Restructuring and insolvency in Brazil

Felsberg Advogados

Restructuring and insolvency is a core area for Felsberg Advogados, which has one of the leading practices in the market. Founding partner Thomas Benes Felsberg is a pioneer in the market, having been at the forefront of its development for many years. The team as a whole is best known for its debtor-led work, where it has been involved in some of the country's most complex insolvency proceedings and out-of-court restructurings. This includes strong support in litigation and distressed M&A, both for sellers and buyers. The firm also has good experience advising suppliers and creditors, including investors. Key members of the team include highly rated partners Fabiana Solano and Clara Moreira Azzoni and senior associate Thiago Dias Costa.

Key clients

Renova Energia

Grupo Moreno

Caixa Economica Federal (caso Odebrecht)

Livraria Cultura

Isolux Corsan Corvian




Atlas Eletrodomésticos

Grupo Elektra

Brasil Supply


Enforce Group (BTG)

ACP (Argentem Creek)

Grupo de Debenturistas (Rodovias do Tiete)

Mimo Brasil

Docas Investimentos

Rede Energia – Energisa

Work highlights

  • Advised Renova Energia on its R$3.1bn judicial recovery and debt restructuring process.
  • Assisted sugar and ethanol producer Grupo Moreno on its R$2.1bn judicial recovery process.
  • Represented bookstore chain Livraria Cultura on its R$285m judicial reorganisation.
  • Advised the suppliers, Semp Toshiba and Atlas Eletrodomésticos, in the judicial pre-pack reorganisation proceeding of Grupo Máquina de Vendas (MdV).
  • Assisted the ad hoc group of bondholders, which holds over 50% of the claims, in the $350m voluntary bankruptcy of the sugar and ethanol producer Aralco.

Pinheiro Guimarães

Pinheiro Guimarães – Advogados has an excellent pedigree for representing the interests of major creditors and investors. The firm can regularly be found advising on some of the country’s largest judicial and extrajudicial debt restructurings, and draws from a deep well of talent when it comes to complex finance, capital markets and M&A negotiations. Clients, which include major banks, investment funds and corporate creditors, also benefit from the strong litigation expertise of the team’s key lawyers. Renata Veloso is one of the key contacts for corporate-related restructuring advice, and Gustavo Mota Guedes is heavily focused on litigation. Associates – including Guilherme Bergamin de Barros – are also very active. Eduardo Augusto Mattar left the firm in November 2020.

Key clients

Banco Credit Suisse (Brasil)

Itaú Unibanco

Banco Santander (Brasil)

Andrade Gutierrez

Redwood Capital Management, LLC

CarVal Investors

King Street Capital Management, L.P.

Oaktree Capital

Centerbridge Partners LP

AIG Investments

Knighthead Capital Management

Moneda Asset Management

Guggenheim Partners, LLC

Banco Votorantim

Hilco Global Brazil

Merrill Lynch International

Explorador Capital Management LLC

Fratelli Investments Limited

Megeve Investments

VR Global Partners

L.P.Centerbridge Partners, L.P.

Roystone Capital Management LP

Rimrock Capital Management LLC

Elliot International, L.P.

Amundi Pioneer Asset Management

ICE Canyon LLC

Goldman Sachs International

Cyrus Capital

Serengeti Asset Management

Thornburg Investment Management

OSX 3 Leasing

Merrill Lynch Pierce, Fenner e Smith

DW Partners LP

Rimrock Capital Management, LLC

Roystone Capital Management, LP

Knighthead Capital Management

Sothic Capital Management

CQS Asset Management Limited

Oaktree Capital

GSO Capital Partners

MSD Capital

Explorador Capital

Nomura Assets Management

PointState Capital LP

Hilco Global

Banco Votorantim

Geribá Investimentos

Graal Participações

Bank of America

Citigroup (Banco Citibank and Citibank N.A.)

Work highlights

  • Advised Graal Participações in the judicial reorganisation of Oderbrecht Group regarding the recovery of a R$12 billion credit related to a put option it has exercised.
  • Representing a major creditor with a claim of over R$2bn linked to the judicial reorganisation of Avianca Brasil and AVB Holding.
  • Assisting Banco Votorantim, one of the main creditors, in the R$4bn judicial reorganisation of UST Group.
  • Advising certain entities controlled by Brookfield Renewable in the restructuring of Tonon Bioenergia in order to defend the client’s position as a post-petition creditor.
  • Representing the main creditors, including Itaú Unibanco and Banco Votorantim, in the R$2.6bn restructuring of Renuka do Brasil.

Pinheiro Neto Advogados

The top-notch team at Pinheiro Neto Advogados is extremely popular with creditor clients, including major banks, funds and corporate suppliers. The practice is regularly involved in large-scale cross-border restructurings and insolvency proceedings, and is one of the favoured law firms among bondholders. Backed by a strong team of finance, capital markets, corporate and litigation partners, the team handles a broad range of judicial and extrajudicial matters, including debtor-in-possession (DIP) financings and pre-package solutions. Luiz Fernando Valente de Paiva is a very well-regarded figure in the market, with a wide-ranging practice that includes high-end litigation work. Other key partners include Giuliano Colombo and André Moraes Marques. Senior associate Thiago Braga Junqueira is also recommended.


