Firms To Watch: Bankruptcy and restructuring

Santamarina y Steta's experience encompasses extrajudicial and judicial insolvency and bankruptcy procedures, advising clients with operations on both sides of the Mexico/US border; Carlos Olvera, Carlos Brehm, and Ricardo Orea are the key contacts.

Bankruptcy and restructuring in Mexico

Del Castillo y Castro Abogados

One of the heavyweights of the restructuring domain, specialised boutique firm Del Castillo y Castro Abogados garners praise for its ‘extensive experience in insolvency and restructuring matters’, and offers top-notch expertise handling restructurings, workouts, insolvency, general civil litigation and arbitration, and other associated matters. The group, which represents both debtors and creditors, is jointly led by founding partners Fernando Del Castillo and Alfonso Castro. Del Castillo is renowned for his finesse in contentious bankruptcy mandates, and has a good track record in insolvency, and civil and mercantile litigation – he handles both litigation and arbitration mandates; Castro, for his part, brings his solid corporate and financial background to the practice. The team operates from both Mexico City and Monterrey, and is completed by a strong second line of associates, in which José Carlos Vera and Karla Gabriela Silva (a skilled litigator who has lately been active in bankruptcy procedures and financial restructurings of important companies such as Altán Redes, Alpha Credit, or Abengoa México), stand out as key names.

Practice head(s):

Fernando del Castillo; Alfonso Castro


The practice is focused on results and has extensive knowledge of the client’s business, always proposing alternatives that help decision-making to meet the objectives set.

‘Fernando del Castillo, Alfonso Castro, and Karla Silva 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

Abengoa Mexico

Alphacredit Capital

Altán Redes

Banco Mercantil del Norte

Corporación Geo

Crédito Real

Credit Suisse

Deutsche Bank México

Hipotecaria Su Casita

SARE Holding

Servicios Auxiliares de Administración


Work highlights

  • Representing Abemex and its subsidiaries in the restructuring of its debt with several stakeholders; as well as advising the company in connection with the global reorganisation of Abengoa (Spain).
  • Advising AlphaCredit, Alpha Holding and its subsidiaries on its cross-border insolvency proceeding and the restructuring of approximately $800m in debt.
  • Advising Altán Redes on its insolvency proceeding and the restructuring of approximately $1.3bn in debt.

Guerra, Hidalgo y Mendoza (GHM)

Specialist boutique, Guerra, Hidalgo y Mendoza (GHM), continues to earn praise for its activity in the bankruptcy sphere, as well as for its ‘extremely capable team’, which prioritises a ‘favourable resolution for the client and not their ego’. The partners offer over three decades' experience representing a wide array of national and international clients in restructurings (both out-of-court and concurso mercantil), litigation, arbitration, and other dispute resolution methods. The senior team comprises name partners Jesús Guerra Méndez, who has ‘become one of the best insolvency and restructuring lawyers in the country’, according to some, given that he has led ‘several of the most high-profile matters in Mexico’; Elias Mendoza, who has a focus on civil, commercial, administrative, and bankruptcy litigation; and Patricio Hidalgo, who is well-versed in bankruptcy and constitutional procedures, as well as alternative dispute resolution mechanisms. Associates Sandra Trejo, Adrián Villamil and Patricia Cervantes complete the core group of practitioners.

Practice head(s):

Jesús Ángel Guerra; Elias Mendoza; Patricio Hidalgo


They are an extremely capable team, technical and tough but at the same time very practical. They are interested in a favourable resolution for the client and not their ego. Their ability to handle very complex matters and to interact with other players is unique.’

Jesús Guerra has become one of the best insolvency and restructuring lawyers in the country, having handled several of the most high-profile matters in Mexico. 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.’

