Bankruptcy and restructuring in Mexico

Del Castillo y Castro Abogados

Operating from offices in both Mexico City and Monterrey, specialist boutique Del Castillo y Castro Abogados is a strong choice for bankruptcy matters. The team’s expertise encompasses restructuring, workouts, insolvency, general civil litigation and arbitration. Moreover, the group – whose members stand out for their ‘great experience and customer service’ – handles both the transactional aspects of restructurings (securities issuances) as well as the judicial side (concurso mercantil and litigation), representing both debtors and creditors. The practice is jointly led by the firm’s founding partners: Fernando Del Castillo, a specialist in insolvency, civil and mercantile litigation and arbitration; and Alfonso Castro, who brings corporate, banking, finance and capital markets experience to the table. Associate Karla Gabriela Silva  assists with civil and commercial litigation, workouts, insolvency, commercial arbitration and other alternate dispute resolution methods. Linda García de Alba was promoted to the partnership in January 2023. Since publication, Silva has left the firm – effective as of January 2024.

Practice head(s):

Fernando del Castillo; Alfonso Castro


The practice is results-driven and has a broad knowledge of the client’s business, always proposing alternatives that help the decision making process to achieve the objectives set.

Fernando del Castillo and Alfonso Castro stand out for their extensive experience in insolvency and restructuring matters, as well as for the level of service they provide to their clients.

Key clients

Alphacredit Capital / Alpha Holding

Altán Redes

Banco Mercantil del Norte (Institución de Banca Múltiple)

Credit Suisse

Corporación Geo

Deutsche Bank México (Institución de Banca Múltiple), División Fiduciaria

Hipotecaria Su Casita

SARE Holding

Servicios Auxiliares de Administración


Work highlights

  • Advised AlphaCredit, Alpha Holding and its subsidiaries on its insolvency proceedings and debt restructuring.
  • Advised Altán Redes on its insolvency proceedings and debt restructuring.
  • Advised Banorte on the the insolvency proceedings of Grupo Famsa.

Guerra, Hidalgo y Mendoza (GHM)

Boutique firm Guerra, Hidalgo y Mendoza (GHM) specialises in advising individuals, companies, banks and government institutions on bankruptcy, restructuring, litigation, arbitration and other dispute resolution methods. The team is lauded as ‘extremely capable and practical, with technical depth’, and ‘well-equipped to handle highly complex matters’, and is led by a trio consisting of Jesús Ángel Guerra Méndez, ‘one of the best insolvency and restructuring lawyers in Mexico’, who also handles civil, commercial, and corporate litigation; Elias Mendoza, who deals with civil, commercial, administrative, and bankruptcy litigation; and Patricio Hidalgo, whose practice encompasses litigation, bankruptcy procedures and alternative dispute resolution mechanisms. The key contacts at associate level are Sandra TrejoAdrián Villamil and Patricia Cervantes, all of whom are well-versed in litigation.

Practice head(s):

Jesús Ángel Guerra Méndez; Elias Mendoza Murguía; Patricio Hidalgo Estrada


It is an extremely capable and practical team, with technical depth, and is well-equipped to handle highly complex matters.

Jesús Guerra has become one of the best insolvency and restructuring lawyers in Mexico, having handled several of the most high-profile matters in recent years. He always has his sights set on winning but is also willing to listen to diverse opinions. He fights every battle, however small or large.

Without a doubt, this team is one of the most important in the country today, in terms of competitions and restructuring. They have great knowledge of the market and have participated in several of the most important operations of this type. Furthermore, unlike other firms, they really look for ways to reach a solution and not just remain in the conflict.’

Work highlights

  • Advised Prisa Media Group on the implications of Crédito Real’s bankruptcy proceedings.
  • Advised Fundación Miriel Assets on the implications of Crédito Real’s bankruptcy proceedings.
  • Advised two creditor companies of Altan Telecomunicaciones on the company’s commercial bankruptcy process.

