

Key clients


Crème Mel/Zeca’s

Dini Textil





Grupo Pires Do Rio





Work highlights

  • Advised LBR Lacteos on its judicial restructuring, including multiple sales of assets.
  • Advised Tecsis on its judicial restructuring.
  • Assisted Bardella with its approved judicial reorganisation plan.

Mattos Filho

Mattos Filho has a ‘very proactive’ and ‘strong multidisciplinary team’ that is praised for its ‘excellent technical quality and work capacity’. Clients, including major creditors and investors, acknowledge the team’s ‘knowledge and experience in multijurisdictional and complex transactions‘. Working in close collaboration with the firm’s finance, capital markets, corporate, disputes, tax and white-collar crime specialists, the group offers a multifaceted service in the restructuring and insolvency field, which covers both litigation and non-contentious mandates. Banking partner Frederico Kerr Bullamah has significant experience in debt restructurings, while corporate law expert Marcelo Ricupero is skilled in deals involving distressed assets. Disputes partners André Chateaubriand and Alex Hatanaka are also very active in this space. Stefano Motta is another name to note for bankruptcy matters, in and out-of-court reorganisations, and credit recovery. Associate Giovanna Campedelli Macedo is entirely dedicated to restructuring and insolvency matters.


‘Service quality, availability, results and expertise.’

‘I have worked with Mattos Filho in recovery and insolvency proceedings. They have excellent technical quality and work capacity. They are very proactive and have a very strong multidisciplinary team.’

‘André Chateaubriand Martins – very quick and efficient response to the questions that have arisen.’

‘Mattos Filho, through his partner Frederico Bullamah, has advised us several times in very complex transactions. The team’s knowledge and experience in multijurisdictional and complex transactions has always been a determining factor in our decision-making process regarding our legal adviser.’

Key clients

CAOA Group

Starboard Partners


Clealco Açúcar e Álcool

Planner Corretora de Valores


Angra Partners


Constellation Group




Fiat / Stellantis

Quadra Capital

Safra Special Situations

Banco Bradesco

Swiss Re Corporate Solutions Brasil Seguros

São Martinho

Novo Banco

Banco BMG

Qatar Airways

Austral Seguradora

Oi Móvel

Empyrean Capital Partners

I Squared

Banco Santander


IG4 Capital Investimentos

Farallon Latin America Investimentos

Banco Itaú

GOL Linhas Aéreas

BTG Pactual


Carlyle Group


Work highlights

  • Advised Constellation Group on its debt restructuring, in a cross-border deal involving Brazil, the United States and the United Kingdom.
  • Counsel to the estate of Mr. Carlos Andrade and the CAOA Group in several lawsuits against the bankrupt estate of Banco Santos S and the bankrupt estate of Investsantos Negócios Administração e Participação concerning several loan agreements Mr. Carlos Andrade and Banco Santos entered into in 2003 and 2004.
  • Assisting GOL Linhas Aéreas Inteligentes, formerly known as VRG Linhas Aéreas, in matters related to the Chapter 11 filed by MatlinPatterson Global Opportunities Partners II L.P. before the Southern District of New York.

Padis Mattar Advogados

Insolvency and restructuring heavyweight Padis Mattar Advogados is noted for its ‘technical quality’ and ‘excellent negotiation skills’ in non-contentious and contentious matters in this area. With a strong following of creditors and investment funds, the team shines in high-profile court-supervised and out-of-court proceedings, including distressed M&A and DIP financings. Paulo Padis, who is particularly rated for his ‘great knowledge of finance’ and combined experience in distressed M&A and restructuring processes, and Eduardo Augusto Mattar, who specialises in insolvencies, special situations and dispute resolution, are the main points of contact in the team. With over two decades’ experience in debt restructuring, bankruptcies and dispute resolution, Renata Machado Veloso has 'an excellent ability to build transactions, contracts and negotiations’. Beatriz Mazzi, a contact for distressed deals, handles prominent restructurings in key industries, including energy, infrastructure, and oil and gas. Alexandre Rios maintains a diverse practice advising on restructurings, M&A, capital markets and regulatory issues. Senior associate Victor Clementino is also active in complex litigation and non-contentious matters in this space.

Practice head(s):

Eduardo Augusto Mattar; Paulo Padis; Renata Machado Veloso; Beatriz Mazzi; Alexandre Rios


‘Padis Mattar stands out for its technical quality, creativity, hard work and excellent negotiation skills. In addition, all team members are available, kind and agile in dealings. We were able to complete the out-of-court restructuring in three months. This demonstrates the immense dedication and capacity of the team.’

‘Renata Machado Veloso stands out for her very high standard practices. He is deeply experienced in matters of insolvency and corporate restructuring, and combines this experience with a high level of expertise in coordinating complex and strategic litigation.

‘Padis Mattar is an outstanding player in the restructuring and insolvency scene in Brazil. The firm is engaged in some of the largest and most relevant proceedings in the sector. It does this with mastery, mainly by aligning technical knowledge, ease of understanding of its clients’ businesses, whether national or international, and a team with great seniority.’

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 lp

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


SC Lowy

Work highlights

  • Advised Andrade Gutierrez Group on the restructuring of its bonds due 2021 and 2024.
  • Acted as local counsel to Ad Hoc Group in the restructuring of bonds issued by U.S.J. Açúcar e Álcool – Usina São João.
  • Advises Ad Hoc Group of Lenders and Bondholders of Samarco Mineração on the judicial reorganisation filed by Samarco in April 2021.

