Firms To Watch: Bankruptcy and restructuring

EY Argentina assists companies throughout the liquidation process, including drafting documentation, coordinating with authorities, and securing the cancellation of registrations with the relevant Public Registries of Commerce. Corporate and bankruptcy lawyers Jorge Garnier and Pablo Bisogno head the practice.
Martínez de Hoz & Rueda provides support in bankruptcy and restructuring cases. The team assitss companies - particularly those from across the infrastructure, energy and aviation sectors - manage debt, extend loan terms, and secure new financing. Banking and finance expert Martín Lepiane heads the practice.

Bankruptcy and restructuring in Argentina

Estudio Alegría, Buey Fernández, Fissore y Montemerlo

Best known for the exceptional strength and depth of its debtor-side practice, Estudio Alegría, Buey Fernández, Fissore y Montemerlo advises local and international debtors in restructuring litigation proceedings, as well as in out-of-court restructuring matters. The practice also advises on creditor-side mandates as required. The team is co-led by Pablo Buey FernándezMiguel MontemerloGabriel Fissore and Javier Alegria, all three deeply experienced lawyers with expertise in debt and corporate restructurings, and insolvency and bankruptcy proceedings, as well as M&A, capital markets and dispute resolution. Founding partner Héctor Alegría, a former chairman of the Argentine Securities and Exchange Commission, continues to make his vast experience available to the team. With 20 years at the firm, senior associate Leonardo Lucas is also deeply experienced across the full raft of bankruptcy, insolvency, restructuring and dispute resolution, along with civil and commercial contracts.

Responsables de la pratique:

Gabriel Fissore; Pablo Buey Fernández; Javier Alegria; Miguel Montemerlo


Principaux clients

Vicentin


Molino Cañuelas


José Cartellone Construcciones Civiles


Ribera Desarrollos


PVC Tecnocom / Tecnocom San Luis


Marval O’Farrell Mairal

Marval O’Farrell Mairal is reputed for representing creditors, debtors, shareholders, lenders, and trustees in high-value bankruptcy and restructuring proceedings and out-of-court settlements. Its dual Argentine and New York presence is advantageous in attracting international clients and mandates with multi-jurisdictional elements. Notably, the practice represents many debtors in US Chapter 11 reorganisation bankruptcies filed before the New York courts. The firm's expertise in related areas, such as corporate, banking, labour and tax, makes it an invaluable partner for businesses developing restructuring plans. Practice head Martín Campbell is highly experienced in representing creditors such as Credit Suisse in complex bankruptcy and restructuring proceedings, sometimes involving civil and criminal claims against company directors. Insolvency specialists Julio César Rivera and Julio César Rivera Jr are active in domestic and international disputes. Key support is provided by litigation and arbitration associates Ignacio Alonso and Maria Cecilia Mas, who help debtors file their own bankruptcy proceedings and creditors petition the courts for preferential treatment of their claims.

Responsables de la pratique:

Martín Campbell


Autres avocats clés:

Julio César Rivera; Julio César Rivera Jr; Ignacio Alonso; Maria Cecilia Mas


Principaux clients

NoAvions de Transport Regional


RR Donnelley de Argentina


Finning Argentina and Finning Chile


Credit Suisse


Inc S.A.


Cargill, Cargill Inc., Cargill Investment, Cargill Ltd


SumitomoMitsui Banking Corporation and MUFGBank Ltd.


Plascar Brasil


Banco Comafi


Mercado Libre


ING Bank


Principaux dossiers


  • Representing ING Bank, Sucursal Tokio, Sumitomo Mitsui Banking Corporation and MUFG Bank  in the reorganisation proceedings of Vicentín.
  • Representing ING Bank in the reorganisation proceedings of Molinos Cañuelas.
  • Representing Credit Suisse in proceedings estimated to be worth $300m following the bankruptcy and liquidation of Banco General De Negocios, in which Credit Suisse has 12% of the voting stock.

