Bankruptcy and restructuring in Peru

Rebaza, Alcázar & De Las Casas

'Best in Peru' Rebaza, Alcázar & De Las Casas excels in all areas of corporate restructuring, bankruptcy procedures and liquidations, and is praised for its 'creativity, experience and dedication'. The practice group continues to advise on some of the largest, long-running matters in the Peruvian market, such as acting for Glencore International in the $600m liquidation of Doe Run Peru, and advising Graña y Montero on the $170m insolvency of Peru's Gasoducto del Sur. Few practices match the experience of co-heads Gonzalo De las Casas and José Jiménez, both full-time specialists, supported by third partner Daniel Gonzáles. Boosting its associate bench, the firm recruited Carlos Alfonso Bossio from Philippi Prietocarrizosa Ferrero DU & Uria. Additional clients of the team include Chubb Perú, INSUR Compañía de Seguros and Fima as well as leading overseas and domestic banks.

Rodrigo, Elías & Medrano – Abogados

Restructuring and insolvency specialist Guillermo Puelles heads a 'very professional' team at Rodrigo, Elías & Medrano – Abogados, which advises both debtors and creditors in the country's most significant public and private proceedings. It initiated the Doe Run Peru case on behalf of largest creditor, Consorcio Minero – CORMIN which is owed $29m (overall value approximately $600m), and is also advising HSBC in the $1.5bn bankruptcy of China Fishery Group (CFG) and its Peruvian subsidiaries. Other significant matters include representing Santander Peru in public insolvency proceedings against construction company Ingenieros Civiles y Contratistas Generales (ICCGSA), potential value $150m-$200m. Microsoft Perú, Pan American Silver Huarón and Trafigura are clients of the team, which includes partners Hugo Silva and Jorge Trelles and associate Sergio Silva.

CMS Grau

CMS Grau is in demand for big-ticket bankruptcy proceedings. Dual-qualified (US and Peru) Michelle Barclay continues to act as local Peruvian counsel to the US trustee of China Fishery Group in its bankruptcy proceeding, with unpaid claims of approximately $1.5bn; it constitutes the first cross-border insolvency with the majority of assets in Peru. In another headline matter, Barclay is advising Depositos Quimicos Mineros (Odfjell Terminals) as a strategic creditor in Doe Run Peru's estimated $600m bankruptcy, an emblematic case that has gained considerable social and environmental significance to the country. Barclay is assisted by a pool of associates, of whom Victor Farro and Carolina Pinzás stand out for their role in high-profile cases and former in-house experience.

De Bracamonte - Haaker - Castellares

Gonzalo De Bracamonte at De Bracamonte - Haaker - Castellares is 'a star in the field' and a 'straight forward lawyer' who guides his team of associates with 'with total confidence' providing 'accurate diagnostics of the situation'. The firm advises debtors, creditors and liquidation entities and focuses on the prevention of financial crises as well as all forms of bankruptcy. The team is acting for construction company Ingenieros Civiles y Contratistas Generales (ICCGSA) in both insolvency proceedings initiated by Peruvian administrative authority INDECOPI, and with regard to the design of a restructuring plan. The group is also representing Inversiones en Infraestructura de Transportes por Ductos, as a major shareholder of Gasoducto Sur Peruano  (GSP), following bankruptcy applications filed by Enagás Perú (estimated value $2.7bn). Senior associate Claudia Oviedo Alva is praised for her 'rigorous' attention to detail.

Martinot Abogados

Directed by leading light, Fernando Martinot, who brings over 20 years' bankruptcy and reorganisation experience to the market, Martinot Abogados' lawyers are 'specialists in their subjects'. The firm had a role in the bankruptcy process of construction company ICCGSA, representing insurance company Avla Compañía de Seguros in a successful credit recovery. It is also acting for Scotiabank as major creditor in refinancing granted to distressed metal-mechanics company Fima. Yanira Becerra is another key practitioner, while representative clients of the practice include Red Cientifica Peruana, Compañía Goodyear del Peru, Althelia Climate Fund and recent client gain, Gold Finance.

Miranda & Amado

Miranda & Amado 's strong banking client-base naturally lends itself to a largely creditor-focused practice, although the team also has a good track record handling corporate restructuring on behalf of some leading companies. Clients highlight the partner involvement, knowledge and personalised advice. The practice utilises expertise from across the disciplines housed by the firm, as opposed to full-time specialists, with regulatory banking and insurance partner Rafael Corzo heading-up the practice alongside experienced counsel Renzo Agurto, who primarily handles corporate reorganisation, wind-ups and liquidations (since publication, as of December 2019, Sr. Agurto has been made up to partner). The team is acting for international private investment firm Aircraft Solutions, which launched insolvency proceedings against domestic airline LC Peru, of which it is one of at least 380 creditors. Other work includes representing a natural gas transportation company as a creditor in Gasoducto Sur Peruano's insolvency.  

Hernández & Cía. Abogados

Litigator Jorge Luis Zubiate  heads the team at Hernández & Cía. Abogados, which advises on all types of debt refinancing, liquidation matters and bankruptcy procedures, acting for both creditors and debtors from the public and private sectors. The firm continues to act as local counsel to Chubb Seguros Perú concerning a $52m debt owed by Graña y Montero, with repayment involving the release of multijurisdictional securities; and to advise Doe Run Peru on its corporate reorganisation, part of its high-profile liquidation process. Interbank and Seaboard Marine are also clients of the practice, which benefits from the input of banking and finance partners Juan Luis Hernández and Diego Carrión.

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

Muñiz, Olaya, Meléndez, Castro, Ono & Herrera Abogados has picked up roles in some of the country's most high-profile bankruptcies. Most notably, it acts for Doe Run Cayman, the main shareholder and one of the largest creditors of Doe Run Peru; with debts of approximately $600m, it is the arguably the most significant bankruptcy in the country during the past decade. Other mandates include representing Pepsi Cola Panamericana -as a major creditor owed $32m- in the long-running bankruptcy proceedings of Compañía Embolletadora del Pacífico (Cepsa). Guido Muñiz, senior partner of the firm, heads both the practice and the majority of matters, assisted by recently made-up Anthony Lizarraga, previously of INDECOPI. Former partner of the practice Gillian Paredes left to assume an in-house role.

Philippi Prietocarrizosa Ferrero DU & Uria

Philippi Prietocarrizosa Ferrero DU & Uria draws on expertise from across the firm to advise financiers and major companies on all aspects of distressed business from a range of sectors. Projects and infrastructure specialist Alfonso Pérez-Bonany heads up the practice and brings past, public sector-experience -at INDECOPI's bankruptcy Commission (CCO)- to the team. Flagship cases include providing local law advice to a group of China Fisheries Group's bondholders -owed approximately $500m- on  behalf of Kirkland & Ellis; and acting for Dirige as a trustee of Doe Run Peru. Other matters include representing Empresa Radiodifusora, an affiliate of TV-company Andina de Radiodifusión, on its reorganisation proceedings before the bankruptcy commission.