‘Pinheiro Neto’s restructuring team differs from any other firm due to its high legal skills combined with its deep knowledge of the client’s business and true interest about the client’s needs. On top of it, the negotiation skills of the lawyers are key when dealing with companies under financial distress, and such skills they also have.’

‘The team is very business-driven and helps us to think on different opportunities.’

‘Very clear and precise advise, not afraid of making direct advice and good overall support.’

‘Luiz Fernando Paiva is a star, but does not act like one. He is highly skilled but also easy to deal with and easy to reach. He has a serene way of approaching complex matters, and he is a fundamental key in a restructuring negotiation. Finally, he understands perfectly what the client needs and delivers as or more than expected. He is one of the best professionals I have ever worked with.’

Key clients

King Street LLC

Brookfield Capital Management

Editora Moderna

Ad Hoc Committee of Bondholders in connection the judicial reorganization proceedings of Oi S.A. and affiliated companies (“Oi Group”) led by Golden Tree Capital Management;

Ad-Hoc Committee of Bondholders, led by Gramercy Emerging Markets Investment Manager

Andritz Hydro

CHS  Agronegócio – Indústria e Comércio

Bayer Brazil

Banco BTG Pactual

Dana Incorporated (through affiliates Dana Indústrias and Dana Brazil Commercial Vehicle LLC)

General Motors do Brasil

Intesa Sanpaolo, Hong Kong Branch, Canara Bank, London Branch, State Bank of India, London Branch e Syndicate Bank, London Branch

Brasil Plural

ABN Amro Bank


Standard Chartered Bank


SBM Offshore

Société Générale

Work highlights

  • Advising the ad hoc group of bondholders in the judicial reorganisation of Odebrecht, where the group holds approximately $3bn in defaulted bonds.
  • Representing a group of bank creditors in the R$4.5bn judicial reorganisation of sugar and ethanol producer UST Group.
  • Assisting BTG Pactual with strategic investments in the judicial reorganisation of publisher Abril Group, including a DIP financing and the acquisition of certain assets, including Exame magazine.
  • Representing SBM Holding Luxembourg and Capital International Private Equity Funds on various aspects of the $1.7bn judicial reorganisation of the Constellation Group.
  • Represented Editora Moderna and 15 other publishers as key suppliers to Brazil’s largest bookseller, the Saraiva Group, which was undergoing a judicial reorganisation.

Thomaz Bastos, Waisberg and Kurzweil Advogados

A relatively young boutique, Thomaz Bastos, Waisberg and Kurzweil Advogados has swiftly established itself as one of the top debtor-side advisers in the country. In 2019, the firm advised around 60 companies on restructuring and insolvency issues, with an aggregate value of approximately $11bn. The firm regularly advises on the full range of strategies, including out-of-court restructurings, distressed M&A, DIP financing and judicial proceedings. The firm fields an incredibly versatile team, including Joel Luís Thomaz Bastos, Ivo Waisberg, Bruno Kurzweil de Oliveira and Ricardo Pomeranc Matsumoto, most of whom can advise on both contentious and non-contentious matters.


‘Very professional and well prepared team. All the team is very professional, competent and diligent on the day by day work, on the same time they have very good network and relationship with the main stakeholders on the restructuring and insolvency segment.’

Key clients

Oceanair Linhas Aéreas S.A.

Itaiquara Alimentos

Lone Star Fund



OAS Group

BR Pharma Group

Usina Santa Terezinha

Libra Group

Abengoa Bioenergia Brasil

Heber Group

Maquina de Vendas


SHC Group


Work highlights

  • Advising food producer Itaiquara Group on its R$696m judicial restructuring.
  • Assisting aviation company Oceanair Linhas Aéreas on the complex negotiations with creditors and investors for its R$2.7bn judicial restructuring.
  • Representing construction company OAS Group on all aspects of its R$9.2bn judicial reorganisation.
  • Acts as counsel to agribusiness company Usina Santa Terezinha on its $900m out-of-court restructuring.
  • Representing Abengoa Bioenergia Brasil on its $1bn judicial restructuring.

BMA - Barbosa, Müssnich, Aragão

BMA - Barbosa, Müssnich, Aragão is a popular choice for high-profile debtor-led work. The firm stands out for its strong multi-disciplinary approach, combining high-end litigation expertise with strong support in corporate finance and key areas such as labour. The team is also noted for its strong expertise on the creditor front. The firm has been trusted on some of the largest restructurings in the market, including for Oi Group and Abengoa. Sergio Savi, Felipe Evaristo dos Santos Galea and Eduardo Guimarães Wanderley all have good reputations.

Key clients


Queiroz Galvão Group

Abengoa Energia (Brazil)

Abengoa Bionergia (Spain)

Cimento Tupi


Jive Investments


BHP Billiton

Queiroz Galvão Energia

Work highlights

  • Advising the Queiroz Galvão Group on its R$10bn private debt restructuring involving over 20 companies and various creditors and financial instruments.
  • Assisting Latam Airlines Brazil on Avianca’s judicial reorgnisation.
  • Lead debtors’ counsel to Abengoa Group on its $1bn judicial reorganisation involving over 1,000 creditors in Brazil and abroad.
  • Assisted OCP on the judicial reorgnisation of Fertilizantes Heringer, in which OCP has an equity stake.