Nader, Hayaux y Goebel, SC

Nader, Hayaux y Goebel, SC houses a ‘highly competent and committed team’, which is well-regarded among clients for ‘always having everything under control and being one step ahead’. The practice is co-led by Michell Nader, who has longstanding expertise leading restructuring and workouts, having advised in numerous US/Mexico cross-border matters; and Javier Arreola, who brings a further 20 years' experience in restructuring and workouts -mainly representing creditors- to the table. Work highlights include advising 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 the Chapter 11 bankruptcy proceedings filed by Grupo Aeromexico and its subsidiaries in a NY court; namely on all legal aspects related to Aeromexico’ s bankruptcy proceedings. Fellow partner Adrián López, who has a focus on high-end insolvency matters, is another name to note.

Practice head(s):

Michell Nader; Javier Arreola


‘Something that is essential is that our external advisors have control of the matter, the Nader firm, for what I have been working with them, has always been characterised by always having everything under control and being one step ahead.

‘Adrián López always has all the documents ahead of time, he works very efficiently and his teams are very good.

‘It is a highly competent and committed team. They understand the ins and outs of the industries they serve.

‘Michell Nader, as well as a large group of people at his firm, has a truly stellar reputation throughout the legal community in Mexico.

Key clients

Ad hoc Group of Senior Noteholders of Aeromexico (DIP financing lenders)

Ad hoc Group of Senior Noteholders of Aeromexico (cross border bankruptcy)

Banco Nacional de Obras y Servicios Públicos (Banobras)

Argentem Creek Partners (formerly known as Black River Asset Management)

Bank of America

Barclays Bank


Danske Bank

American Tower Corporation

D E Shaw

LandAmerica Financial Group

Sumitomo Mitsui Bank Corporation

Work highlights

  • Advising the ad hoc group of holders of senior notes (due 2025) issued by Aerovías de México and guaranteed by Grupo Aeromexico.
  • Advising the ad hoc group of holders of senior notes (due 2025) issued by Aerovías de México and guaranteed by Grupo Aeromexico, on the potential exit financing to be granted to Grupo Aeromexico in order to successfully emerge from Chapter 11.
  • Assisting American Tower with the review of the commercial agreements, financing alternatives, possible participation as DIP financing party, debt restructuring and general strategy of ATC in the concurso mercantil proceeding of Altán.

Sainz Abogados

Led by the talented and renowned Alejandro Sainz (the ‘best and most experienced restructuring lawyer in Mexico’ according to one source), the restructuring and insolvency team at Sainz Abogados enjoys a stellar reputation for its work in: bankruptcy and restructuring proceedings (in-court and out-of-court, including aspects of Chapter 11 & Chapter 15 proceedings of Mexican debtors); cross-border reorganisations; concurso proceedings; cross-border insolvency procedures; workouts; and the sale and purchase of distressed assets and assets in special situations. The practice, which remains deeply-involved in key matters in the sector – such as representing the ad-hoc committee of bondholders of Oro Negro – consists of ‘very technical and competent lawyers’, including: Daniel Díaz Álvarez, who has a focus on insolvency proceedings; Santiago Alessio, a ‘star performer’ who garners praise for understanding the ‘nuances of the law’; and Rodrigo Guaida, who is well-versed in the areas of reorganisations, restructurings and workouts, and was promoted to partner in January 2022. Associate Gabriela Avendaño is another name to note.

Practice head(s):

Alejandro Sainz


‘A solid firm led by Alejandro Sainz with very good depth, creative billing arrangements, and with very technical and competent lawyers, especially important to mention Santiago Alessio.

‘Alejandro Sainz is creative, experienced and always takes practical approaches. He is a leading negotiator. Santiago Alessio is excellent as a drafstman, understands the nuances of the law, and is already a star performer.

‘A group of specialized professionals committed to the client, who provide personalized and up-to-date advice. They collaborate comprehensively with the core business and resolution needs of the company/client, providing different solution alternatives.

‘Alejandro Sáinz and Santiago Alessio Robles are lawyers who are available at any time to provide specialized, personalized and current advice with the requirements and needs of the client, solving in a creative way with security and extensive legal knowledge in their areas.

‘The team stands out significantly due to its great disposition, flexibility and speed of response to the solution of requirements and problems that arise. In the billing aspect, in addition to the precision in the control of invoiced hours, the value delivered to the company, compared to the amount charged, is always greater, its prices are extremely competitive.

