Bankruptcy and restructuring in Argentina

Estudio Alegría, Buey Fernández, Fissore y Montemerlo

Estudio Alegría, Buey Fernández, Fissore y Montemerlo is best known for the exceptional strength and depth of its debtor-side practice, and 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 when called on. The team is co-led by Pablo Buey FernándezMiguel MontemerloGabriel Fissore and Javier Alegria, a cohort of experienced lawyers with expertise in debt and corporate restructurings, insolvency and bankruptcy proceedings, as well as M&A, capital markets and dispute resolution. Founding partner Héctor Alegría, who was appointed as the first chairman of the Argentine Securities and Exchange Commission and has served as both a national judge on commercial matters and as an alternate judge for the Supreme Court of Justice, continues to make his vast experience available to the team.

Praxisleiter:

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


Highlight-Mandate


  • Lead bankruptcy counsel to major Argentine agro-export company Vicentin.
  • Sole counsel to regional food company Molino Cañuelas, which – having failed to secure an APE – filed for reorganisation proceedings (‘concurso preventativo’) in 2021 in both its judicial restructuring agreement and various bilateral restructuring agreements with secured creditors.
  • Representing a company operating in the power sector, as debtor, in its out-of-court agreement (APE).

Marval O’Farrell Mairal

Marval O’Farrell Mairal handles complex in-and-out-of-court bankruptcy and restructuring cases, including international and cross-border proceedings, with the firm able to support clients in New York court hearings from its New York office. Creditor-side mandates are a key source of work, with the practice able to draw on expertise from other teams in the key overlapping practice areas of banking, labour, tax and litigation. Of counsel Martín Campbell has more than 40 years of bankruptcy and restructuring experience and leads a practice that also draws on the vast experience of Julio César Rivera, a veteran insolvency law and dispute resolution expert; disputes and insolvency partner Julio César Rivera (h); and Gonzalo Fontana, an expert in bankruptcy, litigation, commercial and corporate law. Banking and restructuring specialist Roberto Silva Jr has departed to take up a role as the head of the National Securities Commission under the Milei administration.

Praxisleiter:

Martín Campbell


Referenzen

‘The team is always available in the bankruptcy and restructuring process. They have the experience to provide a unique look at all bankruptcy processes.’

‘They know our business and we trust their experience when making decisions.’

Kernmandanten

Project Twist


RR Donnelley de Argentina


Finning Argentina and Finning Chile


Credit Suisse


Cargill


ING Bank


Surcursal Tokio


Sumitomo Mitsui Banking


MUFG Bank


Plascar


Banco Comafi


Mercado Libre


Highlight-Mandate


  • Advising ING Bank (Tokyo branch), Sumitomo Mitsui Banking and MUFG Bank in high-value reorganisation proceedings involving Vicentín.
  • Advising Project Twist and the respective lenders, agents and trustees on a complex, cross-border matter related to the reorganisation of Italian debtor Officine Maccaferri.
  • Advising Credit Suisse on the collection of the credit it has against BGN and the termination of a bankruptcy proceeding.

Naveira Truffat Martínez Abogados (NTMA)

Naveira Truffat Martínez Abogados (NTMA) specialises in supporting debtors in bankruptcy and restructuring matters and handles 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 Fernanda Soria and Valentin Martinez, who covers corporate disputes, bankruptcy and reorganisations.

Praxisleiter:

Daniel Truffat; Oscar Martínez


Allende & Brea

Allende & Brea advises creditors and debtors across a wide range of bankruptcy and restructuring matters. The team represents debtors in reorganisation proceedings and out-of-court restructurings, and on the creditor side the the practice handles reorganisation and liquidations, creditor committee matters, the acquisition of bankrupt companies, foreclosure of securities and other related issues. The ‘commendable’ Cristián Fox appears regularly before bankruptcy courts and is known for advising trustees. He co-leads a multi-disciplinary practice alongside disputes expert David Gurfinkel and M&A and real estate practitioner Diego Botana.

Praxisleiter:

Cristián Fox; David Gurfinkel; Diego Botana


Referenzen

‘Allende & Brea’s bankruptcy team has proven invaluable in navigating the complex landscape of bankruptcy law in Argentina. Their expert guidance has not only provided clarity but has also empowered our understanding of the best strategies to manage our business operations within our Argentine subsidiary. Their collective expertise, reactivity and availability make them a highly recommended choice for businesses seeking comprehensive and effective legal counsel in this specialised area.’