Nader, Hayaux y Goebel, SC

The ‘highly sophisticated’ team at Nader, Hayaux y Goebel, SC handles the range of bankruptcy and restructuring matters such as strategic positioning and strategic alliances, structuring, coordination and litigation, leveraged buyouts and debt-to-equity swaps. The practice also has a strong track record in highly complex cross-border insolvency issues. Whilst the department has historically focused on representing creditors, such as banks and insurance funds, it has recently represented debtors in high-profile cases involving the real estate, oil and aviation sectors. It is co-led by a duo well-versed in restructuring and workouts: Javier Arreola and name partner Michell Nader – who is lauded for his ‘imaginative approach to complex issues’ and ‘long-standing expertise’. Partner Adrián López G. and senior associate José A. Noguera also advise on high-profile insolvencies, and are key contacts at the group. Since publication, Noguera has been raised to the partnership - effective as of January 2024.


The team is extraordinary, with great knowledge of the area and outstanding negotiation skills. Immediate responses. You always feel cared for.

They are distinguished by their high sophistication.

Nader is one of Mexico’s key firms in the restructuring area. Michell Nader is the key individual.

Michell Nader stands out in the restructuring practice in Mexico for his imaginative approach to complex issues and his long-standing expertise in this area.

Key clients

Ad hoc Group of Senior Noteholders of Aeromexico

Altos Hornos de México (AHMSA)’s largest group of creditors

American Tower Corporation

Ad hoc Group of Aeromexico Noteholders

Mizuho Bank

Bondholders of GICSA with CIBanco as common representative

Bondholders of Unifin with CIBanco as common representative

Work highlights

  • Advised the ad hoc group of holders of senior notes (due 2025) issued by Aerovías de México (and guaranteed by Grupo Aeromexico), on the Mexican aspects of its Chapter 11 bankruptcy proceedings in the US.
  • Advised American Tower Corporation, a service provider to Altán Redes, on the latter’s concurso mercantil proceedings.
  • Advised the Mexican bondholders of Unifin on negotiations to restructure their notes.

Sainz Abogados

Sainz Abogados houses a strong bankruptcy and restructuring practice which is praised as having a ‘deep knowledge of the Mexican insolvency system’ and a ‘great combination of deal-making and litigation capacity in cross-border restructurings’. Combining transactional and litigation expertise, the team of ‘true experts’ offers assistance on in-court and out-of-court bankruptcy and restructuring proceedings, cross-border reorganisations and insolvency procedures, concurso proceedings and workouts. At the helm of the group, ‘elite insolvency lawyer with a world class cross-border practiceAlejandro Sainz has led on some of the market’s most significant bankruptcy and restructuring matters of recent years (including Unifin Financiera, Alpha Credit, Oro Negro, Aeroméxico). Daniel Díaz Álvarez takes care of commercial litigation, concursos mercantiles, shareholders’ conflicts and public work disputes both on behalf of and against government bodies; ‘brilliant insolvency tacticianSantiago Alessio focuses on corporate reorganisations, M&A, restructurings and bankruptcy; and Rodrigo Guaida, described by one client as ‘a star in the making with great commercial sense’, handles restructurings, corporate governance and M&A. Gabriela Avendaño was promoted to partner in January 2023; and Yoare Heredia is the name to note at associate level. Since publication, the firm has been notably strengthened with the arrival of an eight-strong group from Gonzalez Calvillo, including specialists in banking and finance, corporate and M&A, competition, and energy and projects - effective as of April 2024.

Practice head(s):

Alejandro Sainz


Sainz Abogados is one of the few firms in Mexico that are real experts in the restructuring area. While there is a large pool of talented lawyers at the firm, Alejandro Sainz is the key individual.

Sainz Abogados, through the partners Alejandro Saínz and Santiago Alessio Robles, provide us with personalized advice according to our needs and have great knowledge and experience in corporate restructuring.

Alejandro Sainz stands out in the restructuring practice in Mexico for his imaginative approach to complicated issues and his long-standing expertise in this area.

Deep knowledge of the Mexican insolvency system; great combination of deal-making and litigation capacity in cross-border restructurings.

Alejandro Sainz is an elite insolvency lawyer with a world class cross-border practice; Santiago Alessio Robles is a brilliant insolvency tactician; Rodrigo Guaida is a star in the making with great commercial sense.