Sergio Bermudes Advogados

Rated by clients as ‘a reference in the area of litigation, bankruptcy and restructuring‘, Sergio Bermudes Advogados fields a robust contentious practice that regularly assists debtor and creditor clients in judicial recovery proceedings. The group is often involved in major cases, as demonstrated by its advice to Citibank which has R$600m in credit with Latam Airlines. Rio de Janeiro-based practice head Marcelo Lamego Carpenter brings nearly 30 years’ restructuring experience to the table. Devoted to judicial restructuring and arbitration, Ricardo Loretti Henrici has handled a multitude of proceedings in the energy and natural resources sectors. Other key names include Frederico Ferreira, Eric Cerante Pestre and Thaís Vasconcellos de Sá, all of whom regularly assist debtors, creditors and investors in contentious bankruptcy and restructuring mandates.

Practice head(s):

Marcelo Lamego Carpenter


‘The Sergio Bermudes law firm is a reference in the area of litigation, bankruptcy and restructuring. I consider it one of the best in these areas. Marcelo Carpenter stands out.’

Key clients


Banco do Brasil


BTG Pactual

JP Morgan


York Global Finance Fund

Grupo Globo

Aurelius Investments

EBX/Grupo X

Sete Brasil

Grupo João Fortes


Work highlights

  • Representing Citibank, which has R$600 million in credit with Latam Airlines.
  • Acting for João Fortes Engenharia and its 60 subsidiaries in its judicial restructuring.
  • Advising Citibank, which has R$270m in credit with Renova Energia.

Veirano Advogados

Singled out for its experience in cross-border matters, the insolvency and restructuring practice at Veirano Advogados is adept at handling ‘highly complex cases’ for a broad range of domestic and international debtors and creditors. Practice co-head Julia Tamer Langen handles in judicial and out-of-court proceedings, and is an ‘exceptional lawyer’ who ‘reconciles deep technical legal knowledge with a practical vision’. Fellow co-leader Ricardo Gama specialises in dispute resolution. Former partner Paulo Fernando Campana Filho left to establish his own firm in December 2022.

Practice head(s):

Julia Tamer Langen; Ricardo Gama


‘Veirano provides us with legal advisory services, assisting us in cases of judicial and extrajudicial recovery and customised restructuring. They manage to serve us with excellence, sometimes exceeding expectations.’

‘Veirano Advogados has a team specialised in restructuring and insolvency, which has recognised experience in highly complex cases, in which it represents the interests of domestic and foreign clients, in particular creditors and investors. The service provided is of the highest quality, with direct involvement of the partners in the definition and implementation of the case strategy. The service is personalised and the lawyers are always available.’

‘The team is led by partner Júlia Tamer Langen, with whom I have already had the opportunity to work on several projects. Júlia reconciles deep technical legal knowledge with a practical vision focused on seeking the best interest of the client. She is an exceptional lawyer, able to expose alternatives, point out risks and see ways out in the most adverse circumstances, so that the client can make an informed decision.’

‘Partner Júlia is a great specialist in the subject of judicial recovery.’

Key clients

Natixis, New York Branch; Banco Bilbao Vizcaya Argentaria; Sumitomo Mitsui Banking Corporation; Mufg Bank And Intesa Sanpaolo, New York Branch


Nokia Solutions and Networks do Brasil Telecomunicações

Banco Bradesco BBI

Banco do Brasil

Banco Itaú BBA

Planner Trustee Distribuidora de Valores Mobiliários

RR Donnelley Editora e Gráfica

Valid Soluciones Tecnológicas

Boston Patriot Summer ST and Contrarian Funds

Hydro Extrusion Brasil

Prometeon Tyre Group Indústria Brasil

Siemens Energy Brasil

The Bank of New York Mellon

Shell Energy do Brasil

Log & Print Gráfica, Dados Variáveis e Logística

GE Oil & Gas do Brasil

Goldman Sacks do Brasil Banco Múltiplo e Goldman Sachs International

Work highlights

  • Advised the bridge lenders (Natixis, New York Branch; Banco Bilbao Vizcaya Argentaria; Sumitomo Mitsui Banking Corporation; Mufg Bank, And Intesa Sanpaolo, New York Branch) in the judicial reorganisation of Odebrecht Group.
  • Advising multiple creditors holding claims in the Oi Group’s judicial reorganisation proceeding.
  • Advised the largest secured and unsecured creditors (Bradesco, BB, Itaú and Planner) in the judicial reorganisation proceedings filed by Grupo UTC.

Dias Carneiro Advogados

Dias Carneiro Advogados is praised for the ‘experience of its partners and qualifications of the team’, which has strong expertise in bankruptcy cases, judicial reorganisations, out-of-court debt restructurings, and DIP financings. The firm mainly undertakes creditor-side work, but is also well placed to assist debtors in cases where banks are not counterparties. The ‘fantastic’ practice head Laura Mendes Bumachar is a go-to adviser to several clients engaged in reorganisations, company recovery and bankruptcy proceedings. Clients also rate Antonio Nachif, who is skilled in contentious and non-contentious mandates. Partner Álvaro Brito Arantes, who provides legal advice and court representation in the context of distressed situations, is ‘personally dedicated to the cases’ and ‘decisive in agreements’ and hearings.

Practice head(s):

Laura Mendes Bumachar


‘Experience of its partners and qualification of the team.’

‘Laura Bumachar is a lawyer who finds practical solutions to complex situations. Antonio Nachif has all the positive characteristics loyal clients look for.’

‘Álvaro Brito assists us both in litigation and in credit recovery. In addition to knowing the client well, Alvaro is personally dedicated to the cases. He is at the forefront of legal actions, being decisive in agreements and especially in hearings and dispatches.’

‘Laura Bumachar is what makes this practice special. She is fantastic.’

‘Laura Bumachar is a leading practitioner in this field and someone I rely upon on a regular basis.’

