Bankruptcy and restructuring in Peru

Rebaza, Alcázar & De Las Casas

Rebaza, Alcázar & De Las Casas leads the field for the sheer breadth of its bankruptcy practice, which is equally strong in public and private matters for debtors and creditors. Gonzalo De las Casas and José Jiménez are two of the few full-time specialists in the market and act for top-flight financial institutions, investors, funds, suppliers and other creditors, as well as companies across a broad range of industries. Clients highlight the creativity and knowledge of the team, which continues to advise Graña y Montero on the $1.2bn insolvency of Gaseoducto Sur Peruano, following the Peruvian government's termination of its concession to build one of the country's flagship infrastructure projects. The team also includes Daniel Gonzáles, who specialises in corporate reorganisations and restructuring, and very capable senior associate Marcia Arellano.  


The best team of lawyers and the most prestigious law firm; an extraordinary capacity for response, advice and management.’

The high human quality and professional excellence of the partners stands out. The associates and support staff within the firm have a commitment to excellence in work that is reflected in their attention every day.’

The broad experience of the main partners and their associates in these matters is long-standing and I consider them the best in the field.’

Gonzalo De las Casas, José Jiménez and Marcia Arellano  are recommended for their experience, knowledge of the topic, originality and creativity.’



Key clients

Graña y Montero




Chubb Perú

Avla Perú


Obras de Ingenieria

Disony (Kiu System Solutions)

CAME Contratistas  y Servicios Generales

Incorp Ingeniería y Construcción


Work highlights

  • Ongoing advice to Graña y Montero regarding the $1.2bn insolvency of Gaseoducto Sur Peruano following termination of its concession contract for the construction of the Peruvian southern gas pipeline.
  • Advising Interbank, Chubb Perú, Avla Perú and InSur, as lenders, in the $38m restructuring and negotiation of loans and collaterals to insolvent construction company ICCGSA.
  • Acting for Obras de Ingeniería on its $200m preventative insolvency procedure -including negotiation with suppliers, banks, partners in joint ventures and the Peruvian government- and the restructuring of debt.  
  • Advising industrial company FIMA on the private restructuring of its financial debts with Scotiabank, BBVA, Banco de Credito – BCP, BanBif and Banco Financiero.

Rodrigo, Elías & Medrano – Abogados

Rodrigo, Elías & Medrano – Abogados is involved in some of the largest and most high-profile insolvencies in Peru, such as Doe Run, where it is acting for largest creditor Consorcio Minero - CORMIN, and the $1.5bn bankruptcy of China Fishery Group (CF Group), advising HSBC alongside Davis Polk & Wardwell LLP. The team excels in procedural bankruptcy matters including private reorganisations, with a focus on the post-petition financing, reorganisation plans and asset-acquisition/divestment operations of insolvent or distressed companies. Practice head Guillermo Puelles is a full time specialist; he is supported by a strong team of cross-disciplinary partners including: Hugo Silva, recommended for corporate restructuring, construction and public procurement; finance expert Jorge Trelles; and counsel Gaspar Flores, who leads on administrative insolvency proceedings.

Practice head(s):

Guillermo Puelles

Key clients


Pan American Silver Huarón

SK Rental

Trafigura PTE

Consorcio Minero – CORMIN

Ecoexpress Javier Prado

Banco Santander Perú

Stork Peru (a Fluor company)

San Fernando

Avmax Aircraft

Work highlights

  • Acting as Peruvian counsel to Consorcio Minero – CORMIN, the largest commercial creditor (owed $29m) in the bankruptcy proceedings of Doe Run Peru (the overall size of which is almost $700m).
  • Acting as local counsel to HSBC in the $1.5bn bankruptcy case of China Fishery Group and its Peruvian subsidiaries COPEINCA, CGF Investments and Sustainable Fishing Resources.
  • Representing Ecoexpress Javier Prado on its public insolvency proceedings before INDECOPI following the annulment by local government of its public transportation concession contract valued at $100m.
  • Acting for Banco Santander Perú in the public insolvency proceedings initiated against construction company Ingenieros Civiles y Contratistas Generales (ICCGSA).

