Bankruptcy and restructuring in Peru

CMS Grau

CMS Grau is well placed to handle international mandates by virtue of its global network, but it is also active in the local and regional market as well. Its broad range of experience includes acting for clients in the finance, consumer products, mining, energy, fishing and education sectors, among others. Head of practice Michelle Barclay has over 20 years’ experience in insolvency, corporate restructuring, liquidation, corporate refinancing and distressed M&A, and is often involved in US Chapter 11 bankruptcy proceedings. Victor Farro (who was promoted to the partnership in November 2021) has impressive credentials, which includes a 13-year stint at the Instituto Nacional de Defensa de la Competencia y de la Protección de la Propiedad Intelectual (INDECOPI); he is recommended for international insolvency matters, particularly those involving complex litigation. Senior associate Javier Marquez is a name to note for competition and administrative procedures.

Practice head(s):

Michelle Barclay


Comprehensive advice from the beginning of the bankruptcy process to the date on which the appointment of the liquidator was made.’

Constant communication with the company giving the guidelines of the process and monitoring the schedule of activities prior to the appointment of the liquidator.’

CMS Grau has a consolidated team, focused on satisfying the needs of the client, attending to and understanding the logic of the business and business strategy.’

Michelle Barclay and Víctor Farro are experts on their subject. Both handle not only the procedures and legal issues, but also take into account the business and economic aspects.’

Good lawyer-client relationship.’

Flexibility of charging fees.’

Experience in the matter, direct and clear treatment with clients.’

Key clients

Michael E Foreman (as Plan Administrator – China Fishery Group)

Enagás Group

Depósitos Químicos Mineros (Odfjell Terminals)

Inversiones Corporativas Gamma

Superintendencia Nacional de Educación Superior Universitaria

Ocean Partners

Tubos y Perfiles Metalicos

Work highlights

  • Advising Michael E Foreman, as the plan administrator of China Fishery Group’s Chapter 11 proceedings.  
  • Providing legal advice to the Enagas Group in relation to bankruptcy filings and litigation against a concession company that was awarded one of its most important investments.
  • Advising Depositos Químicos Mineros on a bankruptcy case being handled by the Peruvian Bankruptcy Authority.

Rebaza, Alcázar & De Las Casas

The pre-eminent corporate restructuring and insolvency team at Rebaza, Alcázar & De Las Casas is well regarded for its advice on public and private restructuring matters, acting for both debtors and creditors. The team is experienced in many sectors, including agro-industry, textiles, retail, fishing, and banking and financial services. It stands out in the market for its dedicated practitioners Gonzalo De las Casas and José Antonio Jiménez, who handle a wide range of matters, including restructurings, reorganisations, distressed M&A, and complex bankruptcy procedures. Daniel Gonzáles is internationally experienced and focuses on corporate reorganisations and restructuring in the construction and industrial sectors; while Marcia Arellano, who was promoted to partner in January 2022, is well versed in contentious insolvency proceedings, IP and unfair competition matters. At the more junior end, associate Carlos Alfonso Bossio is an additional name to note for bankruptcy and corporate advice.

Practice head(s):

Gonzalo De Las Casas; José Antonio Jiménez


The restructuring team that we work with at Estudio Rebaza, Alcázar & de las Casas demonstrates a high level of commitment and care towards our company.’

We have had a great experience in a crucial stage of our company, with full complicated negotiations with both local and foreign creditors‘.

The restructuring team was always available to attend to our queries, and they accommodated themselves very easily to the timing of the transaction, which was a complex out-of-court restructuring of our financial debt‘.

In this case, the team managed to adapt to our needs, giving us not only quick answers but also very technical and complex ones, a mixture of deep legal knowledge and a commercial understanding of our business.’

We believe that as a team they stand out widely over their competitors because they not only handle technical legal issues, but also accounting and financial issues.’

From our experience in working with other firms, we are convinced that, in the area of restructuring, there is no better option in services or a better team in Peru than that of the Rebaza, Alcázar & de las Casas.’

They are excellent lawyers who complemented their work in a superlative way, given that Jose Jimenez accumulates great expertise in insolvency and bankruptcy companies, and Daniel Gonzales has a more transactional background that was extremely important when negotiating complex restructuring agreements with creditors and, simultaneously, with the new fund that lent us enough funds to pay existing creditors.’

Very good delivery to the client and counterpart.’