‘Alejandro Sainz is a born leader and an exceptional professional in his field, in addition to his quality as a human being, he is the great differentiator with respect to any other firm.

‘Rodrigo Guaida is an extraordinary lawyer, very dedicated and analytical, precise in his evaluations and pragmatic in his proposals. Very good at communicating and executing strategies and an element that knows and always proposes teamwork.

‘Alejandro Sainz´s large team has the best restructuring experience in Mexico.

‘Alejandro Sainz is the best and most experienced restructuring lawyer in Mexico.

Key clients

Ad hoc Group of Bondholders of Oro Negro

Altan Redes

Alpha Credit

Grupo Aeromexico (leading Mexican restructuring advisor)

TV Azteca

Grupo Javer

Ad hoc Group of bondholders of Grupo Idesa

Grupo Alyp-US Shoes

Noteholders of Grupo Cozumel Caribe

Empresas ICA

Isolux de México

Medley Capital Corporation

M&G Polímeros México

Hipotecaria Su Casita

Corporación Geo

Grupo Almos

Ad hoc Group of Bondholders of Maxcom

Octaedro (ViveICA)

Work highlights

  • Representing the ad-hoc commitee of bondholders of Oro Negro since 2017; currently acting as legal advisors during the Mexican concurso proceeding (approx deal value: $1bn).
  • Representing Grupo Aeroméxico and its subsidiaries in all the Mexican law aspects of its restructuring proceedings in Mexico and under a Chapter 11 proceeding; value: over $2bn.
  • Advised Empresas ICA and certain relevant subsidiaries in their restructuring by means of a concurso mercantil proceeding, including legal advice to five companies on obtaining a $215m rescue financing.

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

Creel, García-Cuéllar, Aiza y Enríquez, S.C.'s practice continues to gain momentum in the bankruptcy and insolvency domain, with a team that has excellent skills and a strong track record of success advising clients on the non-litigious aspects of corporate recovery, insolvency, restructurings and workouts. The group, which counts revered practitioners in the matter -such as of counsel Thomas Heather- in its ranks, is led by senior partner Carlos Aiza. The team is well-versed in advising bondholder banks and companies in financial debt restructuring; the restructuring of existing credit facilities and debt instruments; creditor advisory in connection with workouts and liquidation of distressed companies; the acquisition of distressed loan, companies and assets; and acting as mediators (conciliadores) and receivers. Finance and capital markets specialists Pedro Velasco, Rodrigo Castelazo, and Emilio Aarún; and senior associate Christian Dorantes, are other key names of the practice.

Practice head(s):

Carlos Aiza


‘They make up compact, specialised teams, seeking to satisfy customer needs, taking care of their interests as well as staying within reasonable costs. They form balanced teams, always well led, open to discussion and reaching agreements. They seek to privilege the business without compromising clients positions.

‘The quality, delivery and disposition stand out. Its partners Pedro Velasco, and Emilio Aarun are always available for inquiries, changes or customer requirements. Its personalized attention stands out, with a high level and attention to detail.

Key clients

Apollo Global Management

JP Morgan

BBVA Bancomer

Grupo Posadas




Work highlights

  • Acted as Mexican counsel to Apollo on securing a multi-tranche debtor-in-possession term loan facility (the DIP facility).
  • Counsel to the administrative agent and lenders in the $1.9bn  financial restructuring of Cinepolis.
  • Counsel to Grupo Posadas in the negotiation and implementation of the restructuring of its 7.85% 2022 unsecured bonds for a principal amount of $393m (plus approximately $45m in interest).

Guerra González y Asociados, S.C.