‘Cristián Fox’s understanding of Argentine bankruptcy law, coupled with his strategic insights and experience, has been instrumental in devising effective solutions for our company. Fox’s ability to provide clear, concise advice tailored to our specific circumstances has been commendable.’

‘Associates Francisco da Silva Esteves and Carla Pérez Salvo have always demonstrated thorough analysis and attention to detail. The team’s proactive approach and responsiveness have instilled confidence in our dealings with Allende & Brea.’

Kernmandanten

NV Desmet Ballestra Group


Oil Combustibles


Mefro Wheels


Wärtsila Group


Unipar Indupa


LSG Sky Cheffs


Jardines Maternales Dialogos


Chubb Argentina de Seguros


Syngenta Agro


Codere Group


Highlight-Mandate


  • Advising and representing the Trustee appointed by the bankruptcy court in the bankruptcy proceedings of Oil Combustibles.
  • Advising Desmet Ballestra Group in claims filed by the judicial liquidator of Allocco, a former controlled company sold to a third party, and currently in bankruptcy.
  • Advising Chubb Seguros de Argentina in relation to IMPSA’s out-of-court reorganisation proceeding.

Beccar Varela

Beccar Varela works on financial restructurings, bankruptcies and insolvency proceedings and is known for leveraging its full-service capabilities to provide clients with a multidisciplinary offering that covers the disputes, M&A, banking and consumer law aspects of bankruptcy and restructuring.  Debt restructurings, debt-for-equity swaps, out of-court negotiations, prejudicial proceedings, credit recovery and enforcement of guarantees are all covered. The firm is particularly well known for its expertise in bankruptcy and insolvency litigation, managing a vast portfolio of cases at the national and provincial levels. Martín Gastaldi is a respected insolvency and dispute resolution partner and co-leads the team with the private equity-focused Tomás Allende, banking specialist Pablo Torretta, corporate lawyer Felipe Videla and litigator Federico Sosa.

Praxisleiter:

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


Referenzen

‘Detailed, neat and committed service.’

‘A team of very good negotiators who always prioritise a good agreement over risking a relationship. Martín Gastaldi and Federico Sosa stand out for keeping very close to their clients and for always being available.’

‘Beccar Varela’s insolvency and bankruptcy team is very good. They always respond with responsibility and dedication and are able to handle complex matters.’

Kernmandanten

BAF LatAm Credit Fund


BLC Asset Solutions


Deutsche Bank


Alvarez Marsal


Puente Hermanos


Landesbank Baden-Würtemberg


BTG Pactual


Banco BISA


Citibank


Highlight-Mandate


  • Advised BLC Asset Solutions on a complex loan renegotiation involving Gemsa.
  • Advising BAF on the the default of a loan issued to LRI.
  • Advised Deutsche Bank, as a secured creditor, in a bilateral restructuring agreement with Molino Cañuelas.

Bomchil

Bomchil advises debtors and creditors in complex cross-border restructurings, drawing on the expertise of colleagues from multiple departments to provide clients with comprehensive, multi-disciplinary support that covers liability management, security interest foreclosures, creditor committee mandates and distressed asset acquisitions. Local debtors regularly turn to the firm for advice on preservation proceedings under Chapter 15 of the US bankruptcy code. Insolvency experts Tomás Araya and Martín Girotti co-lead the practice alongside new partner Julia Villanueva, who has joined the firm after serving as a Commercial Court of Appeals judge. Melisa Romero is well-versed in bankruptcy and insolvency matters and is involved in the team’s largest cases.

Praxisleiter:

Tomás Araya; Martín Torres Girotti; Julia Villanueva


Kernmandanten

Gramercy


Banco Macro


Comerica


Lesaffre


Entre Ríos Crushing


Tennenbaum Living Trust


Metalpar


Shareholders of Banco Bisel and Banco de Entre Ríos


Mills Capital Group


Armaduras del Sur


Shareholders of 3Arroyos


Highlight-Mandate


  • Advising the shareholders of  Argentine steel manufacturers Armaduras del Sur and Prearmar, on company reorganisations. Reorganisation plans have been successfully approved by the courts.
  • Representing Gramercy in the refinancing of certain credit facilities granted to Grupo Unión, an Argentine non-banking lending company.
  • Representing Entre Ríos Crushing in its reorganisation proceedings involving more than 200 creditors. The process includes a complex negotiation and restructuring of financial debt belonging to the main five Argentine banks.