Key clients

Aenza (formerly: Graña y Montero)

Automotores Gildemeister

Obras de Ingenieria

San Fernando


C A M E Contratistas Generales

Perú Fashions


APC Corporacion

Incorp Ingeniería y Construcción

Agrícola La Venta

Work highlights

  • Ongoing advice to Automotores Gildemeister on the restructuring of $550m of liabilities.
  • Advised Termochilca on negotiations with its financial creditors and on the sale of the company.
  • Ongoing advice to Obras de Ingenieria regarding a preventative insolvency procedure.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados operates at the top of the market when it comes to restructuring and insolvency matters; it fields a team with in-depth knowledge of bankruptcy law, and which has experience in reorganisations and asset-acquisition operations involving insolvent and distressed companies. Offering multidisciplinary advice with ancillary support from tax, employment, banking and disputes practitioners, the practice is well placed to cater to a range of businesses, including those in the aviation, financial services, construction, oil-and-gas, and mining sectors, among others. Practice head Guillermo Puelles handles both private and public insolvency, as well as restructuring and liquidation. Hugo Silva is another key practitioner, alongside Jorge Trelles who is recommended for corporate liquidation proceedings and M&A involving distressed companies. Associate Renzo Rossi is also a name to note for liquidation and banking regulatory matters.

Practice head(s):

Guillermo Puelles


The lawyers are very good, dedicated to the client, with deep knowledge of the issues.’

The best in Peru.’

They spend a good amount of time with the client and offer easy solutions in a practical way.’

Key clients

Latam Airlines Peru / Latam Airlines Group

Astaldi (Perú)

Pluspetrol Norte (in liquidation)

Scotiabank del Perú

Ecoexpress Javier Prado

Stork Peru

Alva Legal

Estratega Consultores

Pan American Silver Huarón

Banco Santander

Consorcio Minero (CORMIN)

Cía Peruana de Radiodifusion


Work highlights

  • Acting as Peruvian counsel to Latam Airlines Peru on the entire strategy of the group’s restructuring.
  • Advising Astaldi’s Peruvian subsidiary on its public insolvency proceeding, initiated by a creditor before INDECOPI.
  • Advising Pluspetrol Norte -currently in liquidation- on its crisis strategy, which emanated from diverse financial and economic distress problems suffered due to market conditions and the Covid-19 pandemic.

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares is known for handling both the prevention and management of financial crises for individuals and companies. It has considerable experience in bankruptcy proceedings, restructurings, liquidation and related corporate work. Gonzalo De Bracamonte heads the team, which is active in the financial services, professional services, construction, energy, telecoms and mining sectors, among others. At senior associate level, Claudia Oviedo Alva is experienced in relevant corporate law matters; and January 2022 saw the return of Juan Manuel Robles Montoya from Benites, Vargas & Ugaz; however, former counsel Pamela Arce De Las Casas left the firm the same month.

Practice head(s):

Gonzalo De Bracamonte


Complementary advice on the tax implications of the actions carried out, with a presentation of options according to each scenario.’

Dr Gonzalo De Bracamonte offers extensive experience in corporate law, personalised advice according to the problem that is exposed, human quality and detachment.’

Dr Gonzalo De Bracamonte is the type of lawyer that everyone needs when legal problems become overwhelming.’

Key clients

INCOT Contratistas Generales

Grupo Elektra

Compañía Minera Lucma

Avianca Perú (in liquidation)

Técnicas Metálicas Ingenieros

Ingenieros Civiles y Contratistas Generales

Pluspetrol Norte (in liquidation)

Banco Pichincha


Estratega Consultores

Work highlights

  • Advised Pluspetrol Norte on all aspects of its dissolution and liquidation process.
  • Advised Grupo Elektra on all aspects of the dissolution and liquidation process of its subsidiary, Elektra del Perú.
  • Advised INCOT on the beginning of its preventive bankruptcy procedure in order to refinance its obligations.

Martinot Abogados

The restructuring, workouts and turnarounds team at Martinot Abogados acts for both creditors and debtors on a wide range of bankruptcy matters. With a background in finance, the team has a wealth of experience in regulatory matters, as well as in corporate M&A issues, and focuses primarily on the mining, financial services, insurance and real estate sectors. With over 20 years’ experience in corporate, contract, foreign investment and bankruptcy law, Luis Fernando Martinot heads the practice. However, Yanira Becerra, who handles corporate workouts and turnarounds, among other matters, moved in house at in December 2021. Key support is provided by associates Karla Paz and Yuri Montesinos, both of whom have over 10 years’ experience in bankruptcy and out-of-court restructuring, respectively.