Recovering from the departure of key partners, who left to establish Guerra, Hidalgo y Mendoza (GHM), longstanding market mainstay Guerra González y Asociados, S.C. has over 30 years in the market and retains its solid reputation in the bankruptcy sphere. The firm remains a powerhouse with some 35 lawyers -including 10 partners- dedicated to bankruptcy and insolvency work operating from offices in Mexico City, Monterrey, Moncloa (Coahuila) and Matamoros (Tamaulipas). Unsurprisingly, the team -led by managing partner Jaime Guerra  who has a huge reputation in the market- is presently advising the debtor in several of the largest bankruptcies currently in process; indeed, the firm generally works with the insolvent party, but does also undertake creditor-side work. Other key names include Jesús A Treviño, Alfonso Peniche García, Román Salazar Castillo and Ricardo Siverbauer.

Practice head(s):

Jaime Guerra

Work highlights

  • Counsel to Grupo Senda Autotransporte in its insolvency proceedings.  
  • Counsel to Perforadora Oro Negro in its $1bn+ multijurisdictional bankruptcy proceedings.

Martínez, Algaba, de Haro y Curiel

Veteran Mexican firm, Martínez, Algaba, de Haro y Curiel, offers a solid six-partner practice, comprised of ‘extraordinary lawyers’, who garner additional praise for working ‘as a team among themselves and with the client’. The department offers an excellent blend of litigation and corporate skills, and is widely known for being the firm of choice for an array of creditors, including major banks -such as HSBC and BBVA- and other financial institutions. Market onlookers recognise the group's solid track record in bankruptcy cases and out-of-court restructurings. Key contacts involved in the practice include commercial and civil litigation specialist Jorge De Haro, who is also highly experienced in bankruptcy matters; Javier Curiel, ‘a born leader, and a very good lawyer’; Mauricio Mendoza, whose practice takes in bankruptcy and restructuring, enforcement of agreements and guarantees, and the sale and purchase of entities and distressed assets; and Alejandro Legaspi, who specialises in finance, insurance, bankruptcy and banking regulation-related disputes. Associate Vicente Cuairán is also name to note.

Practice head(s):

Jorge de Haro; Javier Curiel; Diego Gutiérrez; Alejandro Legaspi; Mauricio Mendoza


‘Excellent service and professionalism.

‘Extraordinary lawyers who work as a team among themselves and with the client.

‘Excellent office, follow-up in all your matters, always looking for new legal alternatives to simple or complex problems. They are open to different fee schemes than what they traditionally offer.

‘Always available, they answer your questions and queries. Despite their commitments to other clients, if you need to talk to the partners, they always find the space to talk to you. They have a lot of experience, since they serve companies in the same sector.

‘The firm’s team works in coordination with all partners and there is no exclusive division of labor, which enriches the plurality of opinions and solutions for a matter.

‘Javier Curiel is a born leader, and a very good lawyer.

Key clients

Afore Sura

Banco Nacional de Comercio Exterior

Banco Nacional de México

Banco Sabadell

Banco Santander México

Banco Santander


Citibanamex Afore


Grupo Aeroméxico

HSBC México

Nacional Financiera

Nueva Walmart de México

Scotiabank Inverlat

Pérez Correa González

Pérez Correa González's multi-faceted practice handles a range of roles in bankruptcy proceedings, having taken part in significant cases in Mexico, many of them with strong cross-border components. Recent examples include representing China Development Bank as creditor in relation to the Altan Redes’ insolvency proceeding. The practice has a particular experience advising clients from the oil and gas, automotive, food and beverages, construction, finance, energy, and hospitality sectors, and is led by a skilled trio of partners comprised of Fernando Pérez Correa, an experienced player in this domain, who has a proven track record acting as a conciliator and court-appointed in insolvency and bankruptcy proceedings; José Covarrubias, whose bankruptcy practice has grown from his experience in dispute resolution and arbitration; and younger partner Zulima González, who brings additional expertise to the practice.

Practice head(s):

Fernando Pérez Correa; José Covarrubias; Zulima González

Key clients

Turbo Limited

China Development Bank


Perforadora Oro Negro

CSI Leasing México

Servicios Petroleros San Antonio Internacional

Instituto Federal de Especialistas de Concursos Mercantiles.