Allende & Brea

Allende & Brea's 'exceptional team' represents banks and companies across the oil-and-gas, construction, manufacturing and agriculture sectors in their capacities as debtors, creditors and trustees. The practice handles corporate reorganisations, and both out-of-court negotiations and judicial proceedings regarding insolvency and bankruptcy. These often include cross-border issues, such as tracing assets abroad on behalf of creditors. Its lawyers also advise on the risks and contingencies faced by clients during distressed asset acquisitions, such as purchasing companies with subsidiaries subject to reorganisation plans. The department is led by the 'distinguished professional' Cristian Fox, who advises on corporate sales, purchases and restructurings; and David Gurfinkel and Diego Botana, who are involved in bankruptcy litigations and arbitration. Key support is provided by associates Francisca María Guyot and Lucía Yaryura Tobías.

Responsables de la pratique:

Cristián Fox; David Gurfinkel; Diego Botana


Les références

‘Deep knowledge of judicial regulation and practice and focus on client needs.’

‘Friendly and assertive in their opinions, they seek the best solution for the client.’

‘I consider Allende & Brea to be the best bankruptcy firm in the country, thanks to its exceptional team. Their technical excellence, professionalism, commitment, and ethics are unmatched.’

Principaux clients

NV Desmet Ballestra Group


Codere Group


Chubb Argentina de Seguros


Oil Combustibles


Tennenbaum Living Trust


Syngenta Agro


LSG Sky Cheffs


John Bean Technologies Argentina


Principaux dossiers


  • Advising Desmet Ballestra Group on the debt restructuring of Alloco, a formerly controlled company located in Rosario (Santa Fe), and in the claims filed by the judicial liquidator of Allocco.
  • Representing the Trustee appointed by the bankruptcy court in the bankruptcy proceedings of Oil Combustibles, one of the most relevant bankruptcies in Argentina.
  • Representing Tennenbaum Living Trust in a dispute over the modification of the terms of the indentures in Argentina, which was capitalised and converted into share bonds issued under New York law.

Beccar Varela

Beccar Varela delivers 'efficient, clear, and transparent' support to distressed companies facing financial restructurings and cross-border bankruptcy and insolvency litigation. This includes advising on leadership changes during insolvency proceedings (such as when directors are removed and a liquidator is appointed), to help protect the companies' interests. In terms of creditor representation, the firm files for recognition of their claims during judicial reorganisations, and negotiates structured payment plans to maximise the chances of debt recovery. The practice is led by Martín Gastaldi and Federico Sosa, who are involved in bankruptcy and insolvency trials and class actions; and corporate and banking lawyers Pablo Torretta, Tomás Allende, and the 'very helpfulFelipe Videla, who assist with the debt restructuring process. Senior associates Yanina Salemme Duprat and Pilar Lodewyckx Hardy provide strategic counsel during insolvency proceedings.

Responsables de la pratique:

Martin Gastaldi; Felipe Videla; Pablo Torretta; Tomás Allende; Federico Sosa


Les références

‘The team is highly efficient, clear, and transparent.’

‘We worked with Gonzalo García Delatour and Joaquín Ceballos who were very clear in presenting the strategy, the associated risks, and the possible outcomes. Regarding the price, they were completely open to negotiation.’

‘I am working with Beccar on some debt recovery in Argentina. I have found Beccar to be an invaluable source of local knowledge and expertise. I would not hesitate to engage them if I have debt recovery matters in the future. ’

Principaux clients

BAF Latam Credit Fund


BLC Asset Solutions


Deutsche Bank A.G.


Alvarez Marsal (as official liquidator of IIG Structured Trade Finance Trust)


Citibank


Landesbank Baden-Würtemberg


BTG Pactual


Banco BISA


Puente Hermanos


Cosan Lubricantes (Cosan)


Principaux dossiers


  • Assisting Deutsche Bank as an unsecured creditor in the negotiations among creditors before the judicial restructuring proceeding of Molino Cañuelas
  • Counseling Alvarez Marsal (as official liquidator of IIG Structured Trade Finance Trust) on the judicial claim of certain loans (subject to NY law), that IIG granted to a Uruguayan company (Citrícola Salteña).
  • Representing Puente Hnos. and its clients (almost 100 bondholders) in the judicial reorganization proceeding of Roch.

