E. Munhoz Advogados has established a first-class reputation for representing major debtors, who turn to the team for assistance in contentious insolvency cases and out-of-court restructurings. With equally strong credentials in debt refinancings and distressed M&A, the firm has been involved in some of the largest insolvencies and restructurings to hit the Brazilian market, including proceedings in key industries, such as energy, infrastructure, sugar and alcohol. While the firm is best known for representing debtors, it has in a recent highlight acted for the ad hoc group of bondholders in the restructuring of Andrade Gutierrez Engenharia Group. Key partners include the ‘very good’ Eduardo Secchi Munhoz, who brings over 25 years of contentious and non-contentious expertise to the table. Carolina Machado Letizio Vieira excels in related litigation, while Ferdinando Lunardi and Laura Amaral Patella are well versed in corporate law, capital markets and restructuring. Up-and-coming partner Ana Elisa Laquimia is also active in restructuring and insolvency matters.

With a longstanding reputation in the restructuring and insolvency market, Felsberg Advogados offers an ‘outstanding level of expertise’ and is constantly ‘updated with daily changes in Brazil law and jurisprudence’. A ‘pioneer in new developments or achievements in this branch of law’, the firm is best known for its contentious and non-contentious debtor-side work, including judicial reorganisations and refinancings, although it does also have experience of representing distressed investors and creditors. Founding partner and veteran practitioner Thomas Felsberg is noted for the depth of his restructuring and insolvency expertise. Other key partners include Fabiana Solano, a key contact for debtors, creditors and investors, Thiago Dias Costa, who handles non-contentious and litigation matters involving corporate insolvencies, recovery processes and bankruptcies, and Clara Moreira Azzoni, who is praised for her ‘impeccable quality and knowledge in the area of business recovery’. Clients also single out the ‘young, fast, knowledgeable and efficient’ senior associate Victoria Vaccari Villela Boacnin.

The team at Machado Meyer Sendacz e Opice Advogados is 'a one-stop shop' for restructuring and insolvency advice, 'as it combines excellence, within the same team, in litigation and transactional matters’. Practitioners possess a solid track record in creditor-side work, regularly acting for banks and bondholders in restructurings and DIP financings. A prime destination for distressed investors, the team is also recognised for its debtor-side experience, as its recent advice to Samarco Mineração on its judicial reorganisation demonstrates. Renato Gomes Ribeiro Maggio, who handles transactional and contentious matters, and disputes partner Renata Martins de Oliveira Amado, noted for providing ‘extensive experience in the restructuring area’, are at the helm of the practice. Camilo Torres Gerosa Gomes, who brings ‘deep technical knowledge’ and ‘a lot of sophistication and experience in cross-border insolvency matters’, and corporate finance partner Adriano Schnur are other key individuals.

The multifaceted restructuring and insolvency practice at Pinheiro Neto Advogados advises clients, ranging from major banks to investment funds and corporates, on the full spread of contentious and non-contentious matters. Standing out for its experience in assisting creditors and investors in major judicial and extrajudicial reorganisations, the group excels in distressed deals and DIP financings.  Clients benefit from a deep bench of experienced partners: the versatile Giuliano Colombo is noted for his strong connections to the US market; Thiago Braga Junqueira has played a significant role in the restructuring of debtors in the construction, telecoms, media, oil and gas, agribusiness and energy sectors; and André Moraes Marques specialises in corporate reorganisations. Carolina Kiyomi Iwamoto and Fernanda Neves Piva offer key support at the senior associate level. Luiz Fernando Valente de Paiva is no longer at the firm.

