There were 12 Latin American companies that started debt restructuring negotiations in 2025, through 14 in-court and out-of-court situations. Brazilian companies led the way, with six companies engaging in eight restructuring processes last year.

Notable cases included the commencement of a Chapter 11 by Azul, Brazil’s largest airline in terms of departures and cities served, and the judicial recovery filed by environmental and emergency services provider Ambipar, in which one of the 72 filing entities simultaneously commenced a US Chapter 11 case. Other processes did not request court oversight in their initial debt restructuring conversations, as were the cases for Argentine power generator Albanesi and Mexican petrochemical company Braskem Idesa.

Cross-border elements were also present in the case of Canacol. The Canada-based Colombian independent natural gas producer commenced an in-court restructuring process under Canada’s Companies’ Creditors Arrangement Act, and sought recognition of such proceeding both in Colombia and the US, as an effort to bind foreign creditors and protect assets located abroad.

Peru-based telecommunications services provider telecom Integratel Peru (formerly known as Telefonica del Peru) and Mexican non-bank lender Credito Real are among the other LatAm companies that sought foreign recognition of bankruptcy proceedings throughout 2025.

Additionally, certain restructuring proceedings were closed during the period covered by this report. Those included the judicial recovery of Brazilian mining company Samarco Mineração, commenced in 2021, and the voluntary Chapter 11 proceedings of Chilean telecommunications company WOM, formerly known as Nextel Chile, which started in April 2024.

Houlihan Lokey led financial advisors table with eight mandates, followed by Moelis & Company with five. Davis Polk & Wardwell topped the podium of legal advisors with five mandates, while Cleary Gottlieb Steen & Hamilton, Sacramone Orleans e Bragança Advogados and Tauil Chequer Advogados shared the second position, with four mandates each.

Click here to explore the entire Debtwire Restructuring Database (Access Required).

Arthur Almeida is a former restructuring attorney. Prior to joining Debtwire as a Legal Analyst, he practiced with Passos & Sticca Advogados Associados, and worked in the legal department of Banco Fibra S.A. Arthur’s experience includes participating in major civil litigation on credit recovery, representing creditors such as banks and financial institutions in high-profile restructurings. He obtained his Master’s in Commercial Law from Universidade de Sao Paulo (at which he is also a researcher in the Insolvency Law Study Group – GEDEC), and his LL.M in Financial and Capital Markets Law from Insper Instituto de Ensino e Pesquisa.

Prior to joining Debtwire, Stephanie Bentley served as a judicial clerk for a judge with the United States Court of Appeals for the Fifth Circuit. Stephanie is a former practicing restructuring and financial litigation attorney, during which time she primarily represented Chapter 11 trustees, debtors-in-possession, financial institutions (as secured creditors and defendants in adversary proceedings), and unsecured creditors. 

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