BANKRUPTCY & INSOLVENCY

We have developed a wide experience in bankruptcy and insolvency proceedings, representing the different participants that take part in the insolvency proceedings, such as the companies subject to bankruptcy proceedings, the creditors or as specialists where we have been appointed by the Instituto Federal de Especialistas de Concursos Mercantiles (IFECOM) in the bankruptcy proceedings of more than 15 companies in Mexico. We have a group of highly specialized lawyers with focus and expertise in litigation practices, dispute resolution, bankruptcy proceedings and corporate restructuring procedures.

Representative Cases

• Represented China Development Bank as a creditor in the insolvency proceeding of Altan Redes. Through the Reorganization Agreement, signed by 94% of the creditors of Altán Redes, a company that was declared bankrupt in November 2021, bankruptcy was avoided, and the debt of approximately $29,811.82 million pesos was restructured, which will allow them to continue in the market providing public interest services to Mexican society.
• Represented Landsteiner Scientific, one of Mexico’s largest and most important pharmaceutical companies, in obtaining a financing agreement that allowed it to emerge from insolvency.
• Represented CSI Leasing Mexico, S. de R.L. de C.V., and Prime/CRDF Los Jardines, LLC within Grupo Famsa, S.A.B de C.V. bankruptcy proceeding. Grupo Famsa is one of the most important retailers in Mexico.
• Advised San Antonio Internacional Equipos de Perforación S. de R.L. de C.V. regarding the benefits and disadvantages of an out-of-court liquidation and dissolution and a formal bankruptcy proceeding.
• Represented Paclease Mexicana, S.A. de C.V. as a creditor in the insolvency proceedings of Transportes Suri, S.A. de C.V.
• Represented MTI Transport in its insolvency proceeding as well as in the individual proceedings that some creditors have begun against our client.
• Represented Servicios Petroleros San Antonio Internacional, S. de R.L. de C.V., a branch of a transnational enterprise dedicated to Oil and Gas matters, on its bankruptcy proceedings.
• Pérez Correa González was appointed by the Mexican Government to act as auditor and supervise the actions of the conciliator and trustee of Compañía Mexicana de Aviación and its subsidiaries. The insolvency proceeding of Compañía Mexicana de Aviación has been the most significant and with the greatest impact in insolvency matters in the history of Mexico. This insolvency proceeding has attracted a lot of attention, particularly from the media, due to its economic and social implications (a company with a debt of hundreds of millions of dollars and more than 7,000 labor creditors).
• Turbo Limited is a company with more than 30 years in the market. Approximately 40% of the bicycles sold in Mexico were manufactured by Turbo Limited and at one time it was one of the leading designers and manufacturers of bicycles in Mexico. In September 2013, we advised Turbo Limited to file for bankruptcy under Mexican law, seeking to restructure its debts, as well as achieve the signing of a creditors’ agreement. Pérez Correa González has played a very important role in the negotiations with the creditors and the subscription of a bankruptcy agreement in 2015, in which an 86% of the liabilities were removed.
• TGC Ingeniería is a construction and engineering company in Mexico with more than 27 years of presence in our country. Some of the most representative creditors of TGC Ingeniería were Siemens Innovaciones, Banco Mercantil del Norte, Institución de Banca Múltiple, Grupo Financiero Banorte and Banco Bicentenario, (in liquidation). TGC Ingeniería, after having been subject to a bankruptcy proceeding, successfully signed a restructuring agreement with its creditors, which was approved by the Bankruptcy Judge in January 2017, which approved a 50% deduction of the liabilities.
• PROBIOMED is a leading pharmaceutical company in Mexico with worldwide influence, as well as one of the key companies in the biotechnology industry in our country. In May 2018, an application for insolvency proceedings was filed due to the various challenges faced by the company as a result of new regulations in the pharmaceutical industry, as well as new requirements made by government authorities.
• Since 2005, Fernando Pérez Correa, has been appointed as a specialist (conciliator and/or trustee) by IFECOM in various commercial insolvencies, such as Sweda de Mexico, Moda Internacional Exclusiva, Servicio Anexos Iantel, Desarrollos Inmobiliarios Mar,  ARC Internacional Mexico, Reticulas Graficas and Presta-Melo, among others.

Publications

How to Obtain Recognition of a Foreign Insolvency Process and How to Enforce Insolvency-Related Judgments (Mexico)