A leading force in the restructuring and insolvency market, Thomaz Bastos, Waisberg and Kurzweil Advogados is noted for its ‘technical knowledge’ and for ’converging the interests of its clients with the best market alternatives’. The versatile player is regularly involved in Brazil’s largest insolvencies and restructurings, where it represents a broad mix of debtors, creditors and investors. In the past year, the practice handled $10bn worth of restructuring and insolvency work, including support in judicial and non-judicial reorganisation proceedings, distressed M&A, cross-border restructurings and DIP financings. The firm fields a highly experienced team, including founding partners Joel Luís Thomaz Bastos, Bruno Kurzweil de Oliveira and Ivo Waisberg, who handle contentious and non-contentious matters in this space. They are backed by several ‘standout’ individuals, such as Gilberto Gornati, whose ‘extensive knowledge enables him to guide clients closely’ throughout insolvency proceedings, and Adriana Dias de Oliveira. Clients also rate the ‘dedicated and helpful’ associate Luiza Serodio Giannotti.

BMA Advogados is recognised for its ‘great ability to think of creative and efficient solutions’ in the context of complex restructuring and insolvency proceedings. The firm remains active in debtor-led matters, though it also sees plenty of activity advising shareholders and creditors. A notable example on the shareholder side is representing BHP Billiton on the debt restructuring of Samarco Mineração, following the tragic rupturing of a dam in the city of Mariana in 2015. The multifaceted practice has good credentials across all work streams, including DIP financings, distressed M&A, and judicial and extra-judicial reorganisations. Practice head Sérgio Savi, a reference for distressed deals and reorganisation proceedings, is backed by a highly experienced team that includes Eduardo Guimarães Wanderley, who ‘combines legal knowledge with an excellent understanding of financial structures for solving insolvency cases’. Other names to note include Luciana Celidonio, who handles debt financings, distressed transactions and bankruptcy-related litigation, and senior lawyer Natalia Yazbek, a key contact for financial institutions, investors, bondholders, fiduciary agents, shareholders and companies in financial distress.

Demarest Advogados is a popular choice for major debtors and creditors seeking legal support in contentious and non-contentious restructuring and insolvency proceedings. Commended for its ‘ability to solve multiple problems’ and competence in handling ‘extremely complex cross-border transactions’, the group is well versed in international work involving Chapter 11 and 15 filings in the US, as well as DIP financings and distressed M&A. Practice head Guilherme Fontes Bechara is an ‘outstanding professional’ with ‘enormous respect and recognition in the sector’. In May 2023, former partner Celso Xavier left to establish a new firm, Xavier Gagliardi Inglez Verona Schaffer.

Galdino & Coelho, Pimenta, Takemi, Ayoub Advogados enjoys a strong reputation in the market for its involvement in ‘highly complex’ court-supervised reorganisations and bankruptcies. Major domestic and international clients acknowledge the team’s ‘extensive experience’ in assisting both debtors and creditors in proceedings. Standing out for its impressive track record in contentious matters, the group ‘demonstrates valuable strategic insight and knowledge of the Brazilian judiciary’ and a ‘tireless performance’ in litigation. Flavio Galdino is noted for his ‘vast experience’ in disputes and transactional matters in this space, and Eduardo Takemi Kataoka is ‘a reference in matters of insolvency recognised by his peers and by the judiciary’. Rafael Pimenta is praised for his ‘broad strategic vision in complex multi-party and multi-incident litigation cases’, while André Furquim Werneck is a young partner who demonstrates ‘great mastery of the cases’.

Lefosse Advogados has invested heavily in its restructuring and insolvency practice over the past year with several high-profile partner recruits. These included former Cescon Barrieu practice head Fábio Rosas and partner José Luis de Rosa, who are ‘both very experienced’ in acting for financial institutions, creditors, lenders, and investors in restructurings, judicial and extrajudicial reorganisations and distressed transactions. Bernardo Carneiro, who joined from Chamon Santana Sociedade de Advogados in late 2022, brings a wealth of experience in distressed M&A, DIP lending and credit recovery. They add to an already strong team with proficiency in both contentious and non-contentious matters, particularly for banking clients. Practice head Roberto Zarour possesses expertise in debt restructuring, capital markets and securitisation matters, while Raphael Nehin Corrêa is the name to note for restructuring and insolvency-related litigation.