‘Laura Bumachar was responsible for putting Dias Carneiro on the map of restructuring and insolvency, shoulder by shoulder with other more traditional players. She represents creditors in every major case, and has an immense wealth of experience in both judicial and extrajudicial insolvency proceedings. I would note specifically her portfolio of international clients, who, on top of legal assistance, frequently need to be educated on the inner-workings of Brazil court system and on how law works in practice in a field as sensitive as insolvency.’

‘Laura Bumachar masters the art of making clients feel safe in one of their potentially worst moments. She has impeccable ethical behaviour, is highly skilled in explaining cumbersome technical matters while at the same time ensuring she has it under control. She is combative and involved in her cases, never quits and goes to extreme lengths to fight for her clients. She is tireless and present when setbacks happen, and always keeps a balanced and calm approach. Her outstanding interpersonal skills make her at the same time a dear friend, a terrible foe of her opponents, and one of the most sought-after lawyers in the restructuring field.’

Key clients

Arcadia Commodities Limited

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 LLC

Unicasa Comércio de Móveis

Work highlights

  • Acting for Enterprise City Centre in a judicial proceeding against SPE CHL XCVI Incorporações seeking the decree of bankruptcy-liquidation of SPE CHL.
  • Representing Cargill as the largest creditor subject to and not subject to Paranapanema’s judicial reorganization proceeding, holding a claim of more than USD 150 million.
  • Assisting Arcadia, the biggest individual creditor in the judicial reorganisation proceeding filed by the Terra Forte group.

Pinheiro Guimarães

Pinheiro Guimarães has an ‘extremely agile, market-driven, and highly specialised’ restructuring and insolvency team that is skilled at acting for creditors, including major international banks and multilateral lenders. Working out of the firm’s Rio de Janeiro office, the multifaceted practice is active in debt restructurings and judicial reorganisations, and is also proficient in distressed M&A and DIP financings. Dispute resolution specialist Gustavo Mota Guedes oversees the team, which includes experienced finance partner Roberta Giamattey Pimentel Fonseca Kelley. Bruno Lardosa, whose areas of expertise include transactions involving distressed assets, and Guilherme Vaz, who is well versed in domestic and cross-border matters, are recommended for their ‘deep knowledge of the Brazilian market and bankruptcy process’.

Practice head(s):

Gustavo Mota Guedes; Guilherme Vaz


‘The restructuring and insolvency team led by Bruno Lardosa is extremely agile, market-driven, and highly specialised in working for multilateral development institutions and international lenders.’

‘Bruno Lardosa and Guilherme Vaz (partners) are extremely accessible and their deep knowledge of the Brazilian market and bankruptcy process is essential for international lenders.’

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 – und Entwicklungsgesellschaft mbH

Victoria Capital Partners

Work highlights

  • Advising Andrade Gutierrez Group on its debt restructuring.
  • Acts for Empresa de Energia São Manoel in the judicial reorganisation of Constran – Construções e Comércio and UTC Engenharia that holds approximately 10% of the R$3.4bn restructured debt.
  • Representing Vale, a major shareholder, in Samarco Mineração’s R$50.5bn judicial reorganisation.

Stocche Forbes Advogados

Stocche Forbes Advogados balances a busy restructuring and insolvency workload comprised of domestic and cross-border mandates. The group, which has assisted in the restructuring of $3.5bn worth of debt in the past year, is especially strong on the creditor side, where it acts for major banks, bondholders and trade creditors in an array of judicial and extrajudicial proceedings, distressed assets and non-performing loans (NPLs). The ‘very responsive’ practice head Guilherme Gaspari Coelho is noted for his ‘experience working across Brazil and US legal and financial systems‘.

Practice head(s):

Guilherme Gaspari Coelho


‘Guilherme Coelho is very responsive and has experience working across Brazil and US legal and financial systems.’

‘Guilherme Coelho is a prominent lawyer, who always contributes technically and proactively in the search for solutions.’

Key clients

Gramercy Funds Management


Mizuho Bank

Sumitomo Mitsui Banking Corporation

Nippon Export and Investment Insurance (NEXI)

Banco BTG Pactual


BNP Paribas

ING Capital LLC

GoodStorage Holding Participações

DNB Capital LLC.

Highline do Brasil II Infraestrutura de Telecomunicações

Cargill Agrícola

Work highlights

  • Advising the ALB Lenders and acting jointly with Brazilian counsel for other stakeholders on the judicial reorganisation of the Constellation Group.
  • Advising NK 108, Highline and Digital Bridge in the context of the judicial reorganisation of the Oi Group.
  • Advising MUFG, Mizuho SMBC and NEXI on the restructuring and the judicial reorganisation proceeding of Samarco Mineração.

ASBZ Advogados

ASBZ Advogados primarily advises domestic and international creditors, including banks, financial institutions, and bondholders. Proceedings in the agribusiness sector are a growing area of activity for the firm, which has recently assisted with the judicial reorganisation of rural producers. Aitan Canuto Cosenza Portela, a specialist in disputes, and Bruno Delgado Chiaradia, who has represented major financial institutions as creditors in bankruptcy and credit recovery cases, jointly lead the practice, which is also noted for its cross-border capabilities. Focused on dispute resolution, Milena Meyknecht is a name to note for credit recovery claims and enforcement proceedings.

Practice head(s):

Aitan Canuto Cosenza Portela; Bruno Delgado Chiaradia; Milena Meyknecht


‘We are happy to have a longlasting partnership with the ASBZ team.’