Demarest Advogados

Demarest Advogados offers a strong, multi-faceted practice, with experience on all sides of the table, including for creditors, debtors, shareholders and suppliers. Clients benefit from the firm's strong capabilities in related areas, including litigation, M&A, tax, banking and capital markets, and the team is well versed in judicial and extrajudicial proceedings. Department head Celso Xavier has 20 years' experience in the market, with strong expertise in judicial reorganisations and insolvency disputes. Clients are also quick to praise up-and-coming partner Guilherme Fontes Bechara, who has established an active practice.

Practice head(s):

Celso Xavier


‘Diversity of the knowledge of the lawyers; legal opinion based on former court decisions, which gives the client a great comfort, and the partner is involved in all discussions.’

‘Guilherme Bechara, a young but complete and creative lawyer. Always available. Hands on, seeking for opportunities.’

Key clients

Enforce Gestão de Ativos

Phosagro Trading

Uralkali PJSC

Novo Banco

Crecera Capital Management

Mueller Eletrodomésticos


Jive Investments

Banco Modal

Credit Agricole Corporate Investment Bank (and affiliates)

Banco Itaú

Santander Totta (and affiliates)





Banco Santander Brasil

Macquarie Bank Limited.

Posco Daewoo Corporation

Work highlights

  • Representing Credit Agricole in the out-of-court restructuring of certain guarantees granted by Queiroz Galvão in connection with Move SP’s R$400m debt.
  • Represented Mueller, a strategic supplier to Máquina de Vendas Group, which was undergoing a R$1.3bn extrajudicial reorganisation.
  • Advised Peugeot-Citreon do Brasil Automóveis on the R$500m judicial reorganisation of one of its main dealers, the SCH Group.
  • Represented Macquarie Bank as a creditor in the R$2.1bn judicial reorganisation of agribusiness company Seara Indústria e Comércio de Produtos Agropecuários.

Lefosse Advogados

Lefosse Advogados' well-regarded team has a strong focus on creditor-side work, where it represents some of the largest banks in the market. Major creditor representations on the Oi and Oderbrecht judicial reorganisations emphasise the firm's standing in this area. This extends to strong support on related litigations and out-of-court debt restructurings. The team has also represented buyers in numerous distressed transactions. Practice head Roberto Zarour is highly recommended for his debt restructuring expertise, while Raphael Nehin Corrêa typically handles contentious work. Corporate and banking partner Renata Cardoso also has experience in this area.

Practice head(s):

Roberto Zarour

Key clients

Itaú Unibanco

Banco Santander (Brasil)


Banco Cargill

Banco Bradesco

Infrabrasil Fundo de Investimentos em Participações

Magazine Luiza

Crowned Capital and Agro 1 Fundo de Investimento em Direitos Creditórios não Padronizado


Work highlights

  • Advising Banco Santander on the R$84bn judicial reorganisation of Odebrecht Group, where Santander is one of the largest creditors.
  • Representing Itaú Unibanco on the judicial reorganisation of telecoms company Oi, in which Itaú  holds a claim of roughly R$1.6bn.
  • Assisting Brazilian retail giant Magazine Luiza on the acquisition of from Livraria Cultura, which is undergoing a judicial reorganisation.

Machado Meyer Sendacz e Opice Advogados

Machado Meyer Sendacz e Opice Advogados is a popular choice among major banks, creditors and investors in high-profile judicial reorganisations and debt restructurings. The firm's involvement on market-defining cases such as the Odebrecht reorganisation is testament to the team's strong standing in the market. Clients can also receive strong support in related areas, including distressed M&A and litigation. The firm fields a strong selection of specialised partners, including corporate finance experts Renato Maggio and Adriano Schnur Gabriel Ferreira, banking partner Rafael Carretero, and highly rated disputes partner Renata Martins de Oliveira Amado.

Key clients

Itaú Unibanco

Banco do Brasil

Banco Bradesco

Farallon Capital Management

Banco BTG Pactual

Gordon Brothers

Jive Investments

Banco Santander (Brasil)

Aerovias del Continente Americano Avianca

IFC – International Finance Corporation

Work highlights

  • Advised Itaú Unibanco and Banco Bradesco as creditors on the judicial restructuring of Odebrecht Group, involving R$8.4bn of the clients’ credit.
  • Assisted Itaú Unibanco and Banco Bradesco on the judicial restructuring of Atvos Group, involving R$644m of client credit.
  • Represented Banco Bradesco Grand Cayman Branch and Bradesco Cartões on the complex judicial reorganisation of the Constellation Group.
  • Advised the banks on the R$6bn debt restructuring of Queiroz Galvão Group, involving over 20 companies and several financial instruments.

Mange Advogados

Mange Advogados is a restructuring and insolvency boutique that has built a strong reputation for advice on judicial and extrajudicial recoveries and is considered a pioneer for this sort of work. Clients come from across a range of industries, including retail, automotive and chemicals. Renato Luiz de Macedo Mange and Eduardo Foz Mange are the main contacts.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

In restructuring and insolvency, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados has a strong multi-disciplinary offering, drawing from a deep bench of lawyers across its banking, capital markets, corporate and litigation departments. Advice to creditors and investors remains the core area of focus, with lawyers regularly involved in highly complex debt restructurings, DIP financings and groundbreaking judicial reorganisations. Key figures in the team include corporate finance partners Marcelo Sampaio Góes Ricupero and Flavio Mifano; banking and capital markets specialists Frederico Kerr Bullamah, Marina Anselmo Schneider and Bruno Mastriani Simões Tuca; and litigation expert Alex Hatanaka.