With an impressive track record in some of Brazil’s largest judicial reorganisations, Mange Advogados has established itself as one of the country’s top restructuring and insolvency boutiques. The firm attracts regular instructions from debtors in judicial and extrajudicial recovery proceedings, with clients benefiting from a deep bench of experienced partners. Founding partner Renato Mange has over 40 years’ experience in bankruptcy law and remains a leading light in the market. He is backed by a prominent team that includes Walter Vieira Filho, Luciano Guimarães da Silveira and Eduardo Mange. A strong team of junior lawyers, including Bruna Mendonça, offer key support in the context of complex restructuring and insolvency matters.

Mattos Filho has a ‘very proactive’ and ‘strong multidisciplinary team’ that is praised for its ‘excellent technical quality and work capacity’. Clients, including major creditors and investors, acknowledge the team’s ‘knowledge and experience in multijurisdictional and complex transactions‘. Working in close collaboration with the firm’s finance, capital markets, corporate, disputes, tax and white-collar crime specialists, the group offers a multifaceted service in the restructuring and insolvency field, which covers both litigation and non-contentious mandates. Banking partner Frederico Kerr Bullamah has significant experience in debt restructurings, while corporate law expert Marcelo Ricupero is skilled in deals involving distressed assets. Disputes partners André Chateaubriand and Alex Hatanaka are also very active in this space. Stefano Motta is another name to note for bankruptcy matters, in and out-of-court reorganisations, and credit recovery. Associate Giovanna Campedelli Macedo is entirely dedicated to restructuring and insolvency matters.

Insolvency and restructuring heavyweight Padis Mattar Advogados is noted for its ‘technical quality’ and ‘excellent negotiation skills’ in non-contentious and contentious matters in this area. With a strong following of creditors and investment funds, the team shines in high-profile court-supervised and out-of-court proceedings, including distressed M&A and DIP financings. Paulo Padis, who is particularly rated for his ‘great knowledge of finance’ and combined experience in distressed M&A and restructuring processes, and Eduardo Augusto Mattar, who specialises in insolvencies, special situations and dispute resolution, are the main points of contact in the team. With over two decades’ experience in debt restructuring, bankruptcies and dispute resolution, Renata Machado Veloso has 'an excellent ability to build transactions, contracts and negotiations’. Beatriz Mazzi, a contact for distressed deals, handles prominent restructurings in key industries, including energy, infrastructure, and oil and gas. Alexandre Rios maintains a diverse practice advising on restructurings, M&A, capital markets and regulatory issues. Senior associate Victor Clementino is also active in complex litigation and non-contentious matters in this space.

Rated by clients as ‘a reference in the area of litigation, bankruptcy and restructuring‘, Sergio Bermudes Advogados fields a robust contentious practice that regularly assists debtor and creditor clients in judicial recovery proceedings. The group is often involved in major cases, as demonstrated by its advice to Citibank which has R$600m in credit with Latam Airlines. Rio de Janeiro-based practice head Marcelo Lamego Carpenter brings nearly 30 years’ restructuring experience to the table. Devoted to judicial restructuring and arbitration, Ricardo Loretti Henrici has handled a multitude of proceedings in the energy and natural resources sectors. Other key names include Frederico Ferreira, Eric Cerante Pestre and Thaís Vasconcellos de Sá, all of whom regularly assist debtors, creditors and investors in contentious bankruptcy and restructuring mandates.

Singled out for its experience in cross-border matters, the insolvency and restructuring practice at Veirano Advogados is adept at handling ‘highly complex cases’ for a broad range of domestic and international debtors and creditors. Practice co-head Julia Tamer Langen handles in judicial and out-of-court proceedings, and is an ‘exceptional lawyer’ who ‘reconciles deep technical legal knowledge with a practical vision’. Fellow co-leader Ricardo Gama specialises in dispute resolution. Former partner Paulo Fernando Campana Filho left to establish his own firm in December 2022.