Bomchil

Ensuring ‘compliance with all formalities and deadlines‘, Bomchil provides representation in corporate reorganisation and bankruptcy proceedings. This includes filing individual and class actions on behalf of creditors for the recovery of loans and convertible bonds. Distressed corporate acquisitions are another active area – the lawyers assisting with purchases where companies are subject to reorganisation proceedings, including where injunctions prevent the transfer of shares. The team is led by Tomás Araya, who advises companies on the restructuring their debts; and Martín Torres Girotti, who participates in insolvency and reorganisation proceedings. Additional partner-level support is provided by litigator Melisa Romero, who represents debtor companies in actions filed by liquidators, and commercial and bankruptcy lawyer Julia Villanueva, who joined the team in 2024.

Responsables de la pratique:

Tomás Araya; Martín Torres Girotti


Les références

‘The individuals from the Insolvency and Restructuring team who have direct contact with us are Martín Torres Girotti, Clara Rubio Goenaga, and Dolores Montero. The three have professionally advised our company throughout the insolvency process, going beyond their remit. Taking into account that we do not have an in-house legal team, they addressed tangential issues, which made the process a success.’

‘The team assigned to our case had the ability to coordinate each of the actions related to the insolvency process, ensuring that all formalities and deadlines were met.’

‘We value their professionalism but, above all, the personalised attention they provide, which is adapted to our needs.’

Principaux clients

Gramercy


International Funds (Amundi, VR Capital, Farcap, Shiprock Capital, others)


Tennenbaum Living Trust


Ayres Investment Management


Merkin Family Foundation


Entre Ríos Crushing


Lesaffre


Comerica


Metalpar


Shareholders of Banco Bisel and Banco de Entre Ríos (BERSA)


Grupo Maralac – Fernández Family


Mills Capital Group


Armaduras del Sur – Prearmar


Shareholders of 3Arroyos  (Fernando Sansuste)


CAPEX


Principaux dossiers


  • Representing Tennenbaum Living Trust, Ayres Investment Management LP and Merkin Family Foundation in their lawsuit against listed company GCDI (formerly TGLT, an entity that absorbed construction company Caputo).
  • Representing one of the owners of Grupo Maralac (Venezuela) on the negotiations to complete the acquisition of Alimentos Refrigerados (ARSA), an affiliate of VFG (Vicentín Family Group).
  • Representing Entre Ríos Crushing,  one of the main Argentine agribusiness companies related to the soy industry, in its reorganisation proceedings involving more than 200 creditors.

Bruchou & Funes de Rioja

While Bruchou & Funes de Rioja covers the full spectrum of bankruptcy and insolvency law, corporate restructuring stands out as a particular area of strengteh. The lawyers achieve ‘excellent results‘ for companies facing financial difficulties by restructuring their liabilities effectively and helping them avert bankruptcy and liquidation. The team also helps large creditors, such as banks and bondholders, protect their interests in these proceedings and file for recognition of their claims. When cases involve serious allegations of financial mismanagement by company directors, the firm is well-equipped to handle any associated criminal aspects. Distressed M&A is another core strength, with the team conducting rigorous due diligence for clients contemplating acquisitions of companies undergoing reorganisation. The department is co-led by bankruptcy and litigation specialists Martín Beretervide and Carlos Rotman, who represent international creditors and debtors in complex negotiations, arbitration and litigation. Additional partner-level expertise is provided banking specialist Matías López Figueroa, and corporate conflicts co-head Francisco Camauer, both of whom focus on debt restructuring and reorganisation proceedings. Founding partner Enrique Bruchou retired in August 2025. Senior associate María Sol Alurralde recently left the firm.

Responsables de la pratique:

Martín Beretervide; Carlos Rotman


Les références

‘The team operates in terms of technology and operational practices at the standards of any top-tier law firm in New York. The level of personal dedication and sense of urgency puts them a notch higher, with a genuine human connection and commitment.’

‘The added value is that they understand and support the client, not viewing them as a mere source of income but understanding that they are providers of a professional legal service. We are very satisfied with the support from Exequiel Buenaventura, Francisco Camauer, and their team.’

‘We are working as a team with the firm on a very important matter. We get along very well, even though we are competitors, and are achieving excellent results.’