‘Frederico Kerr Bullamah is a very well prepared partner with a very strong track record of structuring transactions in the Brazilian capital markets. He has an outstanding skill for negotiating with the most tough people and a deep knowledge in capital markets and banking structures.’

Key clients

The Carlyle Group

FCA Fiat Chrysler Automóveis

Actis Assessoria e Investimento

Furukawa Rock Drill USA

Finnvera plc

Credit Agricole

Quadra Investimentos

Mapa Capital

Albright Capital Management



Banco Votorantim

Société Générale


Swiss Re Corporate Solutions Brasil Seguros

Allianz Seguros

Zurich Seguros

Department of Justice of the United States

OGX – Óleo e Gás Participações

Proterra Investment Partners, LP

Deutsche Bank – Banco Alemão

ABB Ltda.


Lightcom Comercializadora de Energia

Alberta Management Corporation

Farallon Latin America Investimentos

Brasil Plural

Banco Santander Brasil

Russian Export Agency

Work highlights

  • Advised Farallon Latin America Investimentos on the R$2.5bn DIP financing that was agreed as part of the Oi Group’s judicial reorganisation.
  • Advised several investment funds linked to Albright Capital Management on the judicial reorganisation of Brazilian transport and logistics company Libra Group.
  • Assisted Chubb Seguros Brasil on the judicial reorganisation of Avianca, involving over R$200m of credit from the client.
  • Represented Lightcom Comercializadora de Energia, one of the largest creditors in the judicial reorganisation of Renova Group.

Sergio Bermudes Advogados

Sergio Bermudes Advogados is highly recommended by clients and peers alike. The team is led by Rio-based partner Marcelo Lamego Carpenter, who has over 26 years' experience in the market. The department regularly handles both debtor and creditor-side mandates and has had several significant creditor-led roles on the Oi Group restructuring. The practice is especially strong on the litigation side and has been involved in a number of judicial recovery proceedings involving companies from the energy, natural resources, financial services and agribusiness sectors. Other key partners include Eric Cerante Pestre and Ricardo Loretti Henrici.

Practice head(s):

Marcelo Lamego Carpenter


‘This practice is probably the most efficient in Brazil, when we are talking about litigation, restructuring and insolvency. This practice has all the tools to perform and they really perform. ‘

Key clients


Banco do Brasil


BTG Pactual

JP Morgan


York Global Finance

Aurelius Capital

Jive Asset Management

Grupo X / MMX Mineração

Alden Global Adfero BPI Fund

Sete Brasil

Guarupart Participações

Pentágono DTVM

Banco Pine

Grupo Globo

Globenet Cabos Submarinos


Grupo Dadalto / DLD

Work highlights

  • Advised international bondholder York Global Finance Fund in the RR$80bn+ reorganisation of Oi Group.
  • Representing Globosat as a creditor in the R$80bn reorganisation of Oi Group.
  • Assisted Globenet Cabos Submarinos and Banco BTG in Oi Group’s judicial restructuring.
  • Assisted Sete Brasil Participações on its R$19.5bn judicial reorganisation.

Tauil & Chequer Advogados

Tauil & Chequer Advogados in association with Mayer Brown is a significant player in Brazil's restructuring and insolvency market. The team has several strings to its bow, with the ability to represent creditors, investors, debtors, trustees, and also bankruptcy trustees. Its strong links to the bankruptcy court gives the firm an edge, particularly in litigious matters, where practice head Leonardo Morato is especially experienced. The firm's global platform also helps clients on major cross-border proceedings. Clients are quick to praise team members, including Luciana Celidonio, who provides good contentious and non-contentious support.

Practice head(s):

Leonardo Morato


‘Broad case law experience, creative problem solvers, diligent in protecting the client’s interests. Flexibility and excellent anticipation of potential economic repercussions of each detail of the case.’

‘Luciana Celidonio is tireless in defending clients needs. Outstanding attention to detail. Holds the ground in negotiations and proposes creative solutions to deadlocks.’

Key clients

Pátria Investimentos

Concessionárias Rio Mais

Monte Equity Partners

The Bank of New York Mellon

HSBC (Group)

Deutsche Bank

Atlantia Group (and AB Concessões in Brazil)

Deloitte Touche Tohmatsu Consultores

Mizuho Bank (Group)

GE Capital – Financial Services

Cargill Group

Goldman Sachs

Elliot Advisors

Albioma Participações

Banco Santander (Brasil)

Work highlights

  • Advised the Bank of New York Mellon, as well as other major creditors, including Deutsche Bank and ING Bank, on the judicial reorganisation of Oderbrecht.
  • Assisted AB Concessões as a creditor on the R$8bn judicial reorganisation of Heber Participações .
  • Advising the Bank of New York Mellon as trustee for the noteholders in the Oi Group judicial reorganisation.
  • Representing Deloitte, as bankruptcy trustee, in the R$4bn restructuring of the Inepar Group.

Veirano Advogados

Veirano Advogados' highly regarded team has undergone some personnel changes. While former partner Cássio Cavalli left to establish his own firm, the arrival of the highly experienced Paulo Fernando Camana Filho from Cascione Pulino Boulos Advogados was a very positive move for the firm. He joins a team that represents creditors on the full range of contentious and non-contentious restructuring proceedings. Among the key members, Sergio Bronstein and Gustavo Moraes Stolagli are especially strong on the transactional front, while Rio-based partner Ricardo Gama is the main litigation contact. The team also has good experience advising judicial administrators.