Dias Carneiro Advogados is praised for the ‘experience of its partners and qualifications of the team’, which has strong expertise in bankruptcy cases, judicial reorganisations, out-of-court debt restructurings, and DIP financings. The firm mainly undertakes creditor-side work, but is also well placed to assist debtors in cases where banks are not counterparties. The ‘fantastic’ practice head Laura Mendes Bumachar is a go-to adviser to several clients engaged in reorganisations, company recovery and bankruptcy proceedings. Clients also rate Antonio Nachif, who is skilled in contentious and non-contentious mandates. Partner Álvaro Brito Arantes, who provides legal advice and court representation in the context of distressed situations, is ‘personally dedicated to the cases’ and ‘decisive in agreements’ and hearings.

Pinheiro Guimarães has an ‘extremely agile, market-driven, and highly specialised’ restructuring and insolvency team that is skilled at acting for creditors, including major international banks and multilateral lenders. Working out of the firm’s Rio de Janeiro office, the multifaceted practice is active in debt restructurings and judicial reorganisations, and is also proficient in distressed M&A and DIP financings. Dispute resolution specialist Gustavo Mota Guedes oversees the team, which includes experienced finance partner Roberta Giamattey Pimentel Fonseca Kelley. Bruno Lardosa, whose areas of expertise include transactions involving distressed assets, and Guilherme Vaz, who is well versed in domestic and cross-border matters, are recommended for their ‘deep knowledge of the Brazilian market and bankruptcy process’.

Stocche Forbes Advogados balances a busy restructuring and insolvency workload comprised of domestic and cross-border mandates. The group, which has assisted in the restructuring of $3.5bn worth of debt in the past year, is especially strong on the creditor side, where it acts for major banks, bondholders and trade creditors in an array of judicial and extrajudicial proceedings, distressed assets and non-performing loans (NPLs). The ‘very responsive’ practice head Guilherme Gaspari Coelho is noted for his ‘experience working across Brazil and US legal and financial systems‘.

ASBZ Advogados primarily advises domestic and international creditors, including banks, financial institutions, and bondholders. Proceedings in the agribusiness sector are a growing area of activity for the firm, which has recently assisted with the judicial reorganisation of rural producers. Aitan Canuto Cosenza Portela, a specialist in disputes, and Bruno Delgado Chiaradia, who has represented major financial institutions as creditors in bankruptcy and credit recovery cases, jointly lead the practice, which is also noted for its cross-border capabilities. Focused on dispute resolution, Milena Meyknecht is a name to note for credit recovery claims and enforcement proceedings.

The ‘always focused and available‘ team at Castro Barros Advogados is well versed in contentious and non-contentious bankruptcy and restructuring matters, where it predominantly acts for creditors, including major banks, financial services companies and trade creditors. Distressed M&A is another area of expertise for the group, which has been involved in several high-profile debt recovery cases in the energy, agribusiness, retail and transport sectors. Rio de Janeiro-based partners Alexandre Catramby and Olympio Carvalho jointly lead the team, which also draws on the expertise of litigation head Jose Augusto Leal. Also noted, Rodrigo Gonçalves Lima de Mattos possesses significant experience in complex credit recovery cases against debtors in financial distress, and Carlos Ximenes has a strong background in the fields of bankruptcy and court reorganisation.

Cescon Barrieu has a versatile restructuring and insolvency practice that represents debtors and creditors. Judicial reorganisations, DIP financings, distressed M&A, and debt restructurings are all core areas of activity for the department, which is jointly led by Alexandre Gossn Barreto, who is strong on the banking side, and Rio de Janeiro-based disputes partner Cinthia de Lamare. Following the departure of former practice head Fábio Rosas and José Luis de Rosa in late 2022, the restructuring and insolvency team was reinforced in May 2023 by the promotion of Esther Slud to partner and the recruitment of Daniel Longa from Enforce, both of whom are skilled in credit restructuring and credit recovery matters.