Principaux clients

Ad-Hoc Steering Committee of International Financial Creditors of Vicentin


Ribera Desarrollos


Tetra Pak


Grupo ALL Argentina


FMO


J. P. Morgan


Banco de Galicia y Buenos Aires


Bankinter


Federated Project Fund


Credit Agricole


Alstom


IDB / IIC


Natixis (New YOrk branch)


Itaú Unibanco (Nassau branch)


Flinfer Capital


Amerra Fund


IFC – International Finance Corporation


Principaux dossiers


  • Advising the ad-hoc creditor committee of Vicentin in restructuring, bankruptcy, and litigation proceedings involving a debt of roughly $1.5bn.
  • Advising Ribera Desarrollos in its $138m debt restructuring within the context of the company’s reorganisation proceeding.
  • Advising many large creditors of the regional food company Molino Cañuelas during restructuring proceedings.

Lorente & Lopez Abogados

Lorente & Lopez Abogados  is an experienced advisor of financially distressed companies undergoing reorganisations and bankruptcy proceedings. In Argentina’s volatile financial market, the firm advises on early intervention and preventative reorganisations so companies can avoid liquidation and recover their financial stability. As debts and reorganisation proceedings can exclude businesses from being national state service providers, the lawyers also assist with their reinstatement. Unusually, fintech companies are supported even though Argentine regulations do not currently recognise them as financial institutions capable of undergoing reorganisation. The team also facilitates corporate acquisitions where the target company is subject to bankruptcy or reorganisation proceedings. Practice co-heads Javier Armando LorenteAriel A. Di Bártolo and Mariana S. Russo are all experienced practitioners who collectively deal with restructuring, insolvency, corporate conflicts and M&A matters.

Responsables de la pratique:

Javier Armando Lorente; Ariel A. Di Bártolo; Mariana S. Russo


Les références

‘They provide information to help the company make decisions on a monthly basis. When there are significant changes to legislation, they send an email with information.’

‘The entire team of professionals was always willing to expand the concepts.’

Principaux clients

Necxus Negocios Informáticos


Vacavaliente


Ezentis Argentina


Compañía Argentina de Alimentos


HCA (Four Seasons Argentina)


Grupo Uno Medios


Overseas Properties


Tipoiti


Colortex


Ingeniería Gastronómica


Antonio Barilari


Wenance


Editorial Atantida


EdiSud


Planet Partners


Obra social del Personal de la Industria Quimica y Petroquimica


M&M Marketing


Principaux dossiers


  • Representing a group of companies that produce and generate content for TV and radio in obtaining a resolution that frames its debt payment system within the contracts, which in turn obliges the State to consume minutes so that the debtor can settle the debt at the appropriate time.
  • Representing Compañía Americana de Alimentos in continuing ongoing contracts that allow it to acquire vehicles and machinery and incorporate them into assets for the benefit of the company and its creditors; a precautionary measure was also obtained for the company to be reincorporated as a National State service provider.

Naveira Truffat Martínez Abogados (NTMA)

A longstanding player in Argentine bankurptcy matters, Naveira Truffat Martínez Abogados (NTMA) specialises in supporting debtors in bankruptcy and restructuring matters, as well as handling extrajudicial preventive agreements (APEs), other out-of-court proceedings, public debt restructurings and bankruptcies. The team is also known for guiding clients through complex liability restructurings and corporate reorganisations, including associated litigation, and is particularly recognised for its work on behalf of trustees in reorganisations and bankruptcies. The team is led by the vastly experienced bankruptcy and restructuring duo of Daniel Truffat and Oscar Martínez. The senior team also includes the bankruptcy-focused younger partners Fernanda Soria and Valentin Martinez, who covers corporate disputes, bankruptcy and reorganisations; along with an experienced team of five associates.

Responsables de la pratique:

Daniel Truffat; Oscar Martínez


Principaux clients

Roch


ZBV Abogados

Banks and financial institutions, including HSBC Argentina and Zofingen Investment, rely on ZBV Abogados for strategic counsel during bankruptcy, insolvency and reorganisation proceedings. This includes petitioning the courts to recognise their creditor security interests and any reorganisation schemes negotiated with the debtor. Occasionally, these cases involve criminal complaints against the company and its guarantors, which the multi-disciplinary firm is also able to handle. The practice is led by banking lawyer Francisco Roggero, who advises on bankruptcy and reorganisation proceedings, and distressed M&A transactions; with the similarly experienced Agustina Torre providing additional partner-level fire-power.