Key clients

Banco Bradesco

Banco Santander (Brasil)

Banco Original

Banco Fibra

China Construction Bank – Banco Múltiplo

Deutsche Leasing Finance GMBH

DASA – Diagnósticos da América

Archer Daniels Midland Company / ADM do Brasil

Premier Capital Fomento Mercantil

Banco AndBank (Brasil)

Banco Modal

Pentágono Distribuidora de Títulos e Valores Mobiliários


Jive Investments Consultoria

SPS Capital Gestão de Recursos

Ajaxjud – Fundo de Investimento em Direitos Creditórios Não Padronizados

Planner Corretora De Valores

UMB Bank

AllianceBernstein Global

ACP I Trading

Moneda Latin Corporate Debt

Argentem Creek Partners

Carval Partners

Redwood Master Fund

CVC Brasil Operadora e Agência de Viagens

Dina Moretti Rodrigues’ Estate

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

Work highlights

  • Defending the interest of Planner Corretora de Valores and an ad-hoc group of bondholders in GVO Group’s judicial reorganisation.
  • Advising several Grupo CVC companies in both Avianca’s and Latam’s Chapter 11 procedures pending before the United States Bankruptcy Court – Southern District of New York.
  • Advising Banco Bradesco on its interests in the judicial reorganisation filed by Cosil Group.

Castro Barros Advogados

The ‘always focused and available‘ team at Castro Barros Advogados is well versed in contentious and non-contentious bankruptcy and restructuring matters, where it predominantly acts for creditors, including major banks, financial services companies and trade creditors. Distressed M&A is another area of expertise for the group, which has been involved in several high-profile debt recovery cases in the energy, agribusiness, retail and transport sectors. Rio de Janeiro-based partners Alexandre Catramby and Olympio Carvalho jointly lead the team, which also draws on the expertise of litigation head Jose Augusto Leal. Also noted, Rodrigo Gonçalves Lima de Mattos possesses significant experience in complex credit recovery cases against debtors in financial distress, and Carlos Ximenes has a strong background in the fields of bankruptcy and court reorganisation.

Practice head(s):

Alexandre Catramby; Olympio Carvalho


‘A team always focused and available with precise explanations that go straight to the point.’

Key clients

Haitong Banco de Investimentos do Brasil

HP 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

  • Assisting Petros in a credit collection litigation against Sifco, which is undergoing judicial restructuring.
  • Representing Brasil Plural Fundo in a lawsuit against Laima Participações and Petrosul Distribuidora Transportadora e Comércio de Combustíveis to recover unpaid loans, as well as in the court-supervised judicial restructuring proceeding.
  • Acted for HPFS in its largest litigation in Brazil against IESA Óleo e Gás, part of Grupo Inepar.

Cescon Barrieu

Cescon Barrieu has a versatile restructuring and insolvency practice that represents debtors and creditors. Judicial reorganisations, DIP financings, distressed M&A, and debt restructurings are all core areas of activity for the department, which is jointly led by Alexandre Gossn Barreto, who is strong on the banking side, and Rio de Janeiro-based disputes partner Cinthia de Lamare. Following the departure of former practice head Fábio Rosas and José Luis de Rosa in late 2022, the restructuring and insolvency team was reinforced in May 2023 by the promotion of Esther Slud to partner and the recruitment of Daniel Longa from Enforce, both of whom are skilled in credit restructuring and credit recovery matters.

Practice head(s):

Alexandre Barreto; Cinthia de Lamare


‘Multidisciplinary service provided in an organised manner and aligned with the clients’ objectives. Technical knowledge and the ability to act as if they were part of the clients’ own legal team are notable differences, in addition to the commitment and relationship of mutual trust.’

Key clients


Bank of America Merrill Lynch Banco Múltiplo

Ouro Verde Locação e Serviço Ouro Verde Locação e Serviço

Archer Daniels Midland Company

Baldacci Pharma

AES GF1 Holding

GE Energias Renováveis

Watson Farley & Williams

BSB Energética

Poli-Nutri Alimentos

Fundação Celesc de Seguridade Social

Enforce Gestão de Ativos

Fundo Garantidor de Créditos – FGC

Companhia Siderúrgica Nacional – CSN

Banco Genial

Polo Capital Management

Canvas Capital

Fundação Petrobras de Seguridade Social – Petros

Work highlights

  • Representing Bank of America Merril Lynch, a financial creditor, in the R$40bn judicial reorganisation of the Americanas Group.
  • Advising Samarco Mineração on its judicial reorganisation.
  • Assisted Brookfield Brasil subsidiary Ouro Verde Locações as creditor in the judicial reorganisation of Grupo Virgolino de Oliveira – GVO group of entities (Agropecuária Terras Novas and Others).

Leite, Tosto e Barros Advogados Associados

The restructuring and insolvency team at Leite, Tosto e Barros Advogados Associados is recommended for its familiarity ‘with Brazilian legislation and the subterfuges that debtors use‘. Clients are supported by a highly active disputes team that adds value in court-supervised judicial recovery proceedings; they also benefit from access to partners with considerable experience in debt restructurings on the creditor and debtor side. Rodrigo Quadrante brings together experience in banking, corporate and civil law, while Paulo Guilherme Lopes specialises in contentious matters. Litigator Patricia Rios, who possesses a strong track record before the superior courts, is also recommended by clients.

Practice head(s):

Rodrigo Quadrante; Paulo Guilherme Lopes; Patrícia Rios


‘The restructuring and insolvency practice is one of the most efficient in the market, with several recognitions and a negotiation capacity that guarantees the client excellent results.’

‘Searching for and finding assets of insolvent and bankrupt debtors is almost impossible worldwide, especially in Brazil where debtors use various subterfuges to hide their assets. The Leite Tosto team has supported us in several initiatives to recover unpaid debts by its debtors, being successful in several cases. This is only possible because the firm is very familiar with Brazilian legislation and the subterfuges that debtors use.’

‘Patricia Rios is always available to support, clarify doubts and provide legal options for decision-making.’