CMS Grau

CMS Grau is 'very specialised in this area’ and fields a 'strong team’ spearheaded by Michelle Barclay (highlighted for her international experience and 'business vision’), and very capable counsel Victor Farro (praised for his legal knowledge, litigious skills and 'practical solutions’). The firm has been advising on some of the country's largest bankruptcy cases in recent years, including Doe Run (acting for strategic creditor Depósitos Químicos Mineros), and China Fisheries, the latter case illustrating Barclay's expertise in US Chapter 11 bankruptcies, where she is acting for trustee Willam Brandt. Other key members of the team include associates Carolina Pinzás and Miguel Viale, who are also both advising in the China Fisheries case.

Practice head(s):

Michelle Barclay


I have been working with the CMS Grau team on bankruptcy issues since 2016. They have a very strong team and a significant number of lawyers who have a lot of experience, both locally and internationally (which differentiates them from other various firms). Our company, both our team from Peru and Spain, consider that this expertise for international clients and processes has helped us a lot as a company in the strategy of our cases. Currently, we have started one of the largest bankruptcy processes in Peru and we have been receiving excellent and high-quality advice from the CMS Grau team, mainly from Michelle Barclay (partner) and Victor Farro (senior associate). I feel very well supported by the team and I consider that unlike other law firms, they handle a variety of highly-complex issues that are related to other areas of law (such as tax, corporate, infrastructure, arbitration) which makes the service much more complete. The vision of the leaders of the team is comprehensive and strategic.’

Michelle Barclay has a lot of international experience, since she has worked in New York in the bankruptcy team of ​​Skadden, Arps, Slate, Meagher & Flom LLP, and that allows her to provide us with different advice than what we could receive from other firms. Also, Michelle is characterised by her very quick understanding of the client’s problems, by her clear answers and business vision. Victor Farro has a holistic view of the market, extensive knowledge of the law and the ability to design strategies and propose practical solutions. He stands out for his talent for litigation, his analytical capacity and the clarity with which he supports the positions that he has to defend, both verbally and in writing. He is a key part of the CMS Grau team.

The practice is very specialised in this area. The lawyers who handle this work have to be very aware of all the changes and/or modifications that are dictated in this field and the team at CMS Grau are very experienced in the subject and have been since practically the beginning of this legislation in the 1990s. It is very difficult to make comparisons, but I think CMS Grau has one of the best teams in this area.

Timely and professional support to the client. It is a multidisciplinary team that is very close to the client. It compares favourably to the standard of the top market segment.’

Warm treatment and professional strength. Its best qualities are successful analysis and precision in implementation. Michelle Barclay and Victor Farro stand out.

Good team that responds quickly to requests from the client. The work they did was of high quality.

Both Michelle Barclay and Carolina Pinzás provided us with a high quality service.

I highlight their profound knowledge of bankruptcy and restructuring, and their ability to sort through the issues quickly. Their desire to help and take the issues where the client wants to go is their strong point.’


Key clients

William Brandt (Development Specialist) as Chapter 11 trustee of China Fishery Group

Depósitos Quimicos Mineros (Odfjell Terminals)  


Inversiones Corporativas Gamma

Work highlights

  • Ongoing advice to William Brandt (Development Specialists) as Chapter 11 trustee and main shareholder of Peruvian assets of China Fishery International (Singapore) in its $1.2bn bankruptcy proceedings.
  • Ongoing advice to Depósitos Químicos Mineros (Odfjell Terminals) as a strategic creditor in the bankruptcy of Doe Run Peru, involving approximately $600m in claims.
  • Acting for Enagas Internacional in the bankruptcy filings and domestic and international arbitiration against a concession company that was awarded one of the client’s most important investments. The concession was terminated by the Peruvian government.

