Companies That Adapt First Will Lead the New Economy
Restructuring is no longer merely a resource for companies in crisis; it has become a key way to adapt to a more competitive economy.
By Francisco J. Roggero, Partner at ZBV Abogados
Published in La Nación on July 17, 2026
The real question is no longer whether a company will face change, but when it will decide to address it.
There is a fairly widespread belief that financial difficulties arise when the economy enters a crisis. Experience shows, however, that periods of greater stability can also become a turning point for many organizations. When the rules of the game change, so do the demands placed on businesses. Business models that once appeared sustainable may no longer deliver the same results. Financing structures designed for a different reality may lose their effectiveness, and sectors that operated under certain conditions for years must adapt to a new logic. Far from being a contradiction, this is a natural consequence of any economic transformation.
Argentina appears to be going through precisely such a moment. Slowing inflation, greater predictability and expectations of renewed investment flows are opening opportunities that seemed distant not long ago. At the same time, this environment is forcing companies to reassess decisions that had made sense for many years.
Competition is intensifying, access to credit is beginning to respond to new variables, and efficiency is once again taking center stage. Throughout this process, many companies are discovering strengths that allow them to grow, while others are identifying weaknesses that had previously remained hidden. This is not necessarily because their businesses were poorly managed, but because they were designed to operate in a completely different environment.
This is where a word that is still frequently misunderstood comes into play: restructuring.
It is often associated exclusively with insolvency proceedings or critical situations. That view is incomplete. In practice, restructuring involves much more than a judicial procedure. It means reviewing a company’s economic structure, redefining priorities, analyzing financing alternatives, reorganizing operations, considering the incorporation of new partners, or reaching agreements that preserve value before the situation becomes more complicated and the available room for action is reduced.
In other words, restructuring does not always represent the end of a cycle. In many cases, it marks the beginning of a new phase.
At ZBV Abogados, we have seen that the best outcomes are rarely the result of improvisation. The strongest solutions emerge when problems are identified early, while several alternatives are still available for consideration. Almost invariably, the most successful cases are those in which all parties act proactively rather than reactively.
This same shift in perspective has also reached those who finance economic activity. Banks, financial institutions and investors are no longer playing an exclusively reactive role. Instead, they are becoming involved at much earlier stages.
Today, they participate in negotiation processes, assess different recovery or restructuring scenarios and seek to preserve the value of companies that remain viable. The objective is to identify sustainable alternatives capable of producing better outcomes for everyone involved.
This approach has also transformed professional practice. An adviser specializing in insolvency must understand the dynamics of each industry, interpret financial information, assess risks, coordinate with economic and financial consultants, and participate actively in negotiations in which commercial considerations carry as much weight as legal ones. All of this must also happen at the right time.
The adoption of new technologies is accelerating this evolution. Data analysis tools make it possible to develop projections, validate assumptions and provide more consistent information to support negotiations. At the same time, the digitalization of judicial proceedings facilitates the management of complex matters and improves coordination among companies, creditors and interdisciplinary teams.
Naturally, certain factors still require caution. Foreign exchange restrictions continue to affect many international transactions, while the consolidation of the economic program will be essential to sustaining confidence and encouraging new investment.
Even with these uncertainties, however, the direction appears to point toward a more competitive and demanding market.
Against this backdrop, the real question is no longer whether a company will face change, but when it will decide to address it.
Perhaps this is the most significant evolution our practice has experienced in recent years. Insolvency and restructuring are now instruments that can strengthen companies, protect credit and help viable projects continue to grow in an increasingly competitive environment.