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Bankruptcy and restructuring in Peru

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas excels in this arena, its dedicated practice led by two market-leading practitioners in Gonzalo De las Casas and José Jiménez Chocano. They are both full-time specialists in the field, a rare commodity in Peru, advising across a broad spectrum of restructurings, reorganisations and distressed M&A, as well as sophisticated bankruptcy procedures. Consequently, the firm attracts matters of the highest value and complexity, advising domestic and international financial institutions as well as key industries players. They include Graña y Montero (GyM), arguably Peru’s most high-profile company, which the firm is advising on both the $1.3bn insolvency of the Southern Gas Pipeline project (Gasoducto Sur Peruano) and in respect of GyM’s private restructuring of debts with suppliers, total value approximately $116m. Also worthy of mention is Daniel Gonzáles, who focuses on corporate reorganisations and restructuring in the construction and industrial sectors, and the sale of distressed companies’ assets. Since publiction, key senior Marcia Arellano has been raised to the partnership – effective January 2022.

Practice head(s):

Gonzalo De Las Casas Salinas; José Antonio Jiménez Chocano


It is a solid team, led by two leading lawyers in the sector.’

They have extensive experience negotiating and managing companies in crisis. They have a lot of experience and a high ethical standard.’

They understand the client’s problems and interests in an impressive way; More than an external lawyer, they behave like an in-house because of their involvement with consultations, problems and eventual solutions. Great knowledge of the legal issues and the environment and sensitivity of the stakeholders involved.’

24/7 availability; knowledge of stakeholder sensitivity; very good relationship with counterparts.

Extensive knowledge and mastery of the topics. Partners fully committed to the company.’

Gonzalo de las Casas, apart from his extensive experience, empathises with the company’s problems and acts simultaneously as legal and business advisor. José Jimenez is a very complete professional and knows very well the internal functioning of the counterparts, giving clear and precise advice. They are both good strategists for coming up with action plans.’

Key clients

Aenza (ex-Graña y Montero)



Banco Internacional del Perú (Interbank)

Chubb Perú Compañía de Seguros y Reaseguros

Obras de Ingenieria

CAME Contratistas Generales

Peru Fashions

Banco de Credito del Peru

Alva legal asesoría empresarial


Work highlights

  • Advised Termochilca on negotiations with financial creditors to structure an alternative sale process for the company, in the context of a trust foreclosure.
  • Advised GyM on the private restructuring of its commercial debts via a debt-for-notes swap.
  • Advised Obrainsa on its preventive insolvency procedure in order to restructure its debt (banks, local notes, suppliers).

Rodrigo, Elías & Medrano – Abogados

Highly dominant in this sphere, Rodrigo, Elías & Medrano – Abogados acts in many of the most significant and high-profile insolvency, restructuring and liquidation cases in the country. They include this year's headline matter: LatAm Airlines' Chapter 11 bankruptcy protection filing, which includes a $2.4bn debtor in possession (DIP) financing, and parallel reorganisation in Peru. Also in the transport sector, the firm is acting for Avianca Group and Avianca Peru on the $400m liquidation of the Peruvian operation. A strong partnership trio co-lead the practice, comprising: Guillermo Puelles, an insolvency and restructuring specialist; public restructuring and liquidation adviser Hugo Silva; and Jorge Trelles, recommended for distressed company-M&A, as well as corporate liquidations. Particular sector expertise within the team includes aviation, oil, gas and mining, fishery, media communications, retail commerce and agribusiness. Scotiabank del Perú and Sociedad Minera Reliquias were among several significant client gains during the past year.

Practice head(s):

Guillermo Puelles; Hugo Silva; Jorge Trelles

Key clients

Latam Airlines Peru

Avianca Peru

Pan American Silver Huarón

Consorcio Minero (CORMIN)

Sociedad Minera Reliquias

Ecoexpress Javier Prado

Stork Peru (a Fluor Company)

Cía. Peruana de Radiodifusión

Scotiabank del Perú

San Fernando

Work highlights

  • Counsel to Latam Airlines Peru in the preventive reorganisation proceedings filed before INDECOPI, in order to restructure the company’s liabilities in parallel to the Chapter 11 proceedings filed by this company and related Group in NewYork, value $500m.
  • Counsel to Latam Airlines Peru and related entities in the $2.4bn debtor in possession (DIP) financing approved by the US Chapter 11 court.
  • Acting for Avianca Group and Avianca Peru in the $400m corporate liquidation process of the latter, including parallel Chapter 11 proceedings filed by Avianca Group companies before the New York courts.