De Bracamonte - Haaker - Castellares

De Bracamonte - Haaker - Castellares is active in large-scale insolvency matters, earning roles in headline bankruptcies such as acting for the majority shareholder of Gasoducto Sur Peruano (GSP), former concessionaire of the southern gas pipeline construction, in its $2.7bn bankruptcy application filed by Enagás. Gonzalo De Bracamonte is respected across the market for his expertise in advising both creditors and debtors, particularly in the financial, energy, consumer product manufacturing, food, mining, retail and technology sectors. He is supported by a capable team of associates which includes Claudia Oviedo Alva, who is assisting with the GSP case, and Cristina Guardia Gómez, who has more than ten years' experience in the field.


It is a multidisciplinary team with strengths that enrich its legal practice. The team is committed to the client, understanding the business core of the company to perfection, positively impacting the implementation of decisions.

They have a high level of communication, being able to reach all audiences, in addition to being 100% committed to the client. They have the willingness to work 24/7, even in early morning meetings in order to achieve the objective.’

Complete knowledge of the laws and regulations regarding company restructuring. This makes them detect high-impact opportunities for their clients, taking full advantage of the potential of an insolvency process to their benefit. Additionally, they have a long experience in these conflicts, which gives a lot of peace of mind in conducting the negotiations.’

‘Gonzalo de Bracamonte (principal partner): thorough knowledge of the legislation, ability to detect high-impact opportunities for his clients. Wide network of contacts in the financial and judicial sectors. He makes things happen. He is clear and direct in his messages and brilliant in generating strategies. Claudia Oviedo Alva (senior associate): meticulous in all aspects involved in a process of this type. This means that there is an efficient use of time and strict compliance with key deadlines. She is aware of the complexities involved in issues like these and does not create inefficiencies, either managed or operational.’

The strength of De Bracamonte – Haaker – Castellares is that they provide comprehensive and effective advice. Unlike other law firms, their attorneys not only have extensive knowledge and experience in the legal issues involved in the area (bankruptcy law, company restructuring and corporate law), but they also have extensive accounting and financial knowledge, which is essential in the advice that a strategist requires and that has allowed us to position ourselves as one of the main administrators and liquidators of companies in bankruptcy.’

The firm’s comprehensive advisory service, as well as its high degree of commitment to its clients and an adequate response time for queries made, are the characteristics that put De Bracamonte – Haaker – Castellares in front of its competitors. Gonzalo De Bracamonte is the leader of the area. He has vast experience in the field and his recommendations are always correct. He has great capacity to empathise with the client, understand their needs and propose appropriate solutions, and also has a great intuition to anticipate and prevent contingencies. Claudia Oviedo Alva has specialist knowledge of matters. She raises and develops the legal strategies in the procedures. Cristina Guardia Gómez is systematic, persistent, dedicated and meticulous. Her specialty lies in regulatory and compliance aspects.’


Key clients

Técnicas Metálicas Ingenieros

Comercializadora de Alimentos y Abarrote

Ingenieros Civiles y Contratistas Generales

Inversiones en Infraestructura de Transportes por Ductos

Ecoexpress Javier Prado

Estratega Consultores

CMC Constructora

Work highlights

  • Acting for Inversiones en Infraestructura de Transportes por Ductos (IITD) as majority shareholder of Gasoducto Sur Peruano (GSP), in the bankruptcy application filed by Enagás, value $2.7bn.
  • Advising Ingenieros Civiles y Contratistas Generales (ICCGSA) on its $89m bankruptcy procedings
  • Acting for engineering company Técnicas Metálicas Ingenieros in its bankruptcy proceedings, including the creditor recognition process and the design of its restructuring plan.

Martinot Abogados

Martinot Abogados has many years' focus in this area and handles bankruptcy proceedings on behalf of creditors and debtors in all stages of the process, from the bankruptcy filing and creditor negotiations right through to the sale or purchase of distressed company assets. Luis Fernando Martinot is an expert in the field and leads on the majority of matters, assisted on occassion by corporate partner Yanira Becerra. Senior associate Nathaly Juárez Cornejo   stands out for her busy practice on the bankruptcy side, while associate Yuri Montesinos is experienced in the refinancing of distressed companies.