Practice head(s):

Luis Fernando Martinot


It is an outstanding law firm which understands perfectly the bankruptcy and restructuting practice.’

The ability to accomodate to my schedule and to deliver information requested at the right time was excellent.’

Speed in developing solutions, coupled with the monitoring and control of results.’

Luis Fernando Martinot and his team are excellent; he is very hands-on and responsive.’

A real high-quality restructuring and bankruptcy boutique.’

Key clients

Banco de Crédito del Perú

Banco de Comercio

El Dorado Resources

Gold Finance Perú

Red Cientifica Peruana

Fabricators and Technology

Scotiabank Peru

Avla Peru Compañía de Seguros

Compañía Goodyear del Perú S.A.

TC Siglo 21 S.A.A.

Work highlights

  • Advising Banco de Crédito del Perú on its debt collection strategy for debtors.
  • Advising Banco de Comercio on the credit recognition process of some of its debtors, as well as regarding its debt collection strategy.
  • Advising El Dorado Resources in relation to a lease agreement for mining properties owned by bankrupted company Minera San Simon.

Miranda & Amado

Drawing on its banking and finance practitioners for support, the insolvency and restructuring team at Miranda & Amado caters mainly to creditor clients but is also well versed in acting for debtors. Its multidisciplinary team has considerable experience in regulated industries, such as financial services, oil and gas, transport and mining. The team is jointly led by Renzo Agurto ('a brilliant professional in insolvency and restructuring') and Rafael Corzo; with Agurto recommended for restructuring and winding-up transactions; and Corzo focusing on regulatory banking and insurance matters. Senior associate Lisbeth Benavides is particularly experienced in insolvencies, regularly handling cases with cross-border aspects.

Practice head(s):

Renzo Agurto; Rafael Corzo


I have had to work on various projects with Miranda Amado’s insolvency team and I have been very surprised by their professional capacity; with business vision and the ability to provide intelligent solutions to complex problems‘.

Without a doubt, Renzo Agurto stands out, a brilliant professional in insolvency and restructuring.’

I consider that the lawyers of this team are very good professionals and I have personally known the head of the team for more than 20 years.’

The important thing about this team is that it is always ahead of the facts, since they analyse everything from different perspectives and that means that the solutions are embodied in several alternatives in case any of them get stuck.’

Compared to other firms, I feel very comfortable when I work with this team because they give me a lot of confidence.’

Renzo Agurto is a lawyer who is always very well informed and is very creative when it comes to solving company problems.’

Renzo Agurto always finds important and practical solutions.

Renzo Agurto differentiates himself from others by his professionalism and dedication to solving the client’s issues.

Key clients

New Century Films

Administradora de Servicios de Seguridad

Talma Servicios Aeroportuarios

Repsol Marketing

Aguaytía Energy del Perú

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

Ulma Encofrados Perú

Work highlights

  • Advising New Century Films, a film distribution company representing Warner Bros Distributing, in relation to debts amounting to P$13m (around $3.2m).
  • Providing advice to Administradora on its capacity as managing entity of Sirius Seguridad Privada Sierra Central, a company involved in a reorganisation under Peruvian insolvency law and with outstanding liabilities amounting to $2.2m.
  • Advising Talma Servicios Aeroportuarios on the design and execution of its strategic approach as a creditor of Peruvian Air Lines, which entered into a state of default that resulted in an insolvency proceeding before INDECOPI.


Gerardo Guzmán heads the practice at BBGS Abogados, aided by the experience of founding partners Carlos Saco-Vertiz and Eduardo Landerer. The team’s work includes advising creditors on bankruptcy procedures, defending clients against bankruptcy petitions and negotiating with creditors during liquidation procedures. On the restructuring side, the team acted for Cineplanet in successfully negotiating an agreement with its bondholders, as well as working with an education client to restructure its securitisation bonds. Since publication, Guzmán has left the firm to joing Rubio Leguía Normand  - effective February 2023.

Key clients

Banco de Comercio

Cineplex (Cineplanet)

Colegios Peruanos (Innova Schools)

Iron Mountain Peru

Grupo RPP


Roller Media Peru


Work highlights

  • Restructuring Cineplanet’s first and second corporate-bond programmes with an aggregate value of approximately $80m.
  • Liability management of the securitisation bonds issued by Colegios Peruanos in 2017, through the simultaneous delivery of the same number of securitisation bonds (“exchange”) issued under the securitised bonds programme of 2019 for the amount of P$/61.4m (approximtely $17.5m).
  • Advised Banco de Comercio, as creditor, in the bankruptcy procedure of Agrícola La Venta, in relation to a credit of approximately $3m.