CMS Grau

CMS Grau excels in international and cross border insolvencies, where practice head Michelle Barclay is a leading light on Chapter 11 bankruptcy proceedings. Building on experience and exposure gained acting for William Brandt as Chapter 11 Trustee of the ongoing China Fishery case, she is now leading advice to creditors in both the LATAM Airlines and Avianca Chapter 11 bankruptcy matters. The team's work for Enagás in the Gasoducto Sur Peruano matter demonstrates its energy-sector expertise. The seven-lawyer team also includes banking and finance partner Miguel Viale and the increasingly experienced Victor Farro, promoted to counsel in 2021.

Practice head(s):

Michelle Barclay Thorne


CMS Grau -and particularly Michelle Barclay- has expert knowledge of bankruptcy procedures and analyses all the related points and defines clear strategies in a timely manner.’

They know a lot about the case that we are instructing them on.

The firm is very well connected and they know the subject well; they are very professional and they are always available.’

Key clients

William Brandt (Development Specialists) as Chapter 11 Trustee of China Fishery

Depósitos Químicos Mineros (Odfjell Terminals)


Inversiones Corporativas Gamma

Creditors in the  LATAM  Airlines (Chapter 11 case)

Creditors in the Avianca (Chapter 11 case)

Work highlights

  • Retained by William Brandt as Chapter 11 Trustee of China Fishery, to provide advice in a complex bankruptcy Chapter 11 (reorganisation) case in New Yorkl the company’s main assets are located in Peru.
  • Advising Enagás and Enagás Peru on the Gasoducto Sur Peruano (Southern Gas Pipeine) bankruptcy case regarding the termination of the concession contract by the Peruvian government.
  • Acting for significant creditors in the LATAM Airlines and Avianca Chapter 11 cases and dealing with Chapter 11 issues, cross-border insolvency matters and local insolvency proceedings.

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares advises on all aspects of strategy design in cases of financial crisis, bankruptcy proceedings (on behalf of both creditors and debtors), extrajudicial reorganisations and company restructuring or takeover following bankruptcy proceedings. Gonzalo De Bracamonte is the sole partner of the practice and regularly acts as liquidator in matters; he is supported by four experienced associates, including Pamela Arce De Las Casas, who was recruited from Sky Airline Peru in November 2020 (where she was general counsel and corporate affairs lead) and specialises in bankruptcy and restructuring transactions. Of note is the firm's role in the Avianca Perú dissolution and liquidation.

Practice head(s):

Gonzalo De Bracamonte Melgar


DHC Abogados demonstrates that it has extensive knowledge and experience in bankruptcy matters, being informed of the processes and structuring related transactions.’

Gonzalo De Bracamonte not only leads his team and directs the strategy, but he is directly involved in advising the client, demonstrating capacity, knowledge and strategic vision.’

What makes the practice of the firm’s restructuring and liquidation area unique is that they offer us comprehensive and effective advice, providing us with suitable solutions for each particular case. Unlike other firms, its lawyers not only have extensive knowledge and experience in the legal issues involved in advising, but they also have extensive accounting and financial knowledge. This is essential in the advice we require and that has allowed us to position ourselves highly in our market.’

The firm’s comprehensive advisory service, as well as its high degree of commitment to its clients and an adequate response time for enquiries, are the characteristics that make the difference in the service it provides compared to competitors.’

Key clients

Técnicas Metálicas Ingenieros

Comercializadora de Alimentos y Abarrotes Sociedad Anónima En Liquidación

Ingenieros Civiles y Contratistas Generales

Inversiones en Infraestructura de Transportes por Ductos

HV Contratistas

Ecoexpress Javier Prado

Estratega Consultores

Avianca Perú

Banco Pichincha

Pluspetrol Norte

Grupo Elektra

Work highlights

  • Advising Pluspetrol Norte in all aspects of its dissolution and liquidation process, value $112m.
  • Acting for Banco Pichincha on the refinancing of Varayoc Agro’s debts, amounting to $28m.
  • Advising Grupo Elektra on all aspects of the dissolution and liquidation process of its subsidiary, Elektra del Perú, value in excess of P$85m.