‘The team works in an attentive and cohesive way. Never had any difficulty with any member and they always know about our cases.’

‘Veirano’s restructuring team is one of the best legal teams in Brazil. The team is very competent, cares about the result of the deal, and always based on ethics.’

‘Sérgio Bronstein is our main contact. The main competitive advantage is the capacity to give the opinion not only in a legal way but try to analyse the case in a commercial way and this make all the difference.’

‘Paulo Camana is an experienced lawyer in the courts. His guidelines are always safe and objective. Paulo is very studious and dedicated to the client.’

Key clients

The Bank of New York Mellon

Pentágono Distribuidora de Títulos e Valores Mobiliários

Banco Itaú BBA

Banco Bradesco


Tim Celular


Nokia Solutions and Networks do Brasil Telecomunicações


Cyrela Commercial Properties

Banco Caixa Geral – Brasil


Alvarez & Marsal

Deutsche Bank

GE Oil & Gas Brasil

Banco Santander (Brasil)

RR Donnelley Editora e Gráfica

Banco Santander (Brasil)

Natixis, New York Branch

Banco Bilbao Vizcaya Argentaria

Sumitomo Mitsui Banking Corporation

Mufg bank

Intesa Sanpaolo, New York Branch

Uralkali Trading SIA and Uralchem Trading

Planner Trustee Distribuidora de Valores Mobiliários

Fundo de Liquidação Financeira – Fundo de Investimento em Direitos Creditórios Não Padronizados

Work highlights

  • Advised Deutsche Bank Americas as creditor in the R$5.7bn judicial reorganisation of the Constellation Group.
  • Assisted Siemens as one of the main creditors and key suppliers in the R$588m judicial reorganisation of Engeglobal Group.
  • Advising Alvarez & Marsal as judicial administrator in the liquidation of Banco Morada.
  • Advising Deloitte in the R$2.8bn judicial reorganisation of Aeroportos Brasil, Aeroportos Brasil – Viracopos and Viracopos Estacionamento.

Cescon, Barrieu, Flesch & Barreto Advogados

Cescon, Barrieu, Flesch & Barreto Advogados regularly represents creditors and debtors on major bankruptcy and restructuring proceedings, particularly in the energy, transportation, construction and telecoms sectors. This includes advice on distressed sales and acquisitions, and related disputes. The team also has good expertise defending the interests of equity shareholders in judicial reorganisations. Fábio Rosas heads the team and is one of the main contacts for related litigation. Banking partner Alexandre Gossn Barreto is also very experienced in this area.

Practice head(s):

Fábio Rosas

Key clients

Bratel B.V. – PHAROL

Seadrill Limited

Caixa Econômica Federal

IFC – International Finance Corporation

Queiroz Galvão Energia

Polo Capital

Swiss Re

Livraria Culturaa

Work highlights

  • Advising Bratel, the largest shareholder in Oi, in a dispute linked to Oi’s judicial reorganisation and a plan to convert its debt into equity, which would dilute Bratel’s shareholding.
  • Assisting Seadrill on the Brazilian aspects of its multi-jurisdictional restructuring.
  • Representing Caixa Econômica Federal, as creditor, on Sete Brasil Participações’ $400m debt restructuring.

Dias Carneiro Advogados

Dias Carneiro Advogados advises creditors and investors on judicial reorganisations and out-of-court debt restructurings. The team is also noted for its strong litigation expertise; practice head Laura Mendes Bumachar in particular has a strong reputation on the contentious side of insolvency proceedings. Other key partners include Eduardo Zilberberg and the recently promoted Antonio Nachif.

Practice head(s):

Laura Mendes Bumachar


‘Laura and her team stand out among their peers by bringing their clients a different approach from the vast majority of practices. Their negotiation skills, allied to their law knowledge, helps them developing new paths in several legal processes.’

‘Good commitment, responsiveness, and technical knowledge.’

‘Laura Bumachar always seems to know precisely how to navigate in a plethora of paths available to help our legal department.’

Key clients

Arcadia Commodities Limited

Bio Energias Comercializadora de Energia

Biofast Medicina e Saúde

Brasil Plural Special Situations Nonstandard Credit Investment Fund

China Development Bank

Czarnikow Brasil

Dominion Instalações e Montagens

Emsenhuber Advogados Associados

Interpart Planejamento de Negócios Empresariais

Mag Brasil Comércio e Assistência Técnica de Máquinas

Newton Sérgio de Souza


Organización Corona

Petróleo Sabbá

Raízen Combustíveis

Raízen Energia

Suzlon Energia Eólica do Brasil

UBS Securities LLC

Work highlights

  • Representing Arcadia Commodities, the biggest individual creditor in Terra Forte group’s R$1bn judicial reorganisation.
  • Assisting Newton Sérgio de Souza and NS Assuntos Empresariais, creditors holding about R$291m in the judicial reorganisation of Odebrecht Group.

Galdino & Coelho Advogados

Galdino & Coelho Advogados has earned a strong reputation in the market, with teams of lawyers split between the firm's São Paulo and Rio de Janeiro offices. The practice has a good track record for its advice to debtors, regularly guiding them through complex restructuring and insolvency procedures. Founding partners Flavio Galdino and Sergio Coelho are both very experienced in this space. Eduardo Takemi Kataoka is also well regarded.