Bruchou & Funes de Rioja

The experienced Bruchou & Funes de Rioja team leverages the firm’s exceptional banking industry track record to secure high-profile creditor side work on the largest, most complex cross-border and domestic bankruptcy and restructuring proceedings. The practice, which also take ons debtor-side mandates, provides comprehensive bankruptcy and restructuring coverage that encompasses complex judicial restructurings, liquidation proceedings, bankruptcy litigation and testing legal structures for potential dispute scenarios. Martín Beretervide, a formidable commercial litigator and bankruptcy expert, leads a team that also draws on the extensive experience of respected banking and finance partner Matías López Figueroa and specialist bankruptcy and disputes practitioner Francisco Camauer. Associates Victoria Nadal and Martin Freier lead the second line.

Praxisleiter:

Martin Beretervide


Referenzen

‘Professionalism and teamwork are hallmarks of this practice.’

‘Bruchou & Funes de Rioja handle very complex work with a high level of professionalism and efficiency.’

‘Professionals who demonstrate a high level of legal knowledge and ability to handle complex matters. The knowledge of procedural law and a strong ability to transmit information to the client is exceptional.’

Kernmandanten

Ribera Desarrollos


Trident Southern Explorations


Tetra Pak


Grupo ALL


EP Energy and Have Result Investments


Orbis Mertig


Itaú Unibanco – Nassau Branch


JP Morgan


Bankinter


Natixis (NY branch)


Federated Project Fund


Credit Agricole


Alstom


Inter-American Development Bank/Corporación


Interamericana de Inversiones


Banco de Galicia y Buenos Aires


Amec Foster Wheeler Americas Corp


Highlight-Mandate


  • Advising the ad-hoc steering committee of the international financial creditors of Vicentin in the judicial proceeding in Argentina, with an outstanding debt of roughly $1.5bn.
  • Advising many of the main creditors of Molino Cañuelas in its restructuring proceeding.
  • Advising Ribera Desarrollos on its debt restructuring

Lorente & Lopez Abogados

Lorente & Lopez Abogados is a specialist bankruptcy and restructuring boutique that is well known for the strength of its debtor-side practice and for helping companies in financial distress to navigate pressing restructurings and reorganisations. Clients call on the firm to create solutions that keep creditors at bay as companies restructure. Javier Armando Lorente, a reference for insolvency law whose practice spans all the aspects of bankruptcies and restructurings, as well as handling proceedings before US bankruptcy courts, co-leads the team with Ariel Di Bártolo, who focuses on complex litigation, corporate conflicts and restructuring, and Mariana Russo, a key name for restructuring-related disputes.

Praxisleiter:

Javier Lorente; Ariel Di Bártolo; Mariana Russo


Referenzen

‘A team of professionals dedicated to keeping their clients informed of new regulations, resolutions and decrees.’

‘They stand out for their dedication and sound analysis of the situations facing their clients.’

‘A team of specialists covering all aspects of restructurings.’

Kernmandanten

Necxus Negocios Informáticos


Vacavaliente


Ezentis Argentina


Compañía Argentina de Alimentos


HCA


Grupo Uno Medios


Overseas Properties


Tipoiti


Colortex


Ingeniería Gastronómica


Antonio Barilari


Wenance


Editorial Atlantida


Edisud


Planet Partners


Highlight-Mandate


  • Advising on the complex reorganisation of Grupo Uno Medios.
  • Advising Petrolera Argentina on proceedings that are pending resolution before the Supreme Court of Justice.
  • Advised on the restructuring of Compañía Americana de Alimentos.

Abeledo Gottheil Abogados

Abeledo Gottheil Abogados has extensive experience in insolvency cases, settlements, reorganisation agreements and restructurings, representing debtors, creditors and other market participants in both judicial and out-of-court proceedings. The team is regularly called on to participate in steering committees and court-designated creditor committees and has litigated frequently in the Argentine courts. The practice is co-led by Federico Osvaldo Valiño, who handles bankruptcy and insolvency litigation and also advises reorganisations and restructurings, and Leonardo Pablo Cippitelli, who focuses his practice on bankruptcy, insolvency and shareholder litigation, as well as arbitrations. Veteran receivership, bankruptcy and dispute resolution lawyer Hernán Martín Oriolo provides additional senior-level resources, with associate Alfredo Vitolo, who joined from Estudio Alegría, Buey Fernández, Fissore y Montemerlo in 2023, being a key second line contact.