Key clients

UTC Participações

Wow Nutrition

Schahin Participações

Banco Fibra

Montblanc Securitizadora de Crédito

Banco Rabobank


Alumini Engenharia


Work highlights

  • Advised UTC Participações on the reorganisation of the group’s total debts of over $1bn.
  • Defending Banco Fibra’s interest in the judicial recovery of Sices Brasil.
  • Advising E2E COMÉRCIO E GESTÃO DE NEGÓCIOS DIGITAIS, better known as Q!Bazar, which filed for bankruptcy in December 2022.

Petribu, Cabrera, Pires de Mello

Petribu, Cabrera, Pires de Mello has ‘an excellent track record in credit recovery’. The ‘well-organised’ team handles contentious and non-contentious creditor-side work and is especially strong in the agribusiness sector. Advice on distressed M&A also features prominently in the workload. The ‘extremely approachableHenrique Petribu is the trusted adviser to players from the agribusiness segment. Rodrigo Pires de Mello has extensive experience in cross-border transactions involving debt restructuring, while Guilherme Oliveira Afonso focuses on credit recovery mandates. Ben-Hur Cabrera maintains a broad practice, handling contentious and non-contentious matters, including judicial credit recovery and debt restructuring, for a variety of agribusiness players.

Practice head(s):

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


‘Provides services on the litigation front, with an excellent track record in credit recovery. I would also like to reinforce the ability they had to recover credit where we believed that we would not have much chance of success or of recovering something, due to the technical knowledge, innovation and creativity of the PCPM team.’

‘Henrique Petribu Faria is our main contact. He is an extremely approachable person, always assisting us in the most urgent and critical moments. He has the ability to develop very solid legal theses, which over time have allowed us to have a relevant track record of success. Guilherme Afonso also advises us in an excellent way.’

‘They communicate in a clear and efficient way. They are always very well-organised and we were able to see the progress of the processes in a very evident way.’

Souto Correa Advogados

Souto Correa Advogados has an ‘excellent’ Porto Alegre-based practice that is praised by debtor and creditor clients for its ‘extreme technical quality’. The ‘well-prepared, structured team’ is well versed in debt restructuring and credit recovery proceedings, as well as bankruptcies and judicial and extrajudicial reorganisations. The team is led by Luis Felipe Spinelli, considered by a client as ‘one of the most complete lawyers in the field of insolvency’, and Gilberto Deon Corrêa Júnior, ‘an excellent negotiator’ who is particularly ‘astute in financial recovery strategies’. Rodrigo Tellechea is another noteworthy practitioner, who assists domestic and international clients in restructurings, insolvencies and corporate reorganisations.

Practice head(s):

Gilberto Deon Corrêa Junior; Luis Felipe Spinelli; Rodrigo Tellechea


‘The service is excellent from the mere collaborator to the lawyer-partner. A firm that values long-term relationships.’

‘We had an excellent experience with Luís Felipe Spinelli. One of the most complete lawyers in the field of insolvency.’

‘Legal services provided with extreme technical quality, up-to-date, specialised, with a global vision, resulting from a well-prepared, structured team committed to a positive result. Technical confidence in the services provided is the differential.’

‘Gilberto Deon Corrêa Junior and Luis Felipe Spinelli possess high technical preparation, transmitting confidence in the services and delivering positive results.’

‘Gilberto Correa – astute in financial recovery strategies. Firm negotiator and technically hardworking.’

‘The firm is made up of first-rate professionals, with excellence in handling cases. Its members have high legal knowledge and are constantly updated, proposing innovative and efficient solutions to existing problems. The restructuring and insolvency team, led by partner Luis Felipe Spinelli, stands out in the market, is extremely competent and handles cases with great care, efficiency and promptness.’

‘Partner Luis Felipe Spinelli, from the restructuring and insolvency area, stands out among his peers in the market. In addition to having in-depth knowledge, he is available to clients, present at meetings and acts with transparency, speed and quality.’

‘I had excellent experiences with the partners Gilberto Deon Correa Jr. and Luis Felipe Spinelli. While Gilberto proved to be an excellent negotiator, Luis proved to be an excellent restructuring lawyer,  finding alternatives for the most diverse problems encountered during the case.’

Key clients

Ecovix Construções Oceânicas

International Finance Corporation

Export-Import Bank of the United States

CHS Agronegócio – Indústria e Comércio

Companhia Paulista de Força e Luz

Brasil/CT– Comércio e Turismo

Chinatex Grains And Oils (H.K) Limited

Fundação CEEE de Seguridade Social – ELETROCEE

GE Energias Renováveis

Sky Chefs (Lufthansa Group)

Rede Forte, Rede Duque

Agrofel Agro Comercial

ADM do Brasil

Work highlights

  • Defended Group Ecovix in several lawsuits before the Rio Grande do Sul Appellate Court involving Ecovix Construções Oceânicas’ reorganisation plan.
  • Assisted Brasil/CT in the filing for voluntary bankruptcy, and represented the debtor throughout the entire proceeding.
  • Acted for the creditors in the negotiation and drafting of a reorganisation plan for AELBRA.

Tauil & Chequer Advogados

Tauil & Chequer Advogados has an experienced team that ‘excels in insolvency and debt recovery matters’. The practice is home to lawyers who have the ability to ‘navigate complex financial challenges with precision’ and handle a broad range of matters, including debt restructurings, distressed M&A, and in-court and out-of-court judicial reorganisations. The firm’s association with Mayer Brown also makes it a go-to choice for cross-border matters. Practice head Liv Machado Fallet and associate Ananda Vicentini are commended for their ‘personalised attention and proactive guidance’ and their ‘outstanding’ debt recovery negotiation skills. Banking partner Eduardo Lima, a key contact for financial institutions and corporate clients, also has a strong focus in out-of-court restructurings.

Practice head(s):

Liv Machado


‘Excellent partners. A large firm with the agility of a boutique.’