Practice head(s):

Flavio Galdino; Sergio Coelho

Stocche Forbes Advogados

Stocche Forbes Advogados has a strong multi-disciplinary practice that spans litigation, banking and finance, and M&A. The firm typically acts for major creditors, including bondholder and lender committees, and has been involved in several significant workouts in the transport, agribusiness and natural resources industries. Guilherme Gaspari Coelho leads the team, which also benefits from the expertise of corporate finance experts Frederico Cursino de Moura and Guilherme Forbes.

Practice head(s):

Guilherme Gaspari Coelho

Key clients

Gramercy Funds Management

Ad Hoc Committee of Lenders composed by The Bank of Tokyo Mitsubishi UFJ Ltd., Mizuho Bank, Sumitomo Mitsui Banking Corporation, York Capital, Solus Alternative Asset Management LLP and Silverpoint Capital

Moneda Asset Management LLC

Banco Cargill

Syndicate of secured lenders composed by Citibank, BNP Paribas, ING Capital LLC, The Norwegian Export Credit Guarantee, DNB Capital LLC, Blue Mountain Capital Management LLC, Deutsche Bank AG London, NORDEA Bank AB London Branch, The Bank of Nova Scotia and MUFG Union Bank

CarVal Investors

Canvas Capital


Cargill Agrícola

Concessionária Rota das Bandeiras

Work highlights

  • Advised the agents and secured lenders on the restructuring of $600m  worth of project financings for three drill shops owned by subsidiaries of QGOG Constellation.
  • Assisted the ad hoc committee of lenders on the $1.6bn debt restructuring of Samarco Mineração, which halted operations after a major environmental incident.
  • Advised Banco Cargill and Cargill Agrícola in the R$1.3bn judicial reorganisation of agribusiness entities José Pupin Agropecuária and Vera Lúcia Camargo Pupin, in which the client held R$250m of credit.

ASBZ Advogados

ASBZ Advogados is developing an increasingly strong position in the market, particularly in its advice to banks as creditors in refinancings and judicial reorganisations. Bruno Delgado Chiaradia is the key contact on the non-contentious side, with Aitan Canuto Cosenza Portela handling the litigation work. Clients also single out up-and-coming partner Leonardo Adriano Ribeiro Dias for praise.


‘ASBZ is an excellent law firm in Brazil and we worked with them with restructuring and insolvency area. They have a great team and can update our in-house lawyers with all the information and technical support that we need to decide the strategy of the deal.’

‘Leonardo Adriano Ribeiro Dias is our main contact and what makes the difference is his knowledge in the area, especially in insolvency, that give us all the fundamentals necessary to analyse the cases and support a decision.’

Key clients

Banco Santander (Brasil)

Banco Bradesco

Kirton Bank

Banco Original

Banco Itaú

Deutsche Leasing Finance GMBH

Mexichem Brasil Industria de Transformação Plástica

Roche Diabetes Care Brasil

DASA – Diagnósticos da América

United Airlines

Banco Fibra

China Construction Bank – Banco Múltiplo

Banco AndBank (Brasil)

Banco Modal

Work highlights

  • Advising Banco Bradesco, a major creditor in the R$1.5bn judicial reorganisation of the Moreno group.
  • Representing China Construction Bank – Banco Múltiplo and Banco Bradesco as creditors on the R$2bn judicial reorganisation of the Jari Group.

Castro Barros Advogados

The experienced creditor-side practice at Castro Barros Advogados has represented clients in some of Brazil's largest restructurings. The team, which is led by Alexandre Espínola Catramby, has good expertise in court-supervised restructuring and bankruptcy proceedings, and represents several major domestic and international corporates, banks and investment funds.


‘A very professional and motivated team with a very close relationship with the client, supporting all matters in a very dedicated way.’

Key clients

Banco Plural

Banco Modal

Banco BTG Pactual

J.P. Morgan

Polo Capital Management

Haitong Banco de Investimento do Brasil

Enforce Gestão de Ativos

Hewlett-Packard Enterprises Financial Services

Fundação Petrobras de Seguridade Social – Petros

RB Capital Companhia de Securitização

Work highlights

  • Representing foreign bondholders holding €25m in credit in the Oi Group restructuring.
  • Assisting Haitong Banco de Investimento do Brasil and HP Financial Services Arrendamento Mercantil in a R$120m credit recovery dispute against Inepar Group.

E. Munhoz Advogados

E. Munhoz Advogados has good experience advising creditors, investors and debtors on major debt restructurings. This includes support on debt restructurings, judicial reorganisations, and any related litigation that might ensue. The firm is representing the Odebrecht Group on its judicial reorganisation, which is the largest of its kind in Brazil's history. Eduardo Secchi Munhoz is the firm's main contact.

Huck, Otranto, Camargo Advogados

Huck, Otranto, Camargo Advogados has a versatile team and typically acts for creditors and investors. It regularly advises on judicial and extrajudicial insolvencies and debt restructurings, and clients can draw from a well of expertise in banking, litigation and the purchase and sale of distressed assets. The team has experience advising across a range of industries, including infrastructure, agribusiness, engineering and technology. Diego Billi Falcão, litigator Luiz Felipe Pereira Gomes Lopes and corporate partner Luis Gustavo Haddad are key names.

