Bankruptcy, insolvency and restructuring in Chile


The ‘very dedicated‘ sixteen-strong insolvency and restructuring team at market stalwart Carey houses both experienced insolvency litigators and corporate lawyers, who are specialists in M&A and financial distress operations. The group’s track record includes playing lead roles during complex restructurings and financings, as well as related asset acquisitions; and its client base spans a range of industries such as insurance, mining, banking, airlines and tourism. The practice is co-led by several experienced partners, namely: Ricardo Reveco, who heads a team of insolvency litigators and ‘stands out in the national market‘; Salvador Valdés, a go-to adviser for corporate clients during high-stakes bankruptcies; Francisco Ugarte, who acts for both debtors and creditors in insolvencies; financial distress deal specialist Cristián Figueroa; and Alejandra Daroch, an expert in advising international and domestic clients on distressed M&A and debt restructuring. In a boost for the team, former associate Roberto Villaseca, whose disputes practice encompasses bankruptcy and insolvency issues, was raised to the partnership in December 2022. Key associate Francisco Torm is also on hand for restructuring and insolvency proceedings.

Practice head(s):

Ricardo Reveco; Salvador Valdés; Francisco Ugarte; Cristián Figueroa; Alejandra Daroch; Roberto Villaseca


Extraordinary knowledge of the subject and a great capacity for work from the entire team.

Carey is the leader in the restructuring arena in Chile.

Very good availability and empathy with the client – very clear when advising on the risks to which clients are exposed during the different scenarios that arise.

Very dedicated to matters – a lot of knowledge that stands out nationally.

Good analysis of situations and excellent teamwork with the client.

Excellent management of legal knowledge.

Great capabilities and dedication to work – very involved in clients’ needs.

Ricardo Reveco stands out in the national market in this space – a lot of knowledge of theoretical and practical issues, and of the players in this area.

Key clients

Corp Group Banking – Corp Group Interhold

Vivocorp – Inversiones Terra

Sencorp – Sendero

Tanner Servicios Financieros


Valle Nevado

Moneda Asset Management

Consorcio Financiero

Qatar Airways

Banco Santander Chile

Fondo de Inversión Inmobiliario X (Banchile Administradora General de Fondos)


Estate of Claudio Avendaño

Work highlights

  • Advised Corp Group Banking and Corp Group Interhold (and their affiliates) on the restructuring of their assets and liabilities during a Chapter 11 proceeding before the Bankruptcy Court of Delaware.
  • Advised Banco Santander (Chilean creditor in LATAM’s Chapter 11 reorganisation process) on derivatives and the commercial alliance between the brands (further to debts exceeding $600m).
  • Advised Vivocorp, Inversiones Terra and their affiliates on the restructuring of their debts.

Claro & Cia.

Legal market powerhouse Claro & Cia. fields a sizeable reorganisation and insolvency team that covers the gamut of insolvency matters and is consistently sought out for high-level restructuring work (both domestically and internationally). In what probably constitutes the most high profile matter of recent years, the team is currently co-lead advisor (in conjunction with Cleary Gottlieb Steen & Hamilton) on the multibillion-dollar bankruptcy and restructuring process of LATAM Airlines, the first Chapter 11 proceedings of a public company in Chile. More typically, representative work includes advising company clients on the restructuring and rescheduling of their liabilities, along with negotiating payment and creditor agreements, and assisting creditors with insolvency proceedings and reorganisation agreements. Department head Nicolás Luco is a civil and commercial litigation and arbitration specialist; M&A leader José María Eyzaguirre B is notably active in major restructurings; and Rodrigo OchagavíaCristóbal Eyzaguirre and Santiago Bravo all assist with reorganisation and insolvency matters. Also integral to the department are cross-border expert Felipe Larraín; José Miguel Huerta, whose wide-ranging practice covers bankruptcy work; and bankruptcy and restructuring specialist José María Eyzaguirre F. Raised to the partnership in January 2022, Álvaro Vives is also active in the sector.

Practice head(s):

Nicolás Luco


Claro is the leading firm in bankruptcy and restructuring matters in Chile. They are exceptional in their sophistication and experience in complex restructuring cases.

The Claro firm has a deeper bench and highly experienced lawyers, who are on top of the latest legal developments. Jose Maria Eyzaguirre is the senior statesman in Chilean restructuring. He is savvy and creative, and clients look to him as a trusted advisor. Nicolas Luco is excellent. His calm demeanor, sophisticated thinking and commercial solutions make him a delight to work with.