‘This law firm excels in insolvency and debt recovery matters. Their expertise and track record are exceptional, and they navigate complex financial challenges with precision. Clients benefit from tailored strategies and effective solutions. They prioritise open communication and keep clients always well-informed.’

‘This law firm’s expertise and dedication ensure positive outcomes. Liv Machado and the associate Ananda Vicentini’s knowledge of insolvency law is comprehensive and impressive. Clients receive from them personalised attention and proactive guidance. Efficient debt recovery strategies maximise chances of success, as we know, and they deliver it. Open and transparent communication is a cornerstone of their approach.’

‘This law firm’s expertise in insolvency and debt recovery, coupled with their client-focused approach and effective communication, make them a standout choice in the field. Professionalism and integrity are their guiding principles. Clients’ interests are protected during difficult financial situations. Their negotiation skills in debt recovery are outstanding. They strike a balance between assertiveness and professionalism.’

Key clients

ABN Amro Bank, Cooperatieve Rabobank, ING Bank, Crédit Agricole, Natixis and Société Générale

Banco Bradesco

The Bank of New York Mellon


Ricoh Brasil

Tap Linhas Aéreas

China Construction Bank Brasil Banco Múltiplo

Deloitte Touche Tohmatsu Consultores

Air BP Brasil

US Bank Trust Company National Association

Hershey do Brasil

Hasbro Do Brasil Industria e Comercio de Brinquedos e Jogos

Veolia Water Technologies & Solutions

Work highlights

  • Representing Bradesco in the LATAM Airlines Group  Chapter 11 proceedings before the United States Bankruptcy Court Southern District of New York.
  • Representing the The Bank of New York Mellon as a bond trustee in the judicial reorganisation of the U.S.J Group.
  • Represented Ferrari Group in the acquisition of a sugar mill plant (UPI – Business Productive Unit named UPI São Luis) through a public auction within the course of Abengoa’s judicial reorganisation proceeding.

Trench Rossi Watanabe

Trench Rossi Watanabe is noted for its ‘collective experience and knowledge’ that help guide clients through ‘complex insolvency proceedings and debt recovery cases’. Key to this is a ‘strategic approach and in-depth understanding of insolvency laws’ and ‘excellent client service’. The practice is especially experienced in advising trade creditors on debt restructurings and contentious judicial and debt recovery proceedings. Department leaders Gledson Campos and Giuliana Schunck are both recommended for contentious matters in the context of credit restructuring, reorganisations and insolvency proceedings. Associate Mariana Conrado, who receives praise for her  ability to help ‘clients recover outstanding debts and find solutions for their financial challenges’, is also part of the core group.

Practice head(s):

Gledson Campos; Giuliana Schunck


‘The team has achieved remarkable accomplishments in their field. With their collective expertise and knowledge, they have successfully guided numerous clients through complex insolvency proceedings and debt recovery cases. Their strategic approach and in-depth understanding of insolvency laws have led to favourable outcomes for their clients, helping them recover outstanding debts and navigate challenging financial situations. Their dedication to providing tailored solutions, excellent client service, and strong legal representation has earned them a reputation for delivering exceptional results. Their accomplishments speak volumes about their skills, professionalism, and commitment to client success in the realm of insolvency and debt recovery.’

‘Giuliana Schunck and Mariana Conrado have demonstrated outstanding performance in their field. Their in-depth knowledge of insolvency laws and debt recovery strategies leads them to successfully navigate complex legal proceedings, helping clients recover outstanding debts and find solutions for their financial challenges. A true testament to their professionalism, attention to detail, and dedication to their clients is the fact that they aim to achieve client success. They provide personalised guidance and prioritise open communication, ensuring that clients are well informed and supported throughout the process. These attorneys have proven themselves as reliable, resourceful, and effective advocates for their clients. Their accomplishments reflect their dedication to delivering exceptional legal services and helping individuals and businesses overcome financial difficulties.’

Key clients

Profarma Distribuidora de Produtos Farmacêuticos

Petrobrás Distribuidora (currently named Vibra Energia)

Thales Portugal

Oracle do Brasil Sistemas

Emerson Electric Do Brasil

Laboratórios Ferring


Vopak Brasil

Motorola Solutions

Pepsico Do Brasil

Commscope Cabos Do Brasil

Stolthaven Santos

Accenture do Brasil

Fundo de Investimento Renda Fixa Petros Crédito Privado de Recuperação Br

Procter & Gamble do Brasil

Nestlé Brasil

Kidzania Mexico

Omnisys Engenharia

ACCO Brands Brasil


Work highlights

  • Advising several major supplier creditors on the judicial reorganisation proceeding of Ricardo Eletro Group, pending before the 1st Bankruptcy and Judicial Reorganisation Court of São Paulo.
  • Assisting Motorola on a daily basis in the bankruptcy proceeding of Rontan Group pending before the 3rd Civil Court of Tatuí, State of São Paulo.
  • Advising Nestlé Brasil on the judicial reorganisation proceeding of Livraria Cultura.

FASV Advogados

Offering support in contentious and non-contentious matters, FASV Advogados is a strong performer in high-profile restructuring and insolvency proceedings. The group, which is often retained by distressed asset investors, also guides ‘companies and investment funds to the best legal and commercial solutions’. Clients particularly appreciate the team’s ‘robust legal background’ and understanding of ‘the financial logic of asset investors in special situations’. Gabriel Antonio Soares Freire, a name to note for debt restructuring and distressed transactions, and Alexandre Faro, who shines in judicial and extrajudicial reorganisations, chair the group. Associate Luíta Maria Ourém Sabóia Vieira is another key individual.

