In 1H26, the Government of Venezuela and 12 Latin American companies entered high-profile debt restructuring negotiations, through 13 in-court proceedings and two out-of-court situations. The 15 cases tracked by Debtwire’s Restructuring Database during the period reflected a sharp increase from the six cases recorded in 1H25 and surpassed the 12 cases seen in 1H24.

Brazil accounted for the majority of cases, with nine companies initiating 11 restructuring processes throughout the timeframe covered by this report. Notable examples included the judicial recovery of NSP Investimentos, the holding company of the Novonor conglomerate; the precautionary measure of Braskem, the largest petrochemical producer in Latin America; and the extrajudicial recovery of biofuels company Raízen, which represented the largest restructuring by debt volume, at USD 19bn-equivalent.

In both the Braskem and Raízen cases, the companies sought international recognition of their domestic in-court restructurings by filing Chapter 15 cases in the United States. Additionally, Mexican oilfield services company Demar Instaladora y Constructora and Uni Systems do Brasil, a Brazil-based company operating in the sectors of wholesale trade of machinery and equipment for earthmoving, mining and construction, also commenced Chapter 15 cases in 1H26, as an effort to bind international creditors and protect assets located abroad.

Similarly, French mass-retail company Casino Guichard-Perrachon and its wholly owned subsidiary Segisor requested recognition, in Brazil, of the in-court restructuring proceedings they commenced in 2023 in their home country. It was the first time a debtor sought recognition of a French proceeding in Brazil since the adoption of the UNCITRAL[1] Model Law on cross-border insolvency, via a major reform of Brazilian bankruptcy law that became valid in early 2021.

Additionally, certain restructuring proceedings were closed within the period under review in this analysis. Those included the judicial recoveries of (i) Brazilian road operator Concessionária Rodovias do Tietê, (ii) shipbuilder Enseada Industria Naval, and (iii) Odebrecht Engenharia e Construção, the heavy construction arm of the Novonor conglomerate. Also closed in 1H26 was the precautionary measure filed in August 2025 by petrochemical company Unigel, although in this case the company remains under court protection as it commenced a judicial recovery case in October of 2025.

On the advisory side, Lazard, Moelis and Rothschild shared the podium of top financial representatives in 1H26, taking two mandates each, while E. Munhoz and TWK led the legal advisors table, with three each.

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.

This report should not be relied upon to make investment decisions. Furthermore, this report is not intended and should not be construed as legal advice. ION Analytics does not provide any legal advice, and clients should consult with their own legal counsel for matters requiring legal advice. All information is sourced from either the public domain, ION Analytics data or intelligence, and ION Analytics cannot and does not verify or guarantee the adequacy, accuracy or completeness of any source document. No representation is made that it is current, complete or accurate. The information herein is not intended to be used as a basis for investing and does not constitute an offer to buy or sell any securities or investment strategy. The information herein is for informational purposes only and ION Analytics accepts no liability whatsoever for any direct or consequential loss arising from any use of the information contained herein.

Endnote:

[1] United Nations Commission on International Trade Law.