Praxisleiter:

Federico Osvaldo Valiño; Leonardo Pablo Cippitelli


Referenzen

‘A team with solid experience in commercial litigation and an ability to design creative solutions to problems.’

‘The partners in charge take total ownership of all client work, add value and are always available to assist clients.’

‘Excellent, specialist professionals who are pragmatic and always up to date.’

Kernmandanten

Givaudan Argentina


Grupo Romero y Nuñez Del Prado


United Grain Corporation


San Miguel Global


Danisco US


Finning Caterpillar


ZF Groups


La Mercantil Leon


Cepas


Compañía General de Combustibles


LG Electronics


Pioneer Argentina


Termomecánica Sao Paulo


Geowell


Highlight-Mandate


  • Advised San Miguel Global in the negotiation and resolution of disputes raised with different debtors of the company, providing legal advice on legal action strategies and legal advice on real estate and mortgage sales agreements.
  • Legal advice to different clients from Bolivia on the José Cartellone Construcciones Civiles receivership.
  • Advised Finning on CPC’s (Grupo Indalo) receivership process, including active participation in its creditor’s committee to monitor debtor compliance with the approved reorganisation plan.

Aguirre Saravia & Gebhardt

Contentious bankruptcy work, insolvencies and restructurings are the main focus areas for Aguirre Saravia & Gebhardt, which represents debtors and creditors. Marcelo Gebhardt, an experienced bankruptcy and insolvency lawyer, leads the team.

Praxisleiter:

Marcelo Gebhardt


Highlight-Mandate


  • Co-counsel to IMPSA on its out-of-court reorganisation proceeding.
  • Representing Bienes Raíces de Capitales Privados in relation to a default on a $10m facility granted by Banco Hipotecario.

Alfaro Abogados

International companies with subsidiaries in Argentina turn to Alfaro-Abogados for support in bankruptcy and restructuring situations, with the practice being particularly well-known for its international lender practice, 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. Gabriela Carissimo leads the practice and covers complex litigation, restructuring proceedings, tax disputes, debt collection and enforcement proceedings.

Praxisleiter:

Gabriela Carissimo


Kernmandanten

Acyndar Pymes


Aval Federal


Bodegas Salentein


CCA


Red Surcos


Climate, Controls and Security Argentina


Highlight-Mandate


  • Assist Dutch group Salentein’s companies in Argentina in the event of debtor restructurings and bankruptcies.
  • Advise on the execution of the credit instruments issued by Aval Federal for the financing of companies.
  • Advising Acindar Pymes on a debt restructuring agreement.

Hope, Duggan & Silva

Hope, Duggan & Silva works with both debtors and creditors in a wide range of contentious and non-contentious bankruptcy and restructuring proceedings. The team is particularly sought out but international banks, as well as Argentine corporates approaching refinancing maturity walls. Well-regarded corporate and banking veteran Juan Duggan co-leads the practice with Gustavo Vayo, a bankruptcy, litigation and arbitration practitioner, and experienced litigator and restructuring lawyer José Bo.

Praxisleiter:

Juan Duggan; Gustavo Vayo; José Bo


Mitrani Caballero & Ruiz Moreno Abogados

Mitrani Caballero & Ruiz Moreno Abogados handles complex insolvency cases and corporate restructuring proceedings, working with debtors, creditors and trustees on reorganisations and bankruptcy litigation. The team handles the prosecution and defence of bankruptcy litigation, including creditors’ rights and officer and director liability, as well as contentious and non-contentious corporate reorganisations. The practice is co-led by Gustavo Cedrone, who covers public law, arbitrations and energy; capital markets specialist Julio R. Martínez; and versatile corporate and transactional lawyer Carlos Trogolo Eliçabe.

Praxisleiter:

Gustavo Cedrone; Julio R. Martínez; Carlos Trogolo Eliçabe


Highlight-Mandate


  • Counsel to Bunge in relation to the bankruptcy proceedings of Vicentin.

Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen focuses on representing creditors, debtors, trustees and ad hoc creditors’ committees in complex court and out-of-court restructurings. The team has a particularly strong creditor-side practice, where it advises on debt reduction, restructuring and recapitalisations, and is also sought out for its expertise in extrajudicial preventive agreements (APEs) and for supporting creditors filing proof of claims in company reorganisation proceedings. The team is closely interlinked with the firm’s other departments and is co-led by the M&A-focused Alan Arntsen; Diego Redonnet, who handles capital markets and M&A; litigator Lautaro Ferro; banking specialist María Gabriela Grigioni; and Guillermo Quiñoa, who takes point on real estate matters and litigation.