Practice head(s):

Gabriel Antonio Soares Freire; Alexandre Faro


‘It is a firm of excellence, standing out specifically in the area of restructuring and insolvency. The firm has a qualified team to assist companies and investment funds in the best legal and commercial solutions.’

‘Alexandre Faro explores innovative and extremely assertive solutions in litigation. He has exceptional knowledge of restructuring and insolvency proceedings.’

‘FASV is one of the best law firms we deal with to meet the demands of investors in cases involving corporate restructuring. Its lawyers, in addition to having a robust legal background, understand the financial logic of asset investors in special situations.’

Key clients

Banco BTG Pactual

Terra Forte Café

Grupo Ecovix

Grupo Engevix

Grupo Inepar

Azevedo & Travassos

Construções, Engenharia e Pavimentação Enpavi

Crown Ocean Capital

Pravda Investimentos

DC Investimentos

C6 Bank

Electro Plastic

PSC Group

Pollus Facilities

Samarco’s Creditors Committee

Invista FIDIC

ARC Capital

Enforce Group

Work highlights

  • Advised Banco BTG Pactual on various investments made within insolvency proceedings.
  • Advised Grupo Terra Forte Exportação de Café on its judicial restructuring.
  • Advised Azevedo & Travassos on its restructuring.

Ferro, Castro Neves, Daltro & Gomide Advogados

Best known for its credentials in dispute resolution, boutique Ferro, Castro Neves, Daltro & Gomide Advogados is sought out by creditors, debtors, investors and judicial trustees, who rely on the team for advice on ‘complex matters that require a dedicated and highly technical action‘. In a recent highlight, the firm has advised the Official Committee of Unsecured Creditors in the LATAM restructuring. Thiago Peixoto Alves has a ‘a solid academic background’ and extensive experience in major restructuring and insolvency proceedings. Daltro Borges and Marcos Pitanga are other key contacts in the team.

Practice head(s):

Daltro Borges


‘FCDG is a firm that we rely on for complex matters that require a dedicated and highly technical action. The day-to-day involvement of members makes them stand out from their competitors. Furthermore, the content of FCDG’s work is often nothing short of exceptional.’

‘Felipe Basto is an extremely dedicated, available and friendly lawyer. In addition to being one of the most hands-on lawyers I work with, he is also very sophisticated when it comes to presenting non-ordinary solutions to complex matters.

‘FCDG has a very experienced team in all fields of civil and business litigation. In restructuring, the fact that the team acts for all ends of the process (debtor, creditor, AJ and investor) is noteworthy, so that it knows exactly how the agents will act in the process. It is an firm where we are always assisted by a senior partner, with a multidisciplinary and business-oriented vision. They are always available and usually have out-of-the-box ideas.’

‘I particularly highlight the senior partner Thiago Peixoto Alves, who leads the restructuring team and serves several financial institutions (banks and domestic and international funds) and debtors. He is very available, has a solid academic background and a lot of forensic experience.He also enjoys great prestige in the judiciary.’

Key clients

Enseada Indústria Naval

Odebrecht Óleo & Gás


Unitec Semicondutores

Pérola Distribuição e Logística


Novero Investimentos

The Ad hoc group of noteholders from Samarco Mineração

Cimento Tupi

Banco Pan

BRZ Investimentos

Banco BTG

Banco BBM

RK Partners

Construtora Rossi

Canvas Capital

Enforce Postalis Official

Committee of Unsecured Creditors

The fiduciary appointed to protect the interests of LATAM Airlines’ unsecured creditors

Consavel Administradora de Consórcios

Lojas le biscuit

Work highlights

  • Advising Odebrecht Óleo & Gás (OOG) as a debtor on its extrajudicial restructuring.
  • Advising PricewaterhouseCoopers (PwC) as a judicial trustee in the Grupo PDG judicial reorganisation.
  • Advising Cimento Tupi as a debtor in its judicial reorganisation.

Huck, Otranto, Camargo Advogados

With significant activity in the agribusiness, construction, engineering and technology sectors, Huck, Otranto, Camargo Advogados regularly assists creditors and investors in debt recovery and bankruptcy proceedings. Distressed M&A, contentious court proceedings, and debt restructurings all feature prominently on the workload managed by the team, which often collaborates with the firm's corporate, disputes and banking lawyers. Diego Billi Falcão takes the lead on non-contentious matters, while Luiz Felipe Pereira Gomes Lopes is a seasoned litigator with considerable experience in judicial recovery cases.

Practice head(s):

Luiz Felipe Pereira Gomes Lopes

LMorato Advogados

Established in 2020, LMorato Advogados is a well-regarded restructuring and insolvency boutique that handles contentious and non-contentious matters on behalf of debtors and creditors. Founding partner Leonardo Morato is sought after for his expertise in a wide range of work, including judicial and extrajudicial reorganisation proceedings, debt recovery claims, distressed M&A and DIP financings. Partner Renan Arcaro is especially active on the disputes side, regularly representing clients in related litigation and arbitration.

Practice head(s):

Leonardo Morato


‘Technical competence, especially in negotiations, in addition to friendly service.’

‘Differentiated service from partner Leonardo Morato, combined with technical competence and involvement with the client to seek the best solution.’

Key clients

Fundo Garantidor de Crédito – FGC

Deutsche Bank

Dow Química Brasil

Concessionária Rodovias do Tietê

AB Concessões and Autostrade do Brasil S/A

Concessionária Rio Mais

Westchester Group South America Gestao de Investimentos

Jive Investments

Latache Capital

Banco Bradesco

Austin Empreendimentos Imobiliários

Nau Capital

Lots Group

Work highlights

  • Advised Fundo Garantidor de Crédito – FGC in a complex R$450m bankruptcy litigation linked to the liquidation proceedings of bank BVA.
  • Advising Concessionária Rio Mais (Olympic Games Park) in its restructuring, sale of assets and DIP Financing.
  • Representing Bradesco in the enforcement of securities and collaterals issued by Grupo Morizono (which produces the beer, Cerveja Proibida).