Prime/CRDF Los Jardines

Paclease Mexicana

MTI Transport

Work highlights

  • Representing CSI Leasing on the liquidation of Banco Ahorro Famsa.
  • Representing China Development Bank, as creditor, in relation to the Altan Redes bankruptcy proceeding.
  • Appointed as conciliator in the bankruptcies of Grupo Almos and Soluciones Integrales Almos.

Hogan Lovells

Lauded for its ‘availability and creativity’, Hogan Lovells' practice offers robust expertise in both bankruptcy and financial restructuring proceedings. The group has a focus on a diverse range of industries, mainly automotive, banking, technology, food and insurance, and boasts a good combination of skilled litigators and financial lawyers, which notably enhances the firm's offering. Name partners include Omar Guerrero, whose practice centres on commercial litigation, arbitration, bankruptcy proceedings and competition law; financial expert Federico De Noriega, who handles out-of-court restructurings; and Jorge Valdés King, who has experience advising creditors and debtors in bankruptcy proceedings. Work highlights include representing Alloy Merchant Finance as lessor of power equipment to Grupo Famsa in the latter's insolvency proceeding.

Practice head(s):

Federico De Noriega; René Arce; Omar Guerrero; Jorge Valdés King; Luis Ernesto Peón


‘Availability, creativity, understanding of the client’s problem and what can really benefit them, beyond the strict understanding of the procedure.

Key clients

Alloy Merchant Finance

Work highlights

  • Represented Alloy Merchant Finance as lessor of power equipment to Grupo Famsa in the latter’s insolvency proceeding (concurso mercantil).

Mañón Quintana Abogados

Boutique litigation firm Mañón Quintana Abogados's name is increasingly being heard in bankruptcy and restructuring forums. The young, but experienced team of litigators handles a wide range of insolvency proceedings, boasting a good balance between representing creditors and debtors. Key contacts include Antonio Mañón, whose experience encompasses bankruptcy proceedings, arbitration and commercial litigation, and who has a focus on clients from the automotive, soft drinks, retail and technology sectors, as well as banks, financial institutions and listed companies; and fellow founding partner Gerardo Quintana, who developed his career at well known firms in the sector, where he specialised in advising players from the financial and insurance sectors in insolvency cases, whether as litigator of the bankruptee or on the creditors’ side. Senior associate Alberto Quintana offers key support. Work highlights include representing Dentimex on a pioneer case regarding a non–commercial entity with a total debt of MX$2,500m.

Practice head(s):

Antonio Mañón; Gerardo Quintana

Key clients

Quinn Emmanuel Urquhart & Sullivan

Dentix México

Banco Nacional del Ejército, Fuerza Aérea y Armada

Telecomunicaciones Modernas y Servicios Avanzados

Scotiabank Inverlat

HSBC México

CHG Meridian México

Almacenadora Inter Americana

Nissan Mexicana

Stellantis México

Work highlights

  • Representing Quinn Emanuel in the ancillary proceeding filed by a creditor to nullify payments made by Perforadora Oro Negro up to the amount of $7m.
  • Representing debtor Dentimex in the first Mexican Bankruptcy procedure (under the Business Bankruptcy and Insolvency Law) regarding a non–commercial entity with a total debt of MX$2,500m.
  • Representing 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.

Seasoned litigator Everardo Espino, ‘a well-respected expert with in-depth knowledge of the applicable laws and commercial practicalities needed for advising clients in a restructuring’, heads the bankruptcy and insolvency practice at Mijares, Angoitia, Cortés y Fuentes S.C.. The team, which offers services to creditors, insolvency practitioners, corporate debtors and their directors, is known for its skills handling insolvency proceedings, including cross-border financial restructurings, work-outs and related litigation. Work highlights include representing a subsidiary of Petróleos Mexicanos in connection with the insolvency proceedings of Oro Negro. Associates Ramiro Cota, who in addition to his insolvency expertise has experience in planning and executing strategies and proceedings related to civil and mercantile matters; and Luis Pablo Ramírez, who is particularly prominent in administrative litigation, are other names to note.

Practice head(s):

Everardo Espino


‘Everardo Espino is a well-respected expert with in-depth knowledge of the applicable laws and commercial practicalities needed for advising clients in a restructuring.’