Responsables de la pratique:

Francisco Roggero


Autres avocats clés:

Agustina Torre


Principaux dossiers


  • Representing BAF Latam Trade Finance Fund B.V. in the insolvency process of José Cartellone Construcciones Civiles S.A., who has recently filed its reorganisation procedure before the commercial courts of the Province of Mendoza.
  • Representing Banco Hipotecario S.A. in the restructuring proceedings of ‘MolCa Group’ (Molino Cañuelas S.A. and Compañía Argentina de Granos S.A).
  • Representing Banco Hipotecario S.A. in the restructuring process of the Vicentin Group.

Abeledo Gottheil Abogados

Abeledo Gottheil Abogados displays 'flexibility and agility' when assisting creditors throughout the receivership and bankruptcy process. This includes litigating issues related to voting exclusions, foreclosures, and asset sale permits, as well as supervising debtors' actions to ensure compliance with any reorganisation plan. The practice also files bankruptcy petitions on behalf of debtors and advises on issues such as potential shareholder liabilities. Representation in out-of-court debt restructuring is also provided.  The department is co-led by Federico Osvaldo Valiño and Leonardo Pablo Cippitelli, who handle bankruptcy procedures, reorganisations and insolvency-related litigation and arbitration.

Responsables de la pratique:

Federico Osvaldo Valiño; Leonardo Pablo Cippitelli


Les références

‘I greatly appreciate Abeledo’s flexibility and agility in meeting our needs.’

‘The client interface is much less bureaucratic than at other studios. Federico Osvaldo Valiño and Santiago Aleman work very well with us.’


Principaux clients

Finning Caterpillar (Finning Argentina)


San Miguel Global


Yamaha Motor Argentina


Grupo Romero y Nuñez Del Prado (Bolivia)


Givaudan Argentina


La Mercantil Leon (Bolivia)


Cepas Argentinas


LG Electronics Argentina


Stryker Corporation


Yasaki Argentina


United Grain Corporation


Danisco US


Geowell


ZF Groups


Pioneer Argentina


Faurecia (Forvia)


Principaux dossiers


  • Advising a creditor during the receivership process of José Cartellone Construcciones Civiles, which included supervising the debtor’s actions and litigating against it on various issues related to asset sale permits, voting exclusions and modification of the process schedule, among other matters.
  • Advising San Miguel Global regarding claims against various debtors and debt restructuring agreements, including asset swaps and the provision of guarantees.
  • Advising different clients from Bolivia (Finning Bolivia, Grupo Romero Nuñez Ltda, La Mercantil Leon, Via Color) on José Cartellone Construcciones Civiles.

Aguirre Saravia & Gebhardt

Contentious bankruptcy work, insolvencies and restructurings constitute core focus areas for Aguirre Saravia & Gebhardt, which represents both debtors and creditors. With over 35 years' experience, deeply knowledgeable bankruptcy and insolvency practitioner Marcelo Gebhardt heads the department. A further seven partners - Raul Aguirre Saravia, Eduardo Lohidoy, Maximiliano Yaryura, Gonzalo Caracotche, Martin Caride, Francisco Santangelo and Francisco Colombo - also have specialist expertise in the area.

Responsables de la pratique:

Marcelo Gebhardt


Principaux clients

Bienes Raíces de Capitales Privados (BRCP)


Principaux dossiers


  • Representing BRCP in the negotiation of its third restructuring agreeement.

Hope, Duggan & Silva

Hope, Duggan & Silva advises domestic and international banks and companies, such as JP Morgan and BNP Paribas, in large bankruptcy and debt restructuring cases. The practice finds solutions for debtors, whether that be through restructuring finances, initiating bankruptcy proceedings, or managing the liquidation process, as well as enforcing creditors' interests. Deeply experienced banking, corporate and litigation practitioners Juan Duggan, Gustavo Vayo and José Bo co-head the department.