Martinot Abogados

Martinot Abogados enjoys a strong reputation in the field, acting for both creditors and debtors in all aspects of the bankruptcy process, as well as distressed M&A and reorganisation. In particular, head of practice Luis Fernando Martinot is a leading figure and often consulted by other law firms needing expert advice. Yanira Becerra Stock is another key member of the team, who focuses on corporate workouts, turnarounds and bankruptcies, including investing in and financing distressed companies. Banco de Crédito del Perú was a recent client gain of the practice, which the firm is advising on day-to-day negotiations with the banks' clients in respect of refinancing or restructuring.

Practice head(s):

Luis Fernando Martinot


The team works excellent. As a strong point, they have the ability to solve complex problems in a short time, and with solutions that can be implemented according to the reality of the case, thereby providing confidence to the client. The team solves the problem and takes care of urgent cases immediately. Availability for timely attention is another outstanding quality, because a late solution is worth nothing. In relation to other teams, the performance is among the best, if not the best of other firms.’

Comprehensive advice is the main plus to highlight and is what makes it one of the best legal teams on the market. Relevant experience on insolvencies, restructurings and liquidations make the processes as less complex as possible. I highlight Fernando Martinot for his intelligence and comprehensive vision, and his experience makes the complex become solutions that provide peace of mind to the client. Associate Karla Paz, with her obsession with details in contracts and negotiations, is an excellent help in the process. Without a doubt, I recommend this law firm in insolvency, restructuring and liquidation processes.’

The team at Estudio Martinot is exceptional, one of the best firms I have worked with during my professional career.’

First level team in every aspect. From the knowledge of the legislation, practical knowledge and experience in similar transactions, the recognition of lawyers in the market and the handling of issues related to bankruptcy aspects such as commercial, corporate and financial. A team that combines experience and youth, great attention to detail and anticipation of the comments or positions of the counterpart in the negotiations.’

Fernando Martinot is a highly specialised lawyer in bankruptcy matters but with 360-degree visibility that allows him to incorporate financial, corporate and tax issues, among others, into his analysis. Meetings with Martinot are highly efficient because they allow you to quickly identify risks or contingencies and dedicate time to inconvenient solutions or anticipating problems. Yanira Becerra is extremely responsible and complies with the goals and objectives that are proposed for the benefit of clients.’

Key clients


Scotiabank Peru

Banco de Crédito del Perú

Peru Compañía de Seguros

Fabricators and Technology

Productos Encurtidos

Red Científica Peruana

Gold Finance Perú

TC Siglo 21

Compañía Goodyear del Perú

Electro Ferro Centro

El Dorado Resources

Consolidated Group del Peru

Peruana de Perforación


Work highlights

  • Advised El Dorado Resources on the structuring process of investors onboarding to fund the ‘La Virgen Project’.
  • Ongoing advice to Banco de Crédito del Perú in various negotiations with clients in need of refinancing or restructuring, including amending financing terms and enhancing collateral structures.
  • Advising Gold Finance Peru on the legal strategy to enforce its creditor rights in the bankruptcy procedure of Century Gold Mining.

Miranda & Amado

With leading practitioners in both banking and finance law and corporate/M&A, Miranda & Amado is cultivating a significant practice in insolvency and restructuring, particularly on the creditor side. The firm is advising Castlelake, Aircraft Solutions Lux XI and Wells Fargo Trust Company NA in their joint strategy to repossess leased aircraft, as well as a joint action and insolvency proceedings against airline LC Busre. The multidisciplinary team is led by insolvency and restructuring specialist Renzo Agurto and leading banking and finance partner Rafael Corzo, also experienced in insolvency matters. Worthy of mention is senior associate Lisbeth Benavides, who has more than a decade's experience in this area.

Practice head(s):

Renzo Agurto; Rafael Corzo


I know the firm through its insolvency partner, Renzo Agurto, with whom I had the honour of working. He showed great professionalism and dedication to the case.’

A client-oriented vision; business knowledge behind legal advice.’

The team is very solid, with extensive knowledge of the rules and excellent communication and execution of the strategies.’

Renzo Agurto has given us very valuable help, he knows the environment widely and understands the client’s needs well. Jose Enrique Fernandez is fast and efficient, attentive to details and open to communication.’

The strengths of the bankruptcy and restructuring team are the total involvement in the subject of analysis, knowledge of the legislation of the matter as well as judicial decisions and how this case could be extended even to other aspects of the law. Finally, another strong point is its ability to explain the legal implications in a didactic and easy to understand way.’

I highlight Renzo Agurto with whom I had constant communication for the analysis of a bankruptcy case. Renzo showed openness and flexibility in the interaction we had in advising a case. Additionally, he has experience and knowledge of the bankruptcy and corporate issue that we worked on at the time. The most remarkable thing is that given his experience in this matter, he was able to quickly recommend legal strategies and provide practical alternatives related to the case under analysis.’