Practice head(s):

Luis Fernando Martinot


We receive personalised attention from the founding partner, Luis Fernando Martinot. The firm has extensive experience in the most important bankruptcy processes in the Peruvian economy. They develop short, medium and long-term strategies, appropriate to the situation as a creditor or as a debtor. Having a small team, this one is very competent and properly serves the client. Comparison with the competition is more than favourable.’

They have a good undertstanding of the bankruptcy authorities. Not only do they have a powerful theoretical knowledge of bankruptcy issues, their practical knowledge and legal ability are top-of-the-line.’

Martinot Abogados communicates with the client very well, which is important during the restructuring process, and the level of response is very fast.’

Yuri Montesinos   demonstrates: 1) high level of coordination with the client; 2) good follow-up; 3) timely attention; 4) is able to cover the client’s needs in the case.’

Good communication, concern for providing the service well, clarity when reporting status of the process and/or service; a team with good technical knowledge; professional.’

They are empathetic and kind and have a good response time. They are concerned that the client is clear about the query or service requested.’


Key clients

Cooperativa Agroindustral Naranjillo

Scotiabank Peru

Avla Peru Compañía de Seguros

Sirius Seguridad Privada

Fabricators and Technology

Productos Encurtidos

Red Científica Peruana

Gold Finance Perú

TC Siglo 21

Compañía Goodyear del Perú

Electro Ferro Centro

Work highlights

  • Acted for Scotiabank Peru in the $20m restructuring of Fima.
  • Advising cocoa producer Cooperativa Agroindustrial Naranjillo in its $20m insolvency procedure.
  • Advising Fabricators and Technology in its insolvency process filed before INDECOPI to protect its assets and submit a restructuring plan before its creditors.

Miranda & Amado

Miranda & Amado has augmented its focus in this arena in anticipation of an increase in work in the wake of Covid-19, and has the resources and expertise to grow market share. The practice has a creditor bias and noteworthy expertise in the liquidation of regulated entities, particularly in the banking, insurance and pension fund sectors. Newly-promoted and 'dynamic’ partner Renzo Agurto co-heads the practice on the corporate reorganisation and liquidation side, while fellow co-head Rafael Corzo brings banking and finance regulatory expertise to the team. Associate Lisbeth Benavides is an experienced corporate restructuring and bankruptcy lawyer.  

Practice head(s):

Renzo Agurto; Rafael Corzo


It is a fairly specialised practice. The lawyers who handle these issues have to be very active since they guide companies through their financial problems and the legislation has changed over time.’

The main lawyer is Renzo Agurto and I have known him for several years where I have had several cases with him in this field. He is a very dynamic lawyer with many innovative ideas. The firm provides solutions to a variety of cases.’

It is a great team of insolvency and reorganisation lawyers, which provides an excellent service with great communication skills and very relevant updates on insolvency matters.’

Renzo Agurto is an exceptional professional, very committed and a great leader in complex and difficult processes.’

Key clients


Transportadora de Gas del Perú

Comercializadora El Nazareno

Inversiones República

Global Brands Group

Ulma Encofrados

Work highlights

  • Acted for Transportadora de Gas del Perú as creditor of the insolvent Gasoducto Sur Peruano, former concessionaire to construct Peru’s southern gas pipeline.
  • Advised Inversiones República, part of the Glencore economic group, during the liquidation process of one of its subsidiaries, Minera Mount Isa.
  • Acting for Castlelake on its combined application to, firstly, repossess leased aircraft (lodged before the Public Registry and the Aviation Authority), and to undertake a collection action for outstanding debt against major Peruvian commercial airline, LC Busre, including filing for the commencement of insolvency proceedings against it.


The Peruvian office of developing regional firm BBGS Abogados joins the ranking following a year of significant mandates in this arena, such as advising the country's tax authority, SUNAT, on issues relating to the $60m bankruptcy process of domestic soccer club Universitario de Deportes. Newly promoted partner Gerardo Guzmán heads the restructuring side of the practice and a has growing roster of clients facing bankruptcy or requiring restructuring advice. Finance partners Eduardo Landerer and Carlos Saco-Vertiz also advise on key  matters.