Leite, Tosto e Barros Advogados Associados

Leite, Tosto e Barros Advogados Associados' bankruptcy and restructuring practice is strongly connected to the firm's active dispute resolution department, and several of the firm's top matters are linked to tax and fraud cases. The firm represents debtors and creditors on the full range of matters, including debt restructurings, administrative and judicial credit recoveries. Rodrigo Quadrante, disputes head Paulo Guilherme Lopes and litigation partner Patricia Rios are the main partners in this area.

Practice head(s):

Rodrigo Quadrante


‘The individuals showed great knowledge on the subject, sharing previous experiences and helping our company through the process.’

Key clients

UTC Participações

Wow Nutrition

Tomé Participações

Schahin Participações

Banco Fibra

Banco Industrial

Banco Rabobank

Banco Alfa

Alumini Engenharia

Massa Falida do Banco Santos

Foton Aumark do Brasil, Importação, Exportação e Distribuição

Banco Triângulo

Work highlights

  • Assisted infrastructure group UTC Participações on its reorganisation following a leniency agreement linked to Operation Car Wash.
  • Advised Grupo Wow in filing for reorganisation following a long tax dispute with the treasury department of the State of São Paulo.

Petribu, Cabrera, Pires de Mello

Petribu, Cabrera, Pires de Mello stands out for its representation of creditors in recovering debts in the agribusiness sector. The team regularly advises domestic and international clients on related consultancy and litigation issues and is also well versed in distressed M&A. As well as corporate creditors and banks, clients include funds investing in non-performing loan (NPL) portfolios. Name partners Ben-Hur Cabrera Filho, Henrique Petribu Faria and Rodrigo Pires de Mello are all active in this area.


‘The firm has successfully provided me with timely and accurate advice on restructuring and credit recovery matters. Partners Ben Hur Cabrera Filho and Henrique Petribu Faria provided solid, straightforward and expeditious legal advice.’

‘The performances are fast, precise and of the necessary intensity for the best solution in the shortest possible time.’

‘Their energy and positive attitude add real value to the clients. Main strengths are efficiency, communication and results delivery. Their fees are also very competitive and cost-benefit highly positive.’

‘Guilherme Afonso, Henrique Petribu and Rodrigo Mello stand out for their updated, extent and depth of knowledge of business issues. To be attended in a personalized way is without a doubt the best differential such guys can offer.’ 

Siqueira Castro – Advogados

The strong credit recovery team at Siqueira Castro – Advogados regularly represents creditors in contentious and non-contentious debt restructurings. Clients include major investors, lenders and corporate suppliers working across a range of industries. Key team members include corporate finance partner Guilherme Dantas and Rio-based disputes partners Daniela Soares Domingues and Alexandre Wider.

Key clients

Petros – Fundação Petrobrás de Seguridade Social

Postalis – Instituto de Seguridade Social dos Correios e Telégrafos

CEG – Companhia Distribuidora de Gás do Rio de Janeiro

Cibrafertil Companhia Brasileira de Fertilizantes

MPE Participações em Agronegócios

Paulícea Comércio e Representações

Light Serviços de Eletricidade

Fundo de Investimento em Direitos Creditórios Não Padronizados Creditcorp

Furukawa Electric Latam


Grupo Edson Queiroz


United Health (AMIL)

Colgate Palmolive Industrial


Easy Taxi Servicos

Fast Shop


Work highlights

  • Advising Petros – Fundacao Petrobras De Seguridade Social in a lawsuit filed against Hospital Da Bahia seeking the recovery of $35m in loans granted by the client.
  • Represented Postalis, a closed supplementary pension fund, on a $2m claim against Proview Eletrônica do Brasil, which was undergoing a Chapter 7 bankruptcy proceeding.

Souto Correa Advogados

Souto Correa Advogados offers a highly experienced and versatile contentious and non-contentious service to its creditor and debtor clients. Based in Porto Alegre, the team has been involved in several major judicial and extrajudicial reorganisations across a wide range of sectors. On the creditor side, the firm represents banks, suppliers and export credit agencies. Luis Felipe Spinelli leads the team, which includes highly rated partners Carlos Fernando Souto and litigator Rodrigo Tellechea.

Practice head(s):

Luis Felipe Spinelli


‘Strong technical excellence and direct involvement of senior partners on the matters. Excellent associate team and a practical view of business and restructuring matters.’

‘Carlos Souto is one of the best team leaders I ever met. He coordinates the work with excellence and also the client’s interests. In addition, he is very strategic and a remarkable negotiator.’

‘Luis Spinelli is one of the best technical attorneys I worked with. He knows all the national and international doctrines. Also it is important to mention that Spinelli is extremely organised. He always attends clients’ demands on time.’

‘Rodrigo Tellechea represents the balance of very good technical and very aggressive litigation. He is very practical on the solutions presented to clients and is an extremely good litigator. Also, he has a very good sensibility about judgments and conduct of cases in the Court of Appeals.’

Key clients

Ecovix Construções Oceânicas

Brasil/CT – Comércio e Turismo

Export-Import Bank of the United States

International Finance Corporation

Chinatex Grains and Oils (H.K.) Limited

CHS Agronegócio – Indústria e Comércio

Companhia de Navegação Norsul e Norsulcargo Navegação

Fundação CEEE de Seguridade Social – Eletroceee

Semeato Implementos Agrícolas

GE Energias Renováveis

Sky Chefs (Lufthansa Group)

Taurus Máquinas-Ferramentas Ltda. and Forjas Taurus

Work highlights

  • Represented Brazilian shipbuilder Ecovix Construções Oceânicas on its R$48bn judicial reorganisation.
  • Assisted Brasil/CT – Comércio e Indústria in its R$87m voluntary bankruptcy proceeding.