Key clients

LATAM Airlines Group


AES Andes

Citigroup Latinoamérica

Banco Itaú Corpbanca


Work highlights

  • Represents LATAM Airlines in the reorganisation of its business globally (under Chapter 11 of the US Bankruptcy Code), as well as ancillary proceedings and related matters in every country where its reorganisation will be enforced (including Chile).
  • Advised Euroamérica, the largest non-secured creditor of Enjoy, on restructuring a negotiation agreement.
  • Acted as main Chilean counsel to AES and Alto Maipo in the voluntary petition for relief under Chapter 11 of the US Bankruptcy Code (filed by Alto Maipo before the US Bankruptcy Court for the District of Delaware).

Barros & Errázuriz

Barros & Errázuriz's practice has a strong market reputation for both bankruptcy and restructuring work and boasts a track record that includes the representation of several major clients in judicial and non-judicial reorganisations, as well as bankruptcy law-related contentious proceedings. Additionally, the group advises on the acquisition of the assets of companies subject to liquidation or reorganisation procedures. The firm's membership of the Affinitas network is also of note since it facilitates a regular exchange of significant information with peers from Colombia, Mexico and Peru. The team is led by Javier San Martín, whose dispute resolution practice includes substantial bankruptcy issues; and José Luis Corvalán, who acts for debtors and creditors in heavyweight liquidation and reorganisation procedures. At associate level, the disputes practices of both Alexis Cespedes and Milton Gutcovsky encompasses insolvency work.

Practice head(s):

Javier San Martín

Key clients

Banco Internacional

Credicorp Capital

Banco BTG

BTG Administradora General de Fondos

Penta Vida Compañía de Seguros de Vida

Constructora Loga

Banco de Crédito del Perú

Banco Consorcio

Inmobiliaria Security


AFP Provida

Larraín Vial Activos AGF

Larraín Vial AGF

Work highlights

  • Assisted Banco Internacional with the negotiations for the payment of a syndicated loan that it holds against Inversiones Terra (parent company of VivoCorp).
  • Advised Credicorp Capital on various insolvency issues, such as reviewing contractual clauses and negotiations with counterparties.
  • Represented Banco BTG AGF in the filing of a compulsory liquidation lawsuit and the subsequent reorganisation procedure of Inmobiliaria Santander.

Morales & Besa

Further to Chile’s 2019 social crisis (as well as the pandemic), the recent track record of Morales & Besa's sizeable bankruptcy and restructuring practice focused on assisting domestic and international creditors and debtors with large companies’ reorganisation proceedings. The team's expertise covers out-of-court debt restructurings, insolvency and restructuring-related litigation and arbitration (including claw-back actions), and cross-border insolvency matters; it priarily acts for a client base of businesses drawn from the healthcare, financial services, aviation, construction, entertainment and energy sectors. The practice is co-led by financing and restructuring specialist Myriam Barahona; and dispute resolution expert Gonzalo Cordero, whose practice includes insolvency and bankruptcy-related disputes. Former senior associate Rocio Vergara left the firm in September 2022.

Practice head(s):

Gonzalo Cordero; Myriam Barahona


The fact that the team has a high level of financial expertise makes it particularly attractive to work on international bankruptcy and restructuring cases, where financial issues are more prevalent than domestic restructuring cases in Chile.’

In Corp Group Banking, a chapter 11 case filed in Delaware, I represented two Latin American banks as secured creditors, one of which required the hiring of an expert in Chilean law. Myriam Barahona was our foreign law expert and it was a privilege to have her. She is an exceptional lawyer, very experienced in financial matters and brings an enriching perspective to the case.

Key clients

Banco de Crédito e Inversiones

Multitiendas Corona

Sociedad Concesionaria Metropolitana de Salud

Corporación Interamericana para el Financiamiento de Infraestructura

Official Unsecured Creditors Committee (LATAM Airlines bankruptcy procedure)

Work highlights

  • Advised Banco de Crédito e Inversiones on certain credits granted to Corpgroup banking-related entities.
  • Advised CIFI on the reorganisation procedure of Itelecom.
  • Assisted the Official Unsecured Creditors Committee before the Chapter 11 court, in relation to LATAM Airlines’ bankruptcy proceeding.