Lazo, De Romaña & CMB Abogados

Lazo, De Romaña & CMB Abogados frequently advises creditors, administrators and debtors on bankruptcy procedures before Antitrust and Competition Agency, INDECOPI, aided by associate Mercedes Arguedas Dulanto, who previously worked for the agency. The team has experience in the bankruptcy proceedings of a range of clients, including those in the airline and manufacturing industries. Managing partner Jorge Lazo acted for an investment management company on the restructuring of the Fondo Blanquiazul, a private investment fund set up to assume the debt of football club Alianza Lima. Corporate partner Claudia Tavara advised General Electric on the cross-border liquidation process of a branch office.

Practice head(s):

Jorge Lazo

Key clients

Fondo Blanquiazul

LC Busre

Fondo de Contingencia de la Superintendencia del Mercado de Valores

Logros Perú

Alva Legal Asesoria Empresarial

General Electric Internationa

Protecta Security

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

At Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados, practice head Anthony Lizárraga Vera-Portocarrero and senior partner Guido Muñiz act in the firm’s key bankruptcy matters, including advising the main shareholder in the long-running, multimillion-dollar bankruptcy proceedings of Doe Run; and working for Pepsicola Panamericana in the similarly long-term bankruptcy proceedings of CEPSA. The team predominately advises creditors, with associate Jackeline Acevedo providing frequent assistance with matters. Associate Gino Ontaneda provides support on the practice group’s debt restructuring work, such as aiding construction company Andrade Gutierrez with its own debt restructuring, and advising banking entity ICBC Peru on the restructuring of debts held by mining and public utilities companies.

Practice head(s):

Anthony Lizarraga Vera-Portocarrero


Expert knowledge on the subject, adapting it to the client’s line of business.’

Prompt response and expert knowledge.’

Experience, technical and practical knowledge of the area.’

Very good and timely attention with the predisposition to serve everyone at the right time.’

Very good bankruptcy lawyers.’

Guido Muniz is an excellent lawyer and very easy to deal with.’

Anthony Lizarraga is a great bankruptcy lawyer and well known in the community.’

Key clients

Doe Run Cayman

Andrade Gutierrez (Peru)

Pepsicola Panamericana


ICBA Perú Bank

Citibank del Perú

Regional One


Hewlett Packard (Peru)

JAS Forwarding (Peru)

Mitsui Auto Finance (Peru)

Primus Capital (Peru)



Sherwin-Williams (Peru)

Fertilizacion Tecnica

Corporacion GTM del Peru

Securesoft Corporation

Novartis Biosciences (Peru)

Alberto y Asociados Servicios Generales

Automotriz Central del Peru

Grunenthal Peruana

Sew Eurodrive del Peru

Taxi en Linea

E L Taxi 24 horas


Work highlights

  • Acting as sole and exclusive counsel to Doe Run Cayman, the main shareholder and one of the largest creditors in the major bankruptcy case of Doe Run Peru (in liquidation).
  • Providing comprehensive counselling to Pepsicola Panamericana, a major creditor in  CEPSA’s ordinary bankruptcy proceedings, including taking active part in both the creditors’ meeting and the auction of CEPSA’s assets.
  • Comprehensive counselling to Hewlett Packard (Peru), a major creditor in the ordinary bankruptcy proceedings of Universidad Inca Garcilaso de la Vega (UIGV) which began in 2020.

Philippi Prietocarrizosa Ferrero DU & Uria

All Philippi Prietocarrizosa Ferrero DU & Uria's bankruptcy matters are handled by practice director Alfonso Pérez-Bonany, whose previous experience includes a stint at INDECOPI and specialises in restructuring and liquidation proceedings. Pérez-Bonany advises both debtors and creditors, including Doe Run in its liquidation proceedings, where the firm’s full-service nature allows it to tailor advice to the debtor’s industry and provide support in related areas such as tax and labour. Recent work also includes assisting Kirkland & Ellis’ Hong Kong office with a cross-border debt recovery, involving advice on Peruvian bankruptcy regulations, as well as representing clients before INDECOPI.

Practice head(s):

Alfonso Perez-Bonany

Key clients

Servicios Multimedia

Empresa Radiodifusora 1160

Astaldi (Peru)

Kirkland & Ellis

Doe Run Perú


Aeropuertos del Perú