Key clients

Grupo Aeroméxico

Ad hoc group of Bondholders of Oro Negro

Nokia (Altán Redes)

Isolux de México

Alpha Credit

Ad hoc group of Bondholders of Crédito Real

Unifin Financiera

Work highlights

  • Represented Grupo Aeroméxico and its subsidiaries in its cross-border corporate and financial restructuring.
  • Advised Nokia, the main service provider to Altán Redes, on the latter’s concurso mercantil proceedings.
  • Advised Isolux de México on its concurso mercantil proceedings.

Creel, García-Cuéllar, Aiza y Enríquez, S.C.

Creel, García-Cuéllar, Aiza y Enríquez, S.C. has a good reputation in the bankruptcy sector and is known for advising on insolvency proceedings, workouts, the liquidation of distressed companies and the restructuring of existing credit facilities. Its client roster is dominated by local and international banks and financial institutions. The practice is co-led by Carlos Aiza, who is particularly noted for his involvement in workouts, capital markets and corporate finance transactions; and Rodrigo Castelazo, who represents both debtors and creditors in insolvency proceedings. Of counsel Thomas Heather is noted for his contributions on restructuring and associated arbitration matters, and senior associate Christian Dorantes offers support across the board.

Practice head(s):

Carlos Aiza; Rodrigo Castelazo


Compact, specialised team that seeks to satisfy client needs whilst keeping costs reasonable.

Key clients

Apollo Global Management

Alpha Latam Management and its affiliates

The Bank of New York Mellon

BBVA de México (Institución de Banca Múltiple)

Work highlights

  • Acted as Mexican counsel to Apollo on securing a multi-tranche debtor-in-possession term loan facility.
  • Advised Alpha Latam Management and its subsidiaries on the Mexican leg of its Chapter 11 proceedings.
  • Advised BBVA, as lender, on the restructuring of Cinepolis.

Guerra González y Asociados, S.C.

The ‘innovative’, ‘focused’ and ‘knowledgeable’ group at Guerra González y Asociados, S.C. handles bankruptcy and insolvency proceedings and credit recovery matters across an array of sectors, among them hospitality, tech and energy. The 30-strong team of lawyers stand out for its ‘professionalism, dedication to the issues and knowledge of bankruptcy matters’, and operates from offices in Mexico City, Monterrey, Monclova (Coahuila) and Matamoros (Tamaulipas). Clients appreciate that the practice’s three co-heads are ‘always available at the first call’ – Jaime R. Guerra González has decades of experience in bankruptcy matters and leads from Mexico City along with Alfonso Peniche García; while the ‘always preparedJesús A Treviño specialises in litigation, insolvency and restructuring, and directs from the Monterrey office. Other key contacts include ‘essential resourceOctavio Ochoa Huerta, along with Rogelio H. Palacios Beltrán and Raúl García Herrera.

Practice head(s):

Jaime R. Guerra González; Jesús Treviño Moyeda; Alfonso Peniche García


They are innovative in their legal approaches and at the achieve speedy resolutions for their clients. They constantly keep the client informed about the progress of their affairs.

Partners, lawyers and interns are always available at the first call. Being able to locate partners is essential and reassures customers.

The team is focused and knowledgeable. They have developed and maintained key lines of communication with other creditors, court officials and representatives of the debtor that have been important to us as a US-based firm.

Octavio Ochoa Huerta remains an essential resource to us. He has guided us through complex insolvency and restructuring proceedings in Mexico.

Strong involvement with the client and knowledge of the Mexican legal system. Jesús Treviño was always available and prepared on important issues.

The services we have received from the firm’s lawyers and partners have always been top notch, they know the subject matter like no other firm in this country.

Undoubtedly what makes them stand out is their professionalism, their dedication to the issues and the knowledge they have of bankruptcy matters.