Responsables de la pratique:

Juan Duggan; Gustavo Vayo; Jose Bo


Principaux clients

JP Morgan Bank


JP Morgan Finance


Mayekawa Japan/Mayekawa Argentina


Establecimiento Río Grande


Martín Ruete


BNP Paribas


Representing group of creditors to Isolux Spain and Isolux Argentina


Representing several creditors to Hope Funds


Cinter SRL


Central National Canada/Central National Gottesman/Central National Argentina


Principaux dossiers


  • Advising JP Morgan Chase Bank and JP Morgan Finance in the bankruptcy proceedings of Banco General De Negocios.
  • Advising a syndicate of creditors of Hope Funds

Mitrani Caballero

Mitrani Caballero primarily handles creditor claims - such as debt collections, asset seizures and mortgage foreclosures - throughout high-stakes insolvency, bankruptcy and reorganisation proceedings. The practice also helps distressed companies maximise their chances of financial recovery by taking preventative actions, such as filing reorganisation and judicial insolvency proceedings. The department is led by corporate and commercial litigator Carlos Trogolo Eliçabe, who excels in out-of-court negotiations, litigation and arbitration. Fellow partner, banking and corporate specialist Julio Martínez advises companies on reorganising their debts; while senior associate Julieta Concetti , who has a commercial law focus, frequently handles challenges to creditors' rejected proofs of claims.

Responsables de la pratique:

Carlos Trogolo Eliçabe


Principaux clients

Pbbpolisur


Provemet


Bunge


Complement


Deutsche Rückversicherung


Holcim Argentina


Red Surcos


Principaux dossiers


  • Advising PBBPolisur on the filing of two lawsuits: one, a mortgage foreclosure against Mario Ernesto Gambarini (in his capacity as President of the Board of Directors of Polinoa); and the other, a pledge foreclosure over company industrial equipment against Polinoa. Both filings have the purpose of recovering existing debts due by said company.
  • Advising Bunge on a joint investment (together with agroindustry companies Viterra and Asociacion de Cooperativas Argentinas), into Vicentin, an agroindustry company which filed for a preventive insolvency procedure in February 2020.
  • Legal advice to Provemet on bankruptcy matters, creditors’ rights and debt collection claims in connection with the court reorganisation proceeding of Sermico, currently ongoing in the provincial jurisdiction of Tucumán.

Richards, Cardinal, Tützer, Zabala & Zaefferer

Richards, Cardinal, Tützer, Zabala & Zaefferer fields an experienced team that advises creditors, shareholders and investment funds on judicial and out-of-court debt restructurings, reorganisations and insolvencies. The practice is co-led by veteran restructuring and company reorganisation specialist Jorge Tützer; and well-regarded younger practitioner Sebastián Borthwick, who handles bankruptcy, restructuring, corporate and M&A work. The experienced Calixto Zabala provides additional senior-level expertise.

Responsables de la pratique:

Jorge Tützer; Sebastián Borthwick


Alfaro Abogados

International companies with subsidiaries in Argentina turn to Alfaro Abogados for support in bankruptcy and restructuring situations, with the practice probably best known for its international lender-side practice and providing guidance on how to protect value against a backdrop of high inflation. The team also works with debtors and has sovereign debt restructuring experience. Experienced senior associate Gabriela Carissimo leads the practice and handles complex litigation, restructuring processes, tax disputes, debt collection and enforcement proceedings.

Responsables de la pratique:

Gabriela Carissimo


Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen is sought out for helping distressed and solvent companies recapitalise and restructure their debts. This includes initiating preventative reorganisation proceedings during times of economic downturn. Creditors and ad-hoc creditor committees also turn to the firm to file proofs of claim and secure loan repayments. The department is led by a group of senior banking, finance and corporate lawyers, Alan ArntsenGuillermo QuiñoaDiego Serrano Redonnet and María Gabriela Grigioni, along with complex litigation specialist Laurato Ferro.


Responsables de la pratique:

Alan Arntsen; Guillermo Quiñoa; Diego Serrano Redonnet; María Gabriela Grigioni; Laurato Ferro


Principaux clients

International Finance Corporation (IFC)


Agrofina


PBB Polisur


Louis Dreyfus Company Suisse


Trafigura


Aval Federal


Mega QM


Principaux dossiers


  • Advising PBB Polisur on the filing of the proof of claim in the preventive reorganization proceeding of La Redención.

Salaverri, Burgio & Wetzler Malbran

Debt restructuring work – particularly on the creditor side – remains a steady source of work for Salaverri, Burgio & Wetzler Malbran, which handles both judicial proceedings and out-of-court company reorganisations. The team is co-led by litigation and insolvency lawyer Germán Wetzler Malbrán and dispute resolution partner Damián Burgio.

Responsables de la pratique:

Damián Burgio; Germán Wetzler Malbrán


Principaux dossiers