Praxisleiter:

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


Referenzen

‘An experienced team in the field of restructuring and bankruptcies.’

‘A proactive team, led by highly experienced partners.’

Kernmandanten

Banco de la Nación Argentina


Banco Provincia de Buenos Aires


Banco de Galicia y Buenos Aires


Banco Hipotecario


ABN AMRO Bank


Banco BBVA Argentina


Banco Santander Argentina


Banco Macro


UBS Securities


Louis Dreyfus Company Suisse


Highlight-Mandate


  • Advised Trafigura through the judicial restructuring of the debt of Roch.
  • Advised Louis Dreyfus Company Suisse in the filing of a proof of claim in the reorganisation proceeding (concurso preventivo) of Vicentin.
  • Advised Aval Federal in the filing of the proof of claim in the reorganisation proceeding (concurso preventivo) of Ribera Desarrollos.

Richards, Cardinal, Tützer, Zabala & Zaefferer

Richards, Cardinal, Tützer, Zabala & Zaefferer‘s cross-functional team helps creditors, shareholders and investment funds through judicial and out-of-court debt restructurings, reorganisations and insolvencies. The practice is co-led by veteran restructuring and company reorganisation practitioner Jorge Tützer and the well-reviewed Sebastián Borthwick, who covers bankruptcy, restructuring, corporate and M&A work. The experienced Calixto Zabala provides additional senior-level expertise.

Praxisleiter:

Jorge Tützer; Sebastián Borthwick


Referenzen

Sebastián Borthwick stands out. He has solid knowledge and experience. A great person and a great professional. He is always available and attentive to the needs of his clients.’

‘Quality professional advice.’

‘A very good team with experience in judicial bankruptcy issues.’

Kernmandanten

Metrogas


Aguas Argentinas


Atanor


Accenture


Microsoft Corporation


Chubb Seguros


Sappi


Frigorífico Regional Industrias Alimenticias Reconquista


Braunco


Transportadora de Gas del Sur


LM Wind Power


Highlight-Mandate


  • Advised Aguas Argentinas in its ongoing insolvency proceeding (concurso preventivo), with more than 1,200 claims recognised by the court, as well as cross-claims between the debtor and the National Government and federal agencies.
  • Advised MetroGas in its ongoing insolvency proceeding (concurso preventivo).
  • Advised LM Wind Power (part of the GE renewable energy business) in an out-of-court restructuring proceeding (APE) filed by IMPSA.

Salaverri, Burgio & Wetzler Malbran

Debt restructuring work – particularly on the creditor side – is a key 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.

Praxisleiter:

Damián Burgio; Germán Wetzler Malbrán


Highlight-Mandate


  • Counsel to GEMSA on the restructuring of $43m in outstanding debt related to an original $50m loan from BLC.

Zang, Bergel & Viñes Abogados

Zang, Bergel & Viñes Abogados is best known for supporting creditors through court and out-of-court restructurings and advising on distressed M&A deals. Chapter 11 and bankruptcy proceedings are also covered. The team is headed up by seasoned litigation, banking and M&A partner Francisco Roggero, with the well-reviewed associate Agustina Torre, who works on business reorganisations and liquidations, providing second-line support.

Praxisleiter:

Francisco Roggero


Referenzen

‘The firm’s restructuring, insolvency and distressed M&A practice is unique. It combines solid professional and academic experience, with great practical experience, innovation and responsiveness.’

‘Francisco Roggero has many years of experience in the sector and knows the market very well. He is innovative and handles both extrajudicial and judicial restructuring processes very well. Agustina Torre is a leading figure in the insolvency area in Buenos Aires and is recognised by peers and clients.’

Kernmandanten

Banco Itaú


Banco Hipotecario


HSBC


BAF Latam Trade Finance Fund


Banco Internacional de Costa Rica


Itaú Unibanco Nassau Branch


Perfeta Producciones


Parque de la Costa


BACS Banco de Crédito y Securitización


Radiodifusora


Danone


Zofingen Investment


Cartellone do Brasil


Fenix Entretainment Group


Highlight-Mandate


  • Retained by BAF Latam Trade Finance Fund for representation in the insolvency process of José Cartellone Construcciones Civiles.
  • Representing Banco Hipotecario in the restructuring proceedings of MolCa Group.
  • Advising Banco Hipotecario in the Vicentin restructuring process.