Nelson Contador & Compañía Abogados

Widely esteemed by both clients and market peers, Nelson Contador & Compañía Abogados houses a go-to practice for companies confronting financial distress scenarios. The practice’s specialisms cover financial restructurings and reorganisations, along with major liquidation proceedings and pre-bankruptcy agreements. Clients also turn to the team during cross-border insolvencies and arbitrations. Former chief lawyer of the criminal department of the National Bankruptcy Prosecutor, name partner Nelson Contador has longstanding bankruptcy procedure expertise. Providing further partner-level support are bankruptcy expert María José Contador; and María Ignacia Contador who assists with judicial reorganisations and company liquidations, in addition to bankruptcy proceedings. Names to note at associate level include Ivan Caldery and Daniel Gatica; and while Matías Ignacio Murúa moved to Russi & Eguiguren | Quadrant as a practice director in April 2023, the team was reinforced by the arrival of Víctor Andrés Riadi -as a senior- from EDN Abogados the following month.


Work highlights

  • Counsel to Supermercados Montserrat, Inmobiliaria Santander and Industrias Campo Lindo which filed for judicial reorganisation as a result of the deterioration of their financial performance as a result of the pandemic and Chile’s ‘estallido social’.
  • Counsel to Aceros Chile in a bankruptcy reorganisation proceeding filed in April 2021 as a result of a poor financial situation precipitated by the paandemic and the social upheavel of 2019.
  • Counsel to creditor Logros Servicios Financieros in the $280m judicial reorganisation of Empresas Senscorp and Sendero.

Philippi Prietocarrizosa Ferrero DU & Uría

International law firm Philippi Prietocarrizosa Ferrero DU & Uría has an enviable reputation for heavyweight bankruptcy work. The team’s credentials cover liquidation and reorganisation proceedings, as well as cross-border insolvencies and defence-side creditor matters. Notable recent experience includes representing certain creditors during the reorganisation of LATAM Airlines. Country manager Andrés Sanfuentes, an expert in banking, financial and infrastructure projects is the key figure on the financial side; however, the practice lost disputes specialist Jorge Vial, who frequently acted on major cross-border insolvencies and reorganisations, and Ignacio Larraín (whose broad practice included representing debtors and lenders in insolvency proceedings), with the pair’s departure to re-establish their own firm in September 2023.

Prieto Abogados

The six-member practice at full-service legal major Prieto Abogados is routinely involved in Chilean insolvency judicial procedures such as liquidations and reorganisations. The group also leverages the firm’s significant bankruptcy expertise during restructuring and financing negotiations involving defaulting companies and debt negotiations. Its specialisms further extend to international and multi-jurisdictional Chapter 11 matters. In recent highlights, the group advised Banco Internacional on the bankruptcy-related reorganisation of Sencorp. The insolvency and restructuring department is co-led by Benjamín Grebe, a longstanding specialist in creditor-side insolvency procedures; and dispute resolution head Alberto González V, whose practice covers insolvency proceedings and bankruptcies. The associate pool includes Vicente Tapia and Javier Albornoz (2022 recruits from Australis Seafoods and Deloitte Legal Chile, respectively).

Practice head(s):

Benjamín Grebe; Alberto González V


It is a very complete firm that offers various specialties; in insolvency matters it has a very solid team that coordinates well with the other practices of the office.

The lawyers have a very rigorous work ethic, which makes them study the issues that they have to attend to very deeply, and enabling them to project various scenarios.

The value of the firm is in the work discipline that they demonstrate and which makes them very analytical; they visualize problems in an integrated manner with other practices of the office.

Benjamin Grebe is a great negotiator who conveys confidence and allows solutions to complex problems to be built.

Albero González is a very good litigator.

Key clients

Banco Internacional

Chilena Consolidada de Seguros de Vida (Zurich)

Aguas Andinas

Fondo Inversión Privado Restop

Multisea (Multiexport)

Penta Vida

Mall Plaza

Fondo Inversión Privado (Moneda Asset)

Three Keys Capital

Engie Energía Chile

Work highlights

  • Advised Banco Internacional, Penta Vida Compañía de Seguros de Vida, and Chilena Consolidada de Seguros de Vida on the bankruptcy-related reorganisation  of Inversiones y Rentas Sendero.
  • Advised Banco Internacional on the bankruptcy-related reorganisation of Sencorp.
  • Advised Next Meridian and Three Keys Capital on the bankruptcy-related reorganisation of Minera Tres Valles.