Martínez, Algaba, de Haro y Curiel

The longstanding practice at Martínez, Algaba, de Haro y Curiel, considered by one client as a ‘benchmark in the industry’, specialises in working on the side of creditors in bankruptcy matters and out-of-court restructurings. A host of local and international banks and financial institutions favour the practice for its litigation and corporate skills, including Banco Santander, Citibank, HSBC Mexico and Scotiabank. The practice group is composed of a blend of both ‘mature and younger partners, all with extensive experience’, and is directed by a group of five experienced practitioners: Jorge de Haro, who stands out for his expertise in restructuring and litigation; Javier Curiel Obscura, who has focused his practice on corporate matters and litigation relating to the financial sector; Diego Gutiérrez Martínez-Parente (arbitration, litigation, bankruptcy and restructuring); Alejandro Legaspi Lanz (advisory to credit and banking institutions on bankruptcy proceedings); and the ‘extraordinary’ and ‘strategicMauricio Mendoza, who handles bankruptcy and restructuring cases both in and out of court. Vicente Cuairán is the key name to note at associate level.

Practice head(s):

Jorge de Haro González; Javier Curiel Obscura; Diego Gutiérrez Martínez-Parente; Alejandro Legaspi Lanz; Mauricio Mendoza Cuenca


The firm’s lawyers have very good experience at all levels and provide practical solutions to complex problems.

Their industry knowledge and complex structures set them apart from other litigators. Javier Curiel in particular has a lot of experience in banking/financial litigation.

Excellent knowledge; this firm is a benchmark in the industry.

Vast experience and reputation in different industries. They have a handle on complicated situations, both technically and in terms of soft skills. Mature and younger partners, all with extensive experience in highly complex matters.

Mauricio Mendoza is an extraordinary lawyer – studious, bright, strategic, with an exceptional aptitude for detail. His oral and written communication is outstanding in both Spanish and English.

Despite their commitments to other clients, if you need to talk to the partners, they always find the time to talk to you.

Key clients

Afore Sura

Banco Nacional de Comercio Exterior (Institución de Banca de Desarrollo)

Banco Nacional de México (Banamex)

Banco Sabadell (Institución de Banca Múltiple)

Banco Santander México (Institución de Banca Múltiple)

Banco Santander

BBVA México (Institución de Banca Múltiple)

Citibanamex Afore


Grupo Aeroméxico

HSBC México (Institución de Banca Múltiple)

Nacional Financiera

Nueva Wal-Mart de México

Scotiabank Inverlat (Institución de Banca Múltiple)

Pérez Correa González

The 18-strong practice at Pérez Correa González handles the range of contentious and non-contentious bankruptcy and restructuring matters – its members regularly act as conciliators, mediators, receivers, and liquidators in bankruptcy proceedings. In recent months, the group has been instructed by banks and other financial institutions, hydrocarbons and logistics companies, as well as private individuals. A recent work highlight saw practice co-head Fernando Pérez Correa act as conciliator in the Perforadora Oro Negro and Servicios Petroleros Oro Negro bankruptcies. Alongside him, co-head Zulima González is active on Mexican and cross-border bankruptcy proceedings; José Covarrubias completes the leadership trio, bringing dispute resolution and arbitration expertise to the table.

Practice head(s):

Fernando Pérez Correa; Zulima González; José Covarrubias Azuela


The PCGA team maintains an internal organisation of matters for its consistent attention; the knowledge and experience applied make the difference in decision-making and understanding of cases.

PCGA attorneys are highly trained and have remarkable knowledge on the subject.

Key clients

Landsteiner Scientific

China Development Bank

CSI Leasing México

Servicios Petroleros San Antonio Internacional

San Antonio Internacional Equipos de Perforación

Instituto Federal de Especialistas de Concursos Mercantiles

Prime/CRDF Los Jardines

Turbo Limited (formerly Biciclo)

Paclease Mexicana

MTI Transport

Work highlights

  • Advised Landsteiner Scientific on the bankruptcy proceedings filed by one of its creditors.
  • Represented China Development Bank, as a creditor, in Altán Redes’ bankruptcy proceedings.
  • Represented CSI Leasing Mexico in Grupo Famsa’s bankruptcy proceedings.