The restructuring and insolvency team at Leite, Tosto e Barros Advogados Associados is recommended for its familiarity ‘with Brazilian legislation and the subterfuges that debtors use‘. Clients are supported by a highly active disputes team that adds value in court-supervised judicial recovery proceedings; they also benefit from access to partners with considerable experience in debt restructurings on the creditor and debtor side. Rodrigo Quadrante brings together experience in banking, corporate and civil law, while Paulo Guilherme Lopes specialises in contentious matters. Litigator Patricia Rios, who possesses a strong track record before the superior courts, is also recommended by clients.

Petribu, Cabrera, Pires de Mello has ‘an excellent track record in credit recovery’. The ‘well-organised’ team handles contentious and non-contentious creditor-side work and is especially strong in the agribusiness sector. Advice on distressed M&A also features prominently in the workload. The ‘extremely approachable’ Henrique Petribu is the trusted adviser to players from the agribusiness segment. Rodrigo Pires de Mello has extensive experience in cross-border transactions involving debt restructuring, while Guilherme Oliveira Afonso focuses on credit recovery mandates. Ben-Hur Cabrera maintains a broad practice, handling contentious and non-contentious matters, including judicial credit recovery and debt restructuring, for a variety of agribusiness players.

Souto Correa Advogados has an ‘excellent’ Porto Alegre-based practice that is praised by debtor and creditor clients for its ‘extreme technical quality’. The ‘well-prepared, structured team’ is well versed in debt restructuring and credit recovery proceedings, as well as bankruptcies and judicial and extrajudicial reorganisations. The team is led by Luis Felipe Spinelli, considered by a client as ‘one of the most complete lawyers in the field of insolvency’, and Gilberto Deon Corrêa Júnior, ‘an excellent negotiator’ who is particularly ‘astute in financial recovery strategies’. Rodrigo Tellechea is another noteworthy practitioner, who assists domestic and international clients in restructurings, insolvencies and corporate reorganisations.

Tauil & Chequer Advogados has an experienced team that ‘excels in insolvency and debt recovery matters’. The practice is home to lawyers who have the ability to ‘navigate complex financial challenges with precision’ and handle a broad range of matters, including debt restructurings, distressed M&A, and in-court and out-of-court judicial reorganisations. The firm’s association with Mayer Brown also makes it a go-to choice for cross-border matters. Practice head Liv Machado Fallet and associate Ananda Vicentini are commended for their ‘personalised attention and proactive guidance’ and their ‘outstanding’ debt recovery negotiation skills. Banking partner Eduardo Lima, a key contact for financial institutions and corporate clients, also has a strong focus in out-of-court restructurings.

Trench Rossi Watanabe is noted for its ‘collective experience and knowledge’ that help guide clients through ‘complex insolvency proceedings and debt recovery cases’. Key to this is a ‘strategic approach and in-depth understanding of insolvency laws’ and ‘excellent client service’. The practice is especially experienced in advising trade creditors on debt restructurings and contentious judicial and debt recovery proceedings. Department leaders Gledson Campos and Giuliana Schunck are both recommended for contentious matters in the context of credit restructuring, reorganisations and insolvency proceedings. Associate Mariana Conrado, who receives praise for her  ability to help ‘clients recover outstanding debts and find solutions for their financial challenges’, is also part of the core group.

Offering support in contentious and non-contentious matters, FASV Advogados is a strong performer in high-profile restructuring and insolvency proceedings. The group, which is often retained by distressed asset investors, also guides ‘companies and investment funds to the best legal and commercial solutions’. Clients particularly appreciate the team’s ‘robust legal background’ and understanding of ‘the financial logic of asset investors in special situations’. Gabriel Antonio Soares Freire, a name to note for debt restructuring and distressed transactions, and Alexandre Faro, who shines in judicial and extrajudicial reorganisations, chair the group. Associate Luíta Maria Ourém Sabóia Vieira is another key individual.