Dedicated to bankruptcy and restructuring work, boutique firm PGLaw is especially active advising creditors and investors in the sale and acquisition of distressed assets. In-court and out-of-court reorganisation proceedings are other core areas of activity for the team, which is also adept at assisting debtors in obtaining DIP financing. Focused on dispute resolution, debt restructuring and asset recovery, Thomaz Luiz Sant’Ana is often retained by clients from the agribusiness, energy, and oil and gas sectors. He oversees the department with restructuring and insolvency specialist Maria Fabiana Seoane Dominguez Sant’Ana.

Practice head(s):

Thomaz Luiz Sant’Ana; Maria Fabiana Seoane Dominguez Sant’Ana


‘Thomaz Santana and Fabiana Santana have a very relevant and active involvement in associations and restructuring events, and are always up to date and sharing their knowledge with the public. They conduct relevant and medium-sized cases.’

Key clients

Renuka do Brasil

Renuka Vale do Ivaí

Abengoa Concessões

Banco BTG

SulAmérica Capitalização

Gibbs International

Fábrica Nacional de Condutores Elétricos (FNCE)

2nd Court of Bankruptcy of São Paulo – Itálica Saúde


MOKA Investment Fund

Work highlights

  • Advising Renuka Group on its court-supervised restructuring, and on lawsuits related to the judicial recovery process.
  • Assisting Banco BTG in several court-supervised restructurings and bankruptcies, analysing the feasibility for the bank to invest in the debtors’ activities (DIP financing) or assets.
  • Defending the insurance company SulAmérica’s interests as the major creditor in Banco Rural Mais’ bankruptcy.

Rayes & Fagundes Advogados Associados

Rayes & Fagundes Advogados Associados has a ‘very professional’ and ‘well-prepared’ restructuring and insolvency team. The bulk of the practice’s clients are creditors, who often seek advice on debt restructuring and distressed M&A. The ‘highly trained’ lawyers have been involved in several significant cases in key industries, including logistics, software, banking, technology, and food and beverages. The ‘always attentive and capable’ litigator Eduardo Vital Chaves has a keen focus on bankruptcy, insolvency and banking-related matters. He heads up the team with Ligia Azevedo Ribeiro Sacardo, who often represents creditors in restructurings and credit recovery, and Renata Cavalcante de Oliveira, who is singled out for her performance in judicial restructuring cases and credit recovery lawsuits.

Practice head(s):

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


‘Very professional, fast service, fair price and well-prepared team.’

‘I recommend Eduardo Vital Chaves, as he is always attentive and capable.’

‘They are very collaborative and always ready to respond to emergencies.’

‘Ligia Azevedo Ribeiro Sacardo and Renata Cavalcante Oliveira Amado provide a personalised  and flexible service, always seeking to adapt to the way the client works .’

‘The team of lawyers is competent and accessible at all times. Interaction is good and there is excellent written communication. Legal guidelines always serve their purpose. Billing is clear and error-free.’

‘The team has highly trained professionals.’

Key clients


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 – Global Business Services)



Banco Indusval (now Voiter)

Work highlights

  • Assisting Kyndryl as a creditor in the court restructuring of Lojas Americanas.
  • Defending the interests of Grupo IBM in the court restructuring of Rossi Residencial.
  • Representing Grupo IBM as creditor in the court restructuring proceeding of Grupo João Santos/Itapessoca.

Santos Neto Advogados

Santos Neto Advogados is noted for its contentious and non-contentious advice to the agribusiness sector, where it represents a broad range of debtors and creditors. The team is well positioned to advise financial institutions and investors on judicial and out-of-court restructurings, and also has a strong track record in the acquisition and sale of distressed assets. Co-head Fernando Bilotti Ferreira possesses over 15 years of experience in dispute resolution, bankruptcy and restructuring matters. Fellow co-leader Vivian Castelan Bernardino excels in credit recovery claims.

Practice head(s):

Fernando Bilotti Ferreira; Vivian Castellan Bernardino

Souza Araujo Butzer Zanchim Advogados – SABZ Advogados

With a strong presence in the real estate, construction and infrastructure sectors, Souza Araujo Butzer Zanchim Advogados – SABZ Advogados has an ‘extremely technical team’ with a strong mix of contentious and non-contentious expertise. Typical mandates include advising debtors and creditors on judicial court proceedings, debt restructurings and related banking, tax and corporate issues. Lead partners include litigation and insolvency head Paulo Doron Rehder Araujo, and Kleber Luiz Zanchim, who has ‘a unique ability to serve the client on several fronts‘, including transactions.

Practice head(s):

Paulo Doron Rehder de Araujo; Kleber Luiz Zanchim


‘Kleber Zanchim is a partner with a unique ability to serve the client on several fronts (litigation, advisory and contracts), an important overview of law and knowledge of the company’s operations. He provides a differentiated service.’

‘Extremely technical firm. Excellent for cases of technical complexity that require in-depth case studies, as well as the creation of non-obvious solutions.’

‘Paulo Doron Rehder de Araujo is a very technical partner.’

Key clients

Newen Group – New Energies

Nelson Nogueira Pinheiro


Thomas Case Associados

Banco Itaú Unibanco and Banco Itaú BBA

Banco BTG Pactual


PDG Realty


Work highlights

  • Represented Banco BTG Pactual in the judicial reorganisation filed by Renova group.
  • Acted for Viver and its subsidiaries in the restructuring of their R$210m debenture debt with FGTS (the Length-of-Service Guarantee Fund).
  • Assisted PDG Realty and its subsidiaries in the restructuring of assets and liabilities of segregate estates.