Bofill Mir Abogados

The largest of the firms emerging from the dissolution of Bofill, Mir & Álvarez Jana (BMAJ) in early 2022, Bofill Mir Abogados' insolvency and restructuring practice assists with all stages of insolvency procedures, including advising on the restructuring of debt, cessation of operations, and liquidations. ‘Fully committed to clients', the group’s strong background in cross-border matters facilitates its ability to assist with high-stakes Chapter 11 procedures. The team is jointly led by ‘outstanding' founding partner Octavio Bofill, who has significant experience in commercial restructurings, refinancings, and out-of-court agreements; and corporate law experts Rodrigo Saffirio and Ana María Yuri. Bofill’s recent track record includes advising the ad hoc bondholders on Vivocorp’s insolvency.

Practice head(s):

Octavio Bofill; Rodrigo Saffirio; Ana María Yuri


This office maintains a close relationship with its clients, and is involved in all aspects of the transactions in which it participates.

It compares favourably with competitors, and one of its most distinctive elements is how it collaborates with clients.

The partners are fully committed to clients.

An outstanding partner in this office is Octavio Bofill, particularly for transactions that present challenges.

An office with extensive experience in bankruptcy and restructuring. Great experience and know-how on the part of its partners and professionals. It’s a solid office with a lot of prestige and that ensures confidence in its advice; moreover it has demonstrated an important capacity to advise their clients in complex and high-pressure processes such as bankruptcy and restructuring scenarios.

The partners and lawyers of this office have a lot of experience and give confidence in their professional advice. In particular, I highlight the partners Octavio Bofill and Ana María Yuri, for their great legal knowledge and ability to lead complex processes related to bankruptcies, restructuring, and corporate conflicts, with a great ability to advise and advise clients in complex negotiations.

Key clients

LATAM ad hoc bondholders

Vivocorp ad hoc bondholders


Work highlights

  • Advised LATAM Airlines’ ad hoc bondholders on the Chilean legal bankruptcy aspects of the airlines’ Chapter 11 process.
  • Assisted Vivocorp’s ad hoc bondholders with an in-court reorganisation proceeding.
  • Advised several construction sector clients on insolvency procedures.

Cariola Díez Pérez-Cotapos

Representing both creditors and debtors, Cariola Díez Pérez-Cotapos' seven member practice has extensive insolvency law experience, its recent track record covering several liquidation and reorganisation proceedings. Clients benefit from the practice’s access to experts in bankruptcy proceedings, financial restructuring, taxation, dispute resolution and white-collar crime. The principal practitioners are Fernando Urrutia, a specialist in business disputes, reorganisations and bankruptcies; and Raimundo Moreno, whose experience covers high-stakes reorganisation and liquidation proceedings, including pre-judicial negotiations during financial-distress situations. Litigator José Miguel Flores, along with corporate lawyers Sergio Balharry and José Manuel Donoso, are the key associates. Former associate José Pedro Villablanca left the firm in March 2023.

Practice head(s):

Raimundo Moreno; Fernando Urrutia


The knowledge and expertise of the insolvency and bankruptcy team, and similarly, the closeness they have with the other lawyers who handle this specialty, helps to build trust and communication to reach agreements with other creditors.

Fernando Urrutia is a lawyer with extensive experience and knowledge on the matter.

Key clients

Banmédica Group

Banco de Chile

B Braun Medical


The Walt Disney Company Chile

Inversiones NL

Westgard Investment Corp



Work highlights

  • Acted on behalf of Soprole in two reorganisation proceedings commenced by Chilterra and Agrícola Dos Ríos.
  • Acted on behalf of Perufarma in a liquidation proceeding initiated by Conservera Pentzke.
  • Acted on behalf of 22 Banmédica-related companies in a reorganisation proceeding initiated by Isapre Masvida.


The 10-strong restructuring, insolvency and special situations team at Cuatrecasas' Santiago office acts for creditors, debtors, management teams and shareholders on the restructuring of transactions, production unit sales, and general insolvency proceedings. Clients notably benefit from the group’s cross-border insolvency expertise, as well as the multidisciplinary team’s litigation, finance, and M&A credentials. The practice is led by cross-border insolvency proceeding specialist Gianfranco Lotito, who also co-heads the office’s litigation department; Tomás Kubick's broad practice includes insolvency; and Alfonso Ugarte works across the firm’s New York and Santiago offices. Andrés Lafuente is an active mid-level associate.