Hogan Lovells

Hogan Lovells’s practice offers both bankruptcy and restructuring expertise and has a good balance of financial and litigation practitioners. The team represents international funds and banks in Mexican insolvency proceedings and is particularly experienced at representing lenders in restructuring transactions; it also represents clients drawn from a broad range of industry sectors - including banking, automobile, food, insurance and technology. A recent standout matter saw the team represent Alloy Merchant Finance as lessor of power equipment to Grupo Famsa in the latter’s insolvency proceedings. Five partners lead the practice: Omar Guerrero Rodríguez handles commercial litigation, arbitration and bankruptcy proceedings; Federico de Noriega Olea specialises in out-of-court restructurings; Jorge Valdés King is known for commercial litigation, arbitration and bankruptcy proceedings; with finance specialist René Arce Lozano and litigator Luis Ernesto Peón Barriga completing the senior team.

Practice head(s):

Federico De Noriega Olea; René Arce Lozano; Omar Guerrero Rodríguez; Jorge Valdés King; Luis Ernesto Peón Barriga


Available and creative team.

Key clients

Alloy Merchant Finance

Work highlights

  • Represented Alloy Merchant Finance, lessor of power equipment to Grupo Famsa, in the latter’s concurso mercantil proceedings.

Mañón Quintana Abogados

Client-focused boutique litigation firm Mañón Quintana Abogados acts on all varieties of insolvency proceedings on behalf of both debtors and creditors. Recent work highlights include representing TEMSA -a Mexican company that provided telecom and IT solutions to the Mexican Government- in negotiations with its creditors, as well as drafting its restructuring agreement. The practice is led by founding partners Antonio Mañón, who has focused his practice on bankruptcy proceedings, arbitration and commercial litigation, representing banks, financial institutions and corporations from the automobile, retail, technology and private security sectors, among others; and Gerardo Quintana Pineda, who is well-versed in bankruptcy proceedings, civil and commercial litigation, and insurance litigation. Counsel Antonio Barrera  and senior associate Gerardo Sánchez Martínez left the firm in September and December 2022, respectively.

Practice head(s):

Antonio Mañón; Gerardo Quintana-Pineda

Key clients

Dentix México Health

Telecomunicaciones Modernas y Servicios Avanzados

Scotiabank Inverlat

HSBC México

CHG Meridian México

Banco Nacional del Ejército, Fuerza Aérea y Armada

Nissan Mexicana

Stellantis México

Work highlights

  • Advised Quinn Emanuel Urquhart & Sullivan on the ancillary proceeding filed by a creditor to nullify payments made by Perforadora Oro Negro up to the amount of $7m.
  • Represented debtor Dentimex in its bankruptcy proceedings, the first in Mexico involving a non–commercial entity, with a total debt of MXN $2,500m.
  • Represented BANJERCITO in the first banking insolvency procedure under the terms of the amended Credit Institutions Law, for £12.1m.

Mijares, Angoitia, Cortés y Fuentes S.C.

Mijares, Angoitia, Cortés y Fuentes S.C. houses an ‘efficient’ bankruptcy practice which assists all stakeholders in insolvency proceedings, financial restructurings, workouts and litigation. The group’s client roster includes major players in the energy, finance and mass media sectors (PEMEX, Banco Santander and Televisa). At the helm of the practice, Everardo Espino specialises in civil, commercial insolvency and administrative litigation. He is supported by a strong team of twelve associates with Ramiro Cota, who is experienced in insolvency proceedings and acting on civil and mercantile matters, being of particular note.

Practice head(s):

Everardo J Espino


Mijares is a benchmark for the level of service that we expect from other law firms.

The team stands out for being friendly and committed to diversity.

Everardo Espino is a well-respected expert with in-depth knowledge of the laws and commercial practicalities surrounding a restructuring.

Key clients

Fintech Advisory

Grupo ODEM

Grupo Famsa

Estudios y Servicios Ecológicos y Ambientales de Tabasco

Petróleos Mexicanos (PEMEX)

Grupo Aeroportuario Centro Norte (OMA)

Octaedro Constructora and Ingeniería para la Infraestructura Camino

ICA Fluor Daniel (México)

Mexico Tower Partners and Canalizaciones y Aceros Profesionales

Agronegocios del Guadiana

Scotiabank Inverlat

Banco Santander

Operbes (Televisa)

DNB Bank

Work highlights

  • Represented Estudios y Servicios Ecológicos y Ambientales de Tabasco in its commercial insolvency proceedings.
  • Represented a subsidiary of PEMEX in connection with the insolvency proceedings of Perforadora Oro Negro.
  • Acted as counsel to the ad hoc group of bondholders of Grupo Kaltex in the exchange of its 8.875% senior notes (due 2022).

Ritch, Mueller y Nicolau, S.C.

The bankruptcy and restructuring practice at Ritch, Mueller y Nicolau, S.C. is frequently instructed by clients in the real estate, telecoms, finance, aviation and mining sectors for its counsel on national and cross-border restructurings and insolvency matters. Noted for his skill in restructurings, Jean Paul Farah Chajín leads the practice alongside fellow co-head Pablo Perezalonso Eguía, who advises on the structuring and restructuring of secured and unsecured credit facilities for Mexican private and public sector borrowers. Advising both indebted companies and creditors, Adriana Padilla Rivas assists with restructurings and insolvency proceedings; and Luis Nicolau Gutiérrez has extensive experience counselling underwriters and issuers on debt and equity offerings.

Practice head(s):

Jean Paul Farah Chajín; Pablo Perezalonso Eguía


The proposal of innovative strategies applicable to particular issues is extraordinary; the group also works efficiently as a team. We highlight Adriana Padilla Rivas.

Key clients

Grupo Posadas

Ad hoc Committee of Bondholders of Grupo Unifin

Abengoa México


Work highlights

  • Acted as main advisor in Mexico regarding both the chapter 11 process and the restructuring of Grupo Posadas’ debt.
  • Advised the ad hoc committee of bondholders of Grupo Unifin on its concurso mercantil and debt restructuring.
  • Represented Abengoa México in its bankruptcy proceedings.

Von Wobeser y Sierra, SC

The bankruptcy and restructuring practice at full-service firm Von Wobeser y Sierra, SC handles domestic and cross-border bankruptcy litigation and out-of-court restructuring for secured and unsecured creditors, debtors, investors and directors. Practice co-head Diego Sierra is experienced in contentious bankruptcy matters and is dual-qualified to practice in both Mexico and the United States; alongside him, Jessika Rocha represents debtors and creditors in bankruptcy proceedings and advises clients facing bankruptcy on preventative commercial strategies; and Raymundo Soberanis undertakes litigation in both domestic and international courts. At associate level, Alejandro Gonzalez and Gustavo Vaca are the names to note.

Practice head(s):

Diego Sierra; Jessika Rocha


‘Diego Sierra, Alejandro González and Jessika Rocha reguarly follow up on issues with the client.’

Key clients

Marinsa de México

TK Holding, Takata de México, Industrias Irvin

Scania Comercial

Work highlights

  • Represented Scania Comercial, creditor of Transportes Unidos, on the latter’s bankruptcy proceedings.
  • Represented Marinsa in an insolvency claim filed by two alleged creditors of the company before a District Court in the state of Campeche, Mexico.

Galicia Abogados S.C.

Acting on behalf of both debtors and creditors, the practice at Galicia Abogados S.C. assists with restructurings and distressed asset transactions; it has particular experience advising clients from the real estate, aviation, energy and construction sectors. Eugenio Sepulveda leads the team from the Monterrey office and handles all banking and restructuring matters, also bringing experience in M&A and project finance to the table. Senior associate Andrés Caro de la Fuente assists on debt and corporate out-of-court restructurings and bankruptcy proceedings.

Practice head(s):

Eugenio Sepúlveda

Key clients

Tenedora de Cines (Cinépolis)



Coöperatieve Rabobank

Work highlights

  • Represented Citibanamex in the renegotiation and recovery of several secured and unsecured loans granted to two entities in concurso proceedings.
  • Advised Northgate on the renegotiation and recovery of a club-deal credit lent to Landsteiner Scientific.
  • Advised a group of foreign banks (including Cooperative Rabobank), as DIP Financing lenders, on the defence of their security within a Chapter 11 proceeding challenged on Mexican law grounds.

Garza Tello-Clyde & Co Mexico

The ‘innovative’ group at Garza Tello-Clyde & Co Mexico has ‘deep knowledge’ of bankruptcy and insolvency matters. The group of ‘attentive lawyers’ has a special focus on litigation in the insurance, maritime and energy sectors. Vicente Bañuelos Rizo leads the practice and has substantial experience in litigation and representing bond-holders and creditors in bankruptcy proceedings. Senior associate Gabriela Ángel Navarro and associate Carlos Eduardo Milla provide key support on bankruptcy-related arbitration and litigation.

Practice head(s):

Vicente Bañuelos Rizo


It is an innovative firm that seeks favorable solutions for the client.

Attentive lawyers with deep knowledge of the field who are always willing to listen and support the client.

Key clients

Lenovo México

Sapura Energy Mexicana

Nordic Trustee

Sea S de RL

Dowell Schlumberger de México

Work highlights

  • Assisted Sapura Energy Mexicana with the preparation of its bankruptcy request.
  • Advised Nordic Trustee, as a creditor, during the auction of all the assets of Oro Negro.
  • Advising Lenovo in relation to the bankruptcy proceeding of Famsa.

Quijano, Cortina y de la Torre Abogados

Boutique firm Quijano, Cortina y de la Torre Abogados has been a presence in Mexico's legal market for over 30 years, where its offering includes a strong practice in insolvency matters. Particularly well known for its litigation capabilities, the department handles civil and commercial disputes as well as out-of-court settlements. Regularly sought out by creditors, the department houses standout practitioners including recognised market figures Javier Quijano and Xavier Cortina, both of whom excel in contentious mandates. Up-and-coming figures include litigator Miranda Carrillo and Pablo González De Cossio, who was elected coordinator of the Mexican Bar Association’s Commercial Law Commission in 2021. Recent matters for the team include acting as counsel to the trustee and agent in the bankruptcy proceedings of Cozumel Caribe.

Ramírez Ornelas Abogados

Boutique firm Ramirez Ornelas Abogados is highly regarded within the bankruptcy sphere, mainly thanks to the expertise of founding partner and seasoned litigator Gerardo Ramírez Ornelas. The team - which includes key practitioners such as Luis Robles Santamarina - regularly advises financial institutions on a wide range of bankruptcy-related mandates; moreover, it was further strengthened with the arrival of Gerardo Funtanet Brunel (who originally trained at Martínez, Algaba, de Haro y Curiel) as a partner in February 2022. Recent matters include acting as litigation counsel to American Tower (in conjunction with bankruptcy counsel, Nader, Hayaux y Goebel, SC) in the concurso mercantil proceedings of Altán Redes.

Rivera Gaxiola Fernández, Del Castillo, Quevedo, Lagos y Machuca Abogados y Asociados

Managing partner Alonso Rivera Gaxiola, a widely renowned practitioner with notable expertise in bankruptcy disputes, heads the practice at what is now Rivera Gaxiola Fernández, Del Castillo, Quevedo, Lagos y Machuca Abogados y Asociados, the firm having reorganised following the May-2021 departure of former fellow name partner José Luis Carrasco to establish his own boutique. The firm continues to operate from its twin offices in Mexico City and Monterrey, and the practice demonstrates a strong orientation towards mandates related to the financial services sector, representing both creditors and government entities on the contentious side of bankruptcy and restructuring matters. Litigator Ramón Fernández Vigil is another name to note.

Practice head(s):

Alonso Rivera Gaxiola

Santamarina y Steta

The team at Santamarina y Steta advises both debtors and creditors on local and cross-border debt restructurings, and has particular strength representing clients in the aviation, infrastructure and finance sectors. At the helm in Mexico City are Carlos Olvera, an expert in civil and commercial litigation, restructuring, workouts and insolvency; and Ricardo Orea, who has experience in both insolvency and restructuring matters. Civil and commercial litigator Carlos Brehm co-leads the practice from the Monterrey office.

Practice head(s):

Carlos Olvera F; Carlos Brehm T.; Ricardo Orea


The capacity and knowledge of the subject in the Santamarina and Steta team is excellent. The level of attention and professionalism is first class and the management and flow of information between advisors and client is very good. Excellent training and experience, compared to other offices it is outstanding.

Key clients

Shanghai Zhenhua Port Machinery (Hong Kong)

United States International Development Finance Corporation

Sociedad Financiera Equípate

US Department of Justice (US Transportation Security Administration; Department of Agriculture Animal and Plant Health Inspection Service; Customs and Border Protection)

BID Invest (Corporación Interamericana de Inversiones)

Official Committee of Unsecured Creditors of Grupo Aeroméxico

Work highlights

  • Represented Shanghai Zhenhua Port Machinery in an insolvency proceeding involving Tecnologias Relacionadas con Energia y Servicios Especializados, in order to obtain a $5m debt payment.
  • Advised the United States International Development Finance Corporation regarding the insolvency proceedings of Crédito Real.
  • Assisted the official committee of unsecured creditors of Grupo Aeroméxico (and its affiliated debtors), with the airline’s Chapter 11 proceedings in the United States.

White & Case S.C.

Lauded for its ‘rapid response time, knowledge and honesty’, the team at White & Case S.C. handles both commercial litigation and financial restructuring, assisting major domestic and international financial institutions. Practice head Enrique Espejel is an experienced litigator for creditors in high-profile bankruptcies, and is recognised for his ‘outstanding counsel, in-depth theoretical knowledge and skill at devising practical strategies’; María Teresa Fernández Labardini provides counsel on the full range of matters, including loan restructurings. Diego Mora-Jensen Garza was promoted to local partner in January 2023. Since publication, the team has been rfurther strengthened with the hire of experienced associate Karla Silva, formerly at Del Castillo y Castro Abogados - and effective as of April 2024.

Practice head(s):

Enrique Espejel


White & Case’s practice is exceptional because of its rapid response times, knowledge and honesty.

Mr. Enrique Espejel stands out for his outstanding counsel, in-depth theoretical knowledge and skill at devising practical strategies. His answers are extremely prompt and complete and he has extensive knowledge of the subject and is capable of making comparisons between local and international regulations.

Key clients

Altán Redes



World Fuel Services


Afirme Grupo Financiero

Morgan Stanley

Work highlights

  • Advised Altán Redes on the negotiations with its existing senior financial lenders in the context of a potential concurso mercantil of the company in Mexico.
  • Advised World Fuel Services on the bankruptcy proceedings of Interjet in order to facilitate credit recovery.
  • Advised Banamex on a bankruptcy proceeding involving several entities that made up the ALTA Group, the debts of which amounted to over MXN$4bn.


The practice group at LHO handles insolvency proceedings and has particular strength in advising clients from the energy and environmental sectors. A recent work highlight saw the group assist hydrocarbons company DG Impianti with its capitalisation of debt. A team of three partners and three associates co-lead the practice on an equal basis; the key names to note are Erik del Rio, whose background is in finance and M&A; and the ‘business-orientedLuis Miguel Ramírez Ruggeberg, who garners praise from clients for his professionalism and availability.

Practice head(s):

Erik del Río Gonzalez; Jorge Alejandro Alvarado Rodríguez; Luis Miguel Ramírez Ruggeberg; Luis Enrique Rangel de la Peza; Jimena Aranza Zubiaga Garza; Raúl Tornel Castillejos


They stand out compared to other law firms, due to the initiative and follow-up they give to cases. They always ensure the client’s peace of mind.

LHO differs from other firms by working with a human touch and giving clear explanations. I would like to highlight the professionalism of Luis Miguel Ramírez Ruggeberg.

LHO is a very flexible firm that adapts to the needs of the client both in terms of budget as well as in the work style. They have a very practical approach to matters.

Luis Miguel Ramírez Ruggeberg is a business-oriented lawyer who offers practical solutions adapted to the client’s needs at all times. I highlight his availability to answer any question and his speedy response time.

The LHO team always has its clients in mind and they are extremely capable lawyers.

LHO’s partners are always available and are experts in legal issues, providing exceptional support to their clients.

Key clients


DG Impianti








Chez Vous

Empacadora Silva

Grupo Corporativo Nacional

Arrendadora Tlaxcala


Work highlights

  • Advised nail polish manufacturer Fiabila on its restructuring and liquidation in Mexico.
  • Advised Prodiel on its restructuring and continuance of operations in Mexico.
  • Advised energy company Tozzi on its bankruptcy proceedings in Mexico.