Key clients

Fintech Advisory

Grupo ODEM

Grupo Famsa

Estudios y Servicios Ecológicos y Ambientales de Tabasco

Petroleos 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

Work highlights

  • Advised an ad hoc group of holders of Grupo Posadas’s senior notes (due 2022) in the negotiation and execution of an agreement to restructure the key terms of such notes.
  • Represented a subsidiary of Petróleos Mexicanos (Pemex) in connection with the insolvency proceedings of Oro Negro.
  • Advised the Mexican airport operator Grupo Aeroportuario Centro Norte (OMA) in Aeromexico’s Chapter 11 proceedings.

Ritch, Mueller y Nicolau, S.C.

Ritch, Mueller y Nicolau, S.C.'s practice has longstanding and proven experience in major corporate restructurings, having been a constant presence in some of the larges national and cross-border restructurings and insolvencies that have arisen in Mexico. The group of ‘experts in the field’ is co-led by Jean Paul Farah and Pablo Perezalonso – both of whom bring with them their standout expertise in corporate and finance matters – and was reinforced with the promotion of Adriana Padilla, who is experienced in financial restructurings and insolvency proceedings, having advised both bankrupt companies and creditors, and has also acted as counsel to the receiver. Padilla's name is also gaining currency in the arbitration arena. Well known among financial clients, the team also has experience of the aviation, mining, housing and real estate development, industrial production, and comsat and telecoms sectors.

Practice head(s):

Jean Paul Farah; Pablo Perezalonso


‘The team is available to answer questions from in-house attorneys, they are accessible and knowledgeable about the matter. The practice´s positive attitude with people is noteworthy, the billing process is fast and the cost benefit is good. They are good collaborators and experts in the field.’

‘Pablo Perezalonso and Adriana Padilla Rivas are experts in the field. They transmit their knowledge clearly, they adapt to the client’s times and their attitude is proactive, taking care of legal certainty.’

Key clients

Grupo Posadas

Work highlights

  • Main advisor in Mexico regarding both the chapter 11 process and the restructuring of Grupo Posadas’ debt.

Von Wobeser y Sierra, SC

Von Wobeser y Sierra, SC‘s great balance between transactional and litigation allows this full-service Mexican firm to offer strong restructuring strategies for clients. The practice is a constant presence representing debtors and creditors in domestic and cross-border bankruptcy litigation and out-of-court restructuring, and garners praise for its ‘detailed knowledge of insolvency proceedings’. Heading the department is well known disputes specialist Diego Sierra, who of late has been focused on representing creditors securing their collection rights against insolvent companies. He is closely supported by fellow partners Raymundo Soberanis; and Jessika Rocha, who was promoted in January 2022 and is experienced in cases related to the aviation, automotive and manufacturing industries and the credit companies’ segment. Associate Alejandro Gonzalez, who is developing his expertise in bankruptcy and restructuring as well as in litigation, is a further name to note.

Practice head(s):

Diego Sierra


They have a detailed knowledge of insolvency proceedings and advise their clients correctly on the existing alternatives within the judicial process.’

The added value of this firm is related to the openness of the team to attend frequent calls and meetings at a certain point in the process.’

I would like to highlight the commitment of Diego Sierra, Alejandro Gonzalez, and Jessika Rocha to follow up and analyse the case.’

Key clients

Marinsa de México

NTT Data Services Mexico Operations

Navistar Financial

TK Holding, Takata de México, Industrias Irvin

DF Deutsche Forfait AG

Landesbank Hessen-Thüringen Girozentrale (Helaba)

Bayerische Landesbank

Burger King Corporation

BMW Group

Work highlights

  • Represented Marinsa in an insolvency claim filed by two alleged creditors of the company before a District Court in the state of Campeche, Mexico.
  • Representing Navistar (as a creditor) in the insolvency proceedings of  Grupo Senda Autotransporte.
  • Represented NTT Data, as a creditor, in the Aeromexico Chapter 11 proceeding and regarding the negotiations for the renewal and payment of its executory agreement with Aeroméxico.