Practice head(s):

Gianfranco Lotito

Key clients

Costa Verde Aeronáutica

Banco Itaú

AFP Provida

Grupo Suaval

Autorentas Del Pacífico

Enel Green Power


Work highlights

  • Advised Costa Verde Aeronáutica, as one of the DIP lenders, on the $3.7bn financing for LATAM Airlines (as part of its US Chapter 11 proceedings).
  • Advised Costa Verde Aeronáutica on approving the reorganisation plan for LATAM Airlines Group.
  • Advised mutual guarantee liability companies Suaval, Aval Pyme and Suaval Garantías on the negotiation of their reorganisation plans.

Dentons Chile

The five-member restructuring, insolvency and bankruptcy at Dentons Chile is particularly active in liquidation and reorganisation proceedings involving multinational companies, including matters involving multiple jurisdictions. The team is able to leverage the expertise of its dispute resolution, banking and finance, corporate and real estate law colleagues for insolvency and restructuring work; and its sector expertise covers real estate, electricity, mining, agriculture, agrochemicals, infrastructure, services, and retail. Carlos Urzúa‘s insolvency law practice focuses on representing companies in liquidation proceedings, as well as the negotiation of associated contracts. Providing further partner-level support are Pauline Chiffelle and Marcelo Alarcón, a partner since December 2021.

Practice head(s):

Carlos Urzúa

Key clients

Official Unsecured Creditors Committee of Alto Maipo Delaware and Alto Maipo

RGN Santiago de Chile III

Regus Business Centre de Chile V

Regus Business Centre Chile III

Monrabal Chile

Itelecom Holding Chile

Banco Sabadell

PT Construcciones

Procoin Tradehi Inversiones

Work highlights

  • Advised the Official Unsecured Creditors Committee of Alto Maipo Delaware and Alto Maipo on the Chapter 11 procedure initiated before the United States Bankruptcy Court for the District of Delaware.
  • Represented debtor company RGN Santiago de Chile III on its filing for liquidation.
  • Acted for Monrabal Chile in its liquidation.

García Nadal & Cía

Predominantly representing creditor banks, the four-member restructuring and insolvency team at García Nadal & Cía houses experts in legal proceedings concerning bankruptcy, insolvency and distressed scenarios. The group is also on hand for legal advice to business entities in financial difficulties looking to restructure their operations or the terms of their debt. The principal figures are name partner Esteban García Nadal and Julio Cruz Cortes, who are both consistently involved in sizeable restructurings and bankruptcies in Chile. Former associate Fabiola Trangulao Carrasco departed the firm for fintech company Xepelin in June 2022.

Practice head(s):

Esteban García Nadal; Julio Cruz Cortes

Key clients

Banco Security

Banco Santander

Banco de Chile

Banco Scotiabank



Guerrero Olivos

The six-member practice at full-service law firm Guerrero Olivos consistently assists corporate debtors and secured and unsecured creditors with contentious and non-contentious bankruptcy-related matters, including negotiations and payment plan structuring. The team also represents clients before boards and during all stages of restructuring procedures (creditor board, discussion audience and evidential phases). The group is co-led by Sergio Yávar an expert in restructurings and insolvency proceedings; and Benjamín Ferrada, who focuses on bankruptcy proceeding-related disputes and representing creditors during reorganisation proceedings. At associate level, Pablo Rioseco is experienced in reorganisation and insolvency work, but Juan Luis Vial left the firm in September 2022.

Practice head(s):

Sergio Yávar; Benjamín Ferrada

Key clients

Anglo American Marketing

Kimura Master Fund

Caja de Compensación de Asignación Familiar La Araucana

DSM Nutritional Products

Fundación Arturo López Pérez

Vicentin Chile

Unifrutti Traders

Vipal Chile

Mitta (Mitsui & Co)


Work highlights

  • Advising Anglo American Marketing on the reorganisation plan proceeding of Minera Tres Valle, which is owned by Sprott, a major Canadian mining company.
  • Advised cancer institute FALP (as creditor of health insurance institution Isapre Mas Vida) on a $450m reorganisation proceeding.
  • Assisting Caja de Compensación de Asignación Familiar La Araucana (La Araucana) with several proceedings concerning a reorganisation / restructuring agreement executed a few years ago by La Araucana and its creditors.