Key clients

Aguaytía Energy del Perú

Castlelake/Aircraft Solutions Lux XI /Wells Fargo Trust Company, National Association

Transportadora de Gas del Perú

Volcan Compañía Minera

Quanta Services Perú

Ulma Encofrados Perú

Work highlights

  • Advising Castlelake, Aircraft Solutions Lux XI and Wells Fargo Trust Company on a joint strategy (insolvency and litigation) to repossess leased aircraft, lodged before the Public Registry and the Aviation Authority, as well as a collection action for outstanding debt made against LC Busre, including the filing of insolvency proceedings.
  • Representing Transportadora de Gas del Perú on a joint strategy (insolvency and arbitration), including the preparation of the insolvency petition to be filed before the Peruvian insolvency authority, for the collection of claims amounting to $1.3m
  • Advising Aguaytía Energy del Perú, a creditor of Maple Gas Corporation del Perú, in relation to the latter’s insolvency proceedings, including the proof of claims filing and a global strategy that involves opposing the proof of claims filing made by Maple’s other creditors; $24m of the client’s claims have been recognised by INDECOPI.


Specialising in financial and corporate matters, BBGS Abogados is well-placed to advise on restructuring, both company reorganisations and debt refinancing. It is building bankruptcy expertise under partner Gerardo Guzmán who is supported by the skills of the more experienced corporate and finance lawyers Carlos Saco-Vertiz and Eduardo Landerer, respectively. The team continues to advise Peruvian tax authority SUNAT with respect to the $60m bankruptcy process of soccer club Universitario de Deportes. Other clients include Banco de Crédito del Perú and San Miguel Industrias PET.

Practice head(s):

Carlos Saco-Vertiz; Eduardo Landerer; Gerardo Guzmán


I believe that what makes BBGS unique is the constant attention of the lawyer Gerardo Guzmán for the purpose of achieving the objective for which the services were contracted. The matter is one of national interest.

I think the lawyer Gerardo Guzmán stands out for his commitment to the client’s objectives, giving beyond what is expected.’

Key clients

Credicorp Capital

Banco de Crédito del Perú

Interseguro Compañía de Seguros

Cineplex (Cineplanet)

Nexus Group

Morgan Stanley

Nessus Hoteles Perú (Casa Andina)

Banco de Comercio

San Miguel Industrias PET (Intercorp Group)

Colegios Peruanos (Innova Schools)

Financiera Oh!

Work highlights

  • Continuing to advise SUNAT on the bankruptcy process of popular Peruvian soccer club  Universitario de Deportes, value in excess of $60m.
  • Acting for Cineplex (Cineplanet) in the $80m private restructuring process of the first and second corporate bonds programmes of Cineplex.
  • Advising La Positiva Seguros and La Positiva Seguros Vida in the framework of the preventive bankruptcy proceeding of Obras de Ingeniería (OBRAINSA), value $100m.

Lazo, De Romaña & Bravo Abogados

Well-known for its finance expertise, Lazo, De Romaña & Bravo Abogados is gaining traction in the insolvency and restructuring sphere. Its growing funds’ client-base has led to a rise in creditor-advice work, while at the same time, the team is securing some impressive mandates on behalf of debtors, such as acting for domestic airline LC Busre on its bankruptcy procedure in accordance with INDECOPI. Managing partner Jorge Lazo leads the practice and the bulk of matters, assisted by corporate partner Claudia Tavara, while associate Mercedes Arguedas Dulanto has a specialist bankruptcy focus.

Practice head(s):

Jorge Lazo

Key clients

Fondo Blanquiazul

Club Universitario De Deportes

Lc Busre

Fondo De Contingencia De La Superintendencia Del Mercado De Valores

Logros Perú

Alva Legal Asesoria Empresarial

Work highlights

  • Advising Peruvian airline LC Busre (LC Perú) on the bankruptcy procedure in accordance with INDECOPI; the company has a global debt of around $35m.
  • Acting for investment fund Fondo Blanquiazul on the bankruptcy procedure of football club Alianza Lima, achieving the presidency of the creditors meeting.
  • Advising football club Club Universitario de Deporte on its bankruptcy procedure and restructuring plan, global debt P$158m.