Key clients

La Positiva Seguros (Fidelidade Group)

La Positiva Vida (Fidelidade Group)

San Miguel Industrias PET (Intercorp Group)

Grupo RPP


Work highlights

  • Advising Peru’s tax authority, SUNAT, on the $60m bankruptcy process of domestic soccer club Universitario de Deportes.
  • Acting for La Positiva Seguros and La Positiva Seguros Vida in the $100m bankruptcy of OBRAINSA (Obras de Ingeniería).

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

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados has 'deep knowledge of the sector' and fields a compact team led by resident restructuring and bankruptcy partner, Anthony Lizárraga Vera-Portocarrero, who was elevated to department head in December 2019. He advises creditors and debtors on restructuring, insolvency and distressed debt transactions, and notably, continues to co-lead advice (alongside senior partner Guido Muñiz) to Doe Run Cayman as largest creditor of Doe Run Peru in the latter's landmark $700m bankruptcy case. Clients rate the team's personalised approach, clarity of advice and fast response times.


The firm has provided important legal advice on various issues related to our company and we have had quick, clear responses, good support and timely answers on strategies and decisions to take.’

Most importantly, the lawyers of the firm have demonstrated expertise on the issues and the clear predisposition to help us understand the terms and legal processes in a simple way that allows us to make timely decisions. With respect to the competition, the speed of their responses and their predisposition to be close to us has been a vital difference that has generated confidence in our bankruptcy cases. We would highlight partner Anthony Lizarraga.’

They have deep knowledge of the sector.’

I have worked with Anthony Lizarraga for the last year to secure long overdue payments from two airlines. Throughout this entire process, I have been consistently impressed with Anthony’s commitment to achieving success with the mission. He came up with creative ways to do so and we were able to recover the funds from one of the two companies and are well on the way with the second company.’

They were very communicative, quickly returned calls, very informed and if they did not know something they would say so and then research it or find a specialist in that area. I enjoyed each meeting we had and never felt like I was wasting time. It always felt like I was in great hands. Anthony Lizarraga and Guido Muñiz are a few of the fine folk with whom I have worked.’

Key clients

Doe Run Cayman

Andrade Gutierrez Engenharia (Peru)

Pepsi Cola Panamericana


ICBC Peru Bank

Citibank del Peru

Regional One


JAS Fowarding Peru

Corporación Leribe

Work highlights

  • Continuing to advise Doe Run Cayman as main shareholder and largest creditor of Doe Run Peru in the country’s largest bankruptcy case, total amount of debt approximately $700m.
  • Acting for Andrade Gutierrez Engenharia (Peru) on its $30m bankruptcy proceedings.

Philippi Prietocarrizosa Ferrero DU & Uria

Philippi Prietocarrizosa Ferrero DU & Uria advises on a range of bankruptcy and restructuring matters, utilising expertise from across the firm to provide industry-targeted advice. The firm has played a role in the China Fisheries Group bankruptcy, providing local advice to a group of bondholders with significant investment in the company, while other clients include television company Empresa Radiodiofusora 1160 and Dirige SAC, trustee of Doe Run Peru. Infrastructure and projects director Alfonso Pérez-Bonany is experienced in insolvency and restructuring and leads the practice.

Practice head(s):

Alfonso Perez-Bonany


The PPU team has professionals who, in addition to theoretical knowledge, have experience in this area. In recent years, we have worked with them constantly and we have negotiated various restructuring operations that included modifying a trust agreement or signing a new one. All negotiations were successful.’

The entire team has extensive experience, which makes an important difference from other firms, especially Alfonso Pérez-Bonany.’

Key clients

Kirkland & Ellis

Dirige (Doe Run Peru’s Trustee)

Empresa Radiodiofusora 1160

Astaldi (Peru)

Aeropuertos del Perú

Sandvik Group

Work highlights

  • Assisting Kirkland & Ellis LLP in its representation of a group of bondholders in China Fishery Group, seeking to recover an aggregate amount of $500m in investments. Totally bankruptcy estimated at $1.5bn.
  • Acting for Empresa Radiodifusora 1160, a corporation affiliated to Andina de Radiodifusión, in respect of its reorganisation proceedings before the Bankruptcy Commission.