Thomas S. Heather

Thomas S. Heather

Counsel, Mexico City
Thomas S. Heather
Thomas S. Heather

Thomas S. Heather

Counsel, Mexico City
Thomas S. Heather

Heather is the godfather of Mexican restructuring

Chambers and Partners

Biography

Thomas S. Heather is Counsel in White & Case's Financial Restructuring and Insolvency, Debt Finance, and International Arbitration Practices, based in Mexico City. He has more than 40 years of experience advising multinational corporations, financial institutions, investors and boards of directors on complex cross-border restructurings, financings, corporate governance and compliance matters across Latin America.

Thomas's practice spans restructuring and insolvency, banking and finance, mergers and acquisitions, corporate investigations, governance and compliance, and international arbitration. He has played a leading role in some of Mexico's most significant restructurings and financings over a span of 40 years. His career reflects a unique combination of private practice excellence, senior board leadership and policy-shaping roles in Mexico's financial and corporate sectors.

During his previous time at White & Case, Heather was an equity partner focused on cross-border restructuring and insolvency, advising on landmark transactions such as the restructuring of SATMEX, and Corporación Durango. He actively participated in the drafting of Mexico's insolvency law of 2000, and its significant amendments, including the introduction of Mexico's pre-pack framework. He also represented major multinationals in the development of the best corporate practices, acquisitions, and governance projects.

Beyond private practice, Tom has extensive boardroom experience. He currently serves as an independent director of Grupo Financiero Banorte, Afore Siglo XXI Banorte and Gruma, chairing several audit, investment and best practices committees. He has also served as vice-chairman and committee chair of Scotiabank Inverlat, Grupo Bimbo, FEMSA, JP Morgan Grupo Financiero, Hoteles Nikko Mexico, RLH Properties and others. His corporate governance expertise has been further recognized through roles such as counsel to the Mexican Business Council (CCE), permanent member of the drafting commission of the Code of Best Corporate Practices, and author of Mexico’s Code of Ethics.

Thomas is also a founding member of the International Insolvency Institute, an international fellow and policy committee member of the American College of Bankruptcy, and a fellow of the Mexican Academy of Arbitration. He has acted as a mediator and arbitrator in ICC, LCIA and domestic proceedings involving energy projects, joint ventures and government procurement. His contributions include serving as a delegate to UNCITRAL on cross-border insolvency issues, a member of the Advisory Council of Harvard University's International Financial Institutions Program, and co-founding Mexico's Mediation Institute.

Clients value Thomas's ability to combine deep legal knowledge with practical business judgment and global insight. His return to White & Case strengthens the Firm's leadership in Mexico and Latin America, enabling clients to navigate their most complex restructurings, financings, disputes and governance challenges with confidence.
 

Experience

Restructuring & Insolvency

  • Advised the creditor’s syndicate and the Boeing Company in the restructuring of Aeroméxico.
  • Represented Grupo Posadas, Mexico's largest hotel operator, in its successful restructuring implemented through a Chapter 11 proceeding.
  • Led the restructuring of Comercial Mexicana, combining a concurso mercantil in Mexico with Chapter 15 recognition in the US.
  • Represented creditor banks in the restructurings of Cinemex and its US subsidiaries, as well as Grupo Collado, GICSA, Iberdrola, Swissport Mexico Holdings and others.
  • Acted as Counsel to financial institutions in the restructurings of Alpha Credit, Crédito Real and UNIFIN, including concursos mercantile and Chapter 11/15 Proceedings.
  • Acted as insolvency administrator (conciliador) in 21 cases in concurso mercantil proceedings.

Banking & Finance

  • Advised Scotiabank in its acquisition of all outstanding minority interests in Grupo Financiero Scotiabank Inverlat, and in the implementation of corporate governance principles.
  • Represented Goldman Sachs in the financing to PEMEX in its joint venture with Shell for the purchase of the Deer Park Refinery in Texas.
  • Advised arranger banks in the financing for Mexico City's planned new airport, and on the early redemption of the FIBRA