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados

Building on exposure gained as counsel in one of Peru's largest (and among the most protracted) bankruptcy cases, Doe Run, Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados acts for a broad range of debtors and creditors on all aspects of the bankruptcy process, and is well-versed in company reorganisation and restructuring. The team boasts a full-time specialist in practice head Anthony Lizárraga Vera-Portocarrero, ably supported by the firm's senior partner Guido Muñiz, who is also focused on business restructuring and bankruptcy issues.

Practice head(s):

Anthony Lizárraga Vera-Portocarrero


Their knowledge and adaptation of the field benefits us widely. In many cases, this experience stands out with the willingness to adapt even to the internal procedures of our company.’

Lawyers are proposed according to the specialty we require, and being specialists in their field, we obtain the best according to their experience. Recommended: Anthony Lizarraga.’

An unmatched experience in actually getting results within the Peruvian justice system which is known for endless bureaucracy without results. The staff, from the lawyers to the secretaries, are all extremely friendly, professional and prompt. Anthony Lizarraga was incredible, endlessly helpful and provided us with effective alternatives whenever the case got stuck against some wall.’

Professionalism – a sharp understanding of the clients needs and then an equal understanding of the legal framework in Peru and making an effective match between the need and the right legal structure. Anthony Lizarraga was  very responsive despite his heavy work load and busy schedule. He made himself available to me at my request and was personally present at every engagement with third party people and in every meeting.’

They have a very good quality of care and handle their issues very well. They are highly specialised.

Best attributes are the quality of care, knowledge and contactability.’

Their expert knowledge of the subject, kindness towards clients and promptness of responses are the main attributes of this area.’

Key clients

Doe Run Cayman

Andrade Gutierrez Engenharia (sucursal del Perú)

Pepsi-Cola Panamericana


ICBC Perú Bank

Citibank del Perú

Regional One


Hewlett -Packard Peru

Mitsui Auto Finance Peru

Jas Forwarding Peru



Sherwin-Williams Peru

Fertilizacion Tecnica

Corporacion GTM del Peru

Securesoft Corporation

Work highlights

  • Continuing to act as exclusive counsel to Doe Run Cayman in the bankruptcy of Doe Run Peru; the client is the main shareholder  and one of the largest creditors of Doe Run Peru.    
  • Advising creditor Pepsi-Cola Panamericana on the long-running bankruptcy proceedings of Compañía Embolletadora del Pacífico (Cepsa).
  • Advised Hewlett-Packard Peru on the bankruptcy proceeding of Universidad Inca Garcilaso De La Vega (UIGV), in which HP has an important financial claim.

Philippi Prietocarrizosa Ferrero DU & Uria

Philippi Prietocarrizosa Ferrero DU & Uria continues to advise on the long-running China Fisheries and Doe Run Peru insolvencies, as well as representing Empresa Radiodifusora 1160 (affiliated to Lima television company Andina de Radiodifusión), with respect to its $400m reorganisation proceedings before the Bankruptcy Commission. Client gains in other high-profile matters, such as Aeropuertos del Perú (creditor to both LC Busre and Peruvian Airlines) demonstrates a thriving practice at the firm. Director Alfonso Pérez-Bonany leads a small, multidisciplinary team.

Practice head(s):

Alfonso Pérez Bonany


Theoretical and practical knowledge on the subject. Good knowledge of the subjects and great availability.’

Alfonso Perez-Bonany has a great knowledge of the market and has the ability to adapt to different circumstances. Additionally, he is always available and supports in areas that are not only legal. Camila Pescetto, very hard-working and with good knowledge, is always available.’

The performance of the bankruptcy team, led by Alfonso Perez-Bonany, stands out for its closeness to its clients, in addition to the timely monitoring of the processes under its charge.’

Alfonso Perez-Bonany, partner at PPU, stands out for his knowledge and ability to follow up his cases.’

Key clients

Servicios Multimedia

Empresa Radiodifusora 1160

Aeropuertos del Perú

Astaldi (sucursal del Perú)

Kirkland & Ellis (Hong Kong)

Doe Run Peru (in liquidation)


Sika Perú

Work highlights

  • Acting for Empresa Radiodifusora 1160 with respect to its $400m reorganisation proceedings before the Bankruptcy Commission, including structuring a new reorganisation plan with a view to paying off all unpaid creditors.
  • Assisting Kirkland & Ellis (Hong Kong) in advising a group of bondholders of the China Fishery Group) to recover their investments of an aggregate amount of $500m.
  • Continuing to advise Doe Run Perú in its long-running liquidation proceedings before the Bankruptcy Commission.