The paper analyzes two recent cases of Latin American companies which restructured their obligations pursuant to different approaches. The first one (Argentine company Multicanal) carried out its restructuring by filing a local proceeding in Argentina and concurrently a 304 proceeding before the U.S. courts. The second one (Colombian airline Avianca) chose to ignore its natural forum (Colombian courts) and filed directly a Chapter 11 proceeding before the U.S. courts. Several international issues arouse in both proceedings, which eventually ended successfully. The article briefly describes the main lessons from these cases and concludes on the urgent need for Latin American countries to adapt their local laws to the demands of the globalized world.