Best known for its credentials in dispute resolution, boutique Ferro, Castro Neves, Daltro & Gomide Advogados is sought out by creditors, debtors, investors and judicial trustees, who rely on the team for advice on ‘complex matters that require a dedicated and highly technical action‘. In a recent highlight, the firm has advised the Official Committee of Unsecured Creditors in the LATAM restructuring. Thiago Peixoto Alves has a ‘a solid academic background’ and extensive experience in major restructuring and insolvency proceedings. Daltro Borges and Marcos Pitanga are other key contacts in the team.

With significant activity in the agribusiness, construction, engineering and technology sectors, Huck, Otranto, Camargo Advogados regularly assists creditors and investors in debt recovery and bankruptcy proceedings. Distressed M&A, contentious court proceedings, and debt restructurings all feature prominently on the workload managed by the team, which often collaborates with the firm's corporate, disputes and banking lawyers. Diego Billi Falcão takes the lead on non-contentious matters, while Luiz Felipe Pereira Gomes Lopes is a seasoned litigator with considerable experience in judicial recovery cases.

Established in 2020, LMorato Advogados is a well-regarded restructuring and insolvency boutique that handles contentious and non-contentious matters on behalf of debtors and creditors. Founding partner Leonardo Morato is sought after for his expertise in a wide range of work, including judicial and extrajudicial reorganisation proceedings, debt recovery claims, distressed M&A and DIP financings. Partner Renan Arcaro is especially active on the disputes side, regularly representing clients in related litigation and arbitration.

Dedicated to bankruptcy and restructuring work, boutique firm PGLaw is especially active advising creditors and investors in the sale and acquisition of distressed assets. In-court and out-of-court reorganisation proceedings are other core areas of activity for the team, which is also adept at assisting debtors in obtaining DIP financing. Focused on dispute resolution, debt restructuring and asset recovery, Thomaz Luiz Sant’Ana is often retained by clients from the agribusiness, energy, and oil and gas sectors. He oversees the department with restructuring and insolvency specialist Maria Fabiana Seoane Dominguez Sant’Ana.

Rayes & Fagundes Advogados Associados has a ‘very professional’ and ‘well-prepared’ restructuring and insolvency team. The bulk of the practice’s clients are creditors, who often seek advice on debt restructuring and distressed M&A. The ‘highly trained’ lawyers have been involved in several significant cases in key industries, including logistics, software, banking, technology, and food and beverages. The ‘always attentive and capable’ litigator Eduardo Vital Chaves has a keen focus on bankruptcy, insolvency and banking-related matters. He heads up the team with Ligia Azevedo Ribeiro Sacardo, who often represents creditors in restructurings and credit recovery, and Renata Cavalcante de Oliveira, who is singled out for her performance in judicial restructuring cases and credit recovery lawsuits.

Santos Neto Advogados is noted for its contentious and non-contentious advice to the agribusiness sector, where it represents a broad range of debtors and creditors. The team is well positioned to advise financial institutions and investors on judicial and out-of-court restructurings, and also has a strong track record in the acquisition and sale of distressed assets. Co-head Fernando Bilotti Ferreira possesses over 15 years of experience in dispute resolution, bankruptcy and restructuring matters. Fellow co-leader Vivian Castelan Bernardino excels in credit recovery claims.

With a strong presence in the real estate, construction and infrastructure sectors, Souza Araujo Butzer Zanchim Advogados – SABZ Advogados has an ‘extremely technical team’ with a strong mix of contentious and non-contentious expertise. Typical mandates include advising debtors and creditors on judicial court proceedings, debt restructurings and related banking, tax and corporate issues. Lead partners include litigation and insolvency head Paulo Doron Rehder Araujo, and Kleber Luiz Zanchim, who has ‘a unique ability to serve the client on several fronts‘, including transactions.