Moura Tavares, Figueiredo, Moreira e Campos Advogados

Moura Tavares, Figueiredo, Moreira e Campos Advogados is well versed in judicial reorganisations and debt restructurings, where it typically acts on the debtor side. The team offers strong expertise in related litigation and advisory matters, and also advises creditors on judicial and extrajudicial recovery actions. Alexandre Figueiredo de Andrade Urbano, Leonardo de Almeida Sandes and Marcos Campos de Pinho Resende are the main contacts.


‘Moura Tavares, Figueiredo, Moreira e Campos Advogados has a renowned team working in restructuring and insolvency, with extensive experience and many cases in its portfolio.’

‘Alexandre Figueiredo is a professional with extensive experience in the practice of restructuring and insolvency. With extreme competence, he has a high capacity to propose solutions to problems.’

Rayes & Fagundes Advogados Associados

The strong restructuring practice at Rayes & Fagundes Advogados Associados has a notable track record in advising creditors on judicial and non-judicial restructurings. This also includes preventative debt negotiations and distressed M&A work. Its clients include companies operating across a wide range of sectors, including banking, IT, life sciences, and food and drink. The team includes versatile partner Eduardo Vital Chaves, and Renata Cavalcante de Oliveira and Ligia Azevedo Ribeiro, who respectively handle non-contentious and contentious matters.

Key clients

Banco Indusval




J.P. Morgan

Boehringer Ingelheim

Cabify Agência de Serviços de Transporte de Passageiros


Tereos Group (Açúcar Guarani)

Loggi Tecnologia

Work highlights

  • Advised Banco Indusval on several major judicial reorganisations, including a claim in which the debtor owed the client R$45m.

Santos Neto Advogados

Santos Neto Advogados is noted for its strong expertise in the agribusiness industry, where it regularly represents debtors and creditors on restructuring and reorganisation proceedings. Fernando Bilotti Ferreira leads the team, which recently expanded its partnership following the promotion of disputes expert Vivian Castelan Bernardino in early 2020.

Practice head(s):

Fernando Bilotti Ferreira

Scalzilli Althaus Chimelo Spohr Advogados

Scalzilli Althaus Chimelo Spohr Advogados is a solid choice for advising debtors on debt restructurings, judicial reorganisations and bankruptcy proceedings. The firm also represents court-appointed trustees, and has good experience acting as judicial administrator. Gabriele Chimelo heads the team from Porto Alegre.

Practice head(s):

Gabriele Chimelo

Work highlights

  • Acting as judicial administrators to a footwear company which entered bankruptcy proceedings.

Souza Araujo Butzer Zanchim Advogados – SABZ Advogados

Souza Araujo Butzer Zanchim Advogados – SABZ Advogados is regularly instructed by banks and debtors on high-value judicial and extrajudicial reorganisations. Paulo Doron Araujo, who is especially strong on the litigation front, and Kleber Zanchim, who typically handles the non-contentious side, are seasoned professionals in this space.

Key clients


Banco Itaú Unibanco and Banco Itaú BBA

Banco BTG Pactual



PDG Realty

Fibra Experts Empreendimentos Imobiliários

Bilden Group

Nelson Nogueira Pinheiro

Thomas Case & Associados

Work highlights

  • Advised Banco Itaú-Unibanco as creditor on the $17m judicial restructuring of commercial and residential real estate developer Planc Group.

Trench Rossi Watanabe

Trench Rossi Watanabe's team typically acts for creditors and brings a strong mix of finance and litigation expertise to the table. Luís Ambrósio is the main contact on the finance side, while Giuliana Bonanno Schunck and Gledson Marques de Campos are the first port of call for related contentious issues. The firm has recently handled a high number of judicial recoveries and insolvency proceedings. Helen Naves joined Demarest Advogados in 2020.

Key clients

Motorola Solutions

Export Development Canada

Procter & Gamble do Brasil

Thales Portugal

Oracle do Brasil Sistemas

Emerson Electric do Brasil

BMC Software do Brasil

Hasbro do Brasil Indústria e Comércio de Brinquedos e Jogos

Commscope Cabos do Brasil

Nuance Communications

Motorola Solutions

America II Electronic

Nestlé Brasil

Deutsche Bank

Weir Minerals Netherlands

Work highlights

  • Representing Motorola Solutions in the judicial reorganisation of the Rontan Group, in which it had over R$66m in credit.

Ulhôa Canto, Rezende e Guerra Advogados

Ulhôa Canto, Rezende e Guerra Advogados has a focused team, led by experienced litigator Marcelo Beltrão da Fonseca. The firm is often sought out by major creditors and lenders, including Banco Bradesco, on judicial and extrajudicial recovery proceedings. Danilo Romera Luqueze is a key contact at the associate level.

Practice head(s):

Marcelo Beltrão da Fonseca

Key clients

Banco Bradesco

Banco Itau Unibanco

Gávea Investimentos

GMT Editores

Work highlights

  • Assisted Banco Bradesco, which was the largest creditor on the R$120m judicial recovery plan for the Sina Bauru conglomerate.