Galicia Abogados S.C.

Galicia Abogados S.C.' bankruptcy and restructuring practice actively participates in restructurings, distressed asset transactions, and preventive financial restructuring. The team is led by Monterrey-based partner Eugenio Sepúlveda, who is particularly well-versed in insolvency and debt restructuring (his core practice), M&A and project finance. The real estate, aviation and manufacturing sectors are among the mainstays for the group, which has a particularly good track record advising creditors. Senior associate Andrés Caro offers key support.

Practice head(s):

Eugenio Sepúlveda

Key clients

Tenedora de Cines (Cinépolis)

Work highlights

  • Advised Tenedora de Cines on the restructuring of existing debt and the granting of new financing.

Garza Tello-Clyde & Co Mexico

Vicente Bañuelos heads the local team at Garza Tello-Clyde & Co Mexico, which is known for advising creditors regarding bankruptcy and insolvency mandates, particularly in the energy sector, while it also maintains a high-level of activity in the maritime industry, especially offshore. A case in point was the group's advice to creditor Nordic Trustee during the auction of all Oro Negro's assets. The department can also draw on the resources of the firm's international network of offices. Gabriela Ángel Navarro (senior associate) and Carlos Eduardo Milla (associate), who are both experienced in arbitration and civil, commercial and bankruptcy litigation, are additional names to note.

Practice head(s):

Vicente Bañuelos

Key clients

D&P Marine Service

Law firm Cervantes Sainz

Law firm García Alcocer

Lenovo México

Law firm García González y Barradas

Navarro Offshore (formerly Ranger Offshore)

Nordic Trustee

Perforadora Central

Work highlights

  • Representing Sea S de Rl.
  • 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 the bankruptcy market in Mexico for over 30 years, where it offers 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 includes standout practitioners including Javier Quijano, a recognised market figure, and Xavier Cortina, both of whom excel in contentious mandates. Up-and-coming figures include litigator Miranda Carrrillo 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.

Ramirez 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 in 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.

Work highlights

  • Counsel to creditor Arrendadora y Factoraje Banorte in the bankruptcy proceedings of Grupo Senda Autotransporte.

Rivera Gaxiola, Carrasco y Kálloi, S.C.

Managing partner Alonso Rivera Gaxiola, a widely renowned practitioner in the market 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

White & Case S.C.

Described by one client as ‘a team that never rests’, White & Case S.C.'s Mexican practice is ‘always on top of matters and willing to defend the interests of its clients’. Enrique Espejel, who is frequently sought out by lenders and financial institutions, and offers his litigation skills for creditors in bankruptcy proceedings, is sole head of the practice following the untimely passing of Vicente Corta in May 2022. Work highlights include advising Altán Redes on the negotiations with its existing senior financial lenders in the context of the company's potential concurso mercantil in Mexico.

Practice head(s):

Enrique Espejel


‘A team that never rests. They are always on top of matters and willing to defend the interests of their clients.

‘Diego Mora is a star lawyer, there is no promotion or request that he makes that is not founded in law and, therefore, granted favorably. He is a capable attorney who manages to resolve matters with his excellent legal judgment.

Enrique Espejel is highly professional and is a great lawyer; in addition to this, he has a great capacity for synthesis and is able to explain complex issues in a clear and simple manner. His communication is very clear and he is also a great strategist.’

They have great availability and are highly professional. They make great use of technology and their response times are very fast. They have extensive knowledge of the subject matter and are also familiar with bankruptcy laws in other jurisdictions, so they are able to provide comprehensive advice for companies with offshore corporations.

Key clients

Altán Redes




Work highlights

  • Advised Altán Redes on the negotiations with its existing senior financial lenders in the context of a potential concurso mercantil (bankruptcy) of the company in Mexico.
  • Advising Banamex on a bankruptcy proceeding involving several entities that made up the ALTA Group, the debts of which amounted to over MX$4bn.
  • Representing Continental on its role as a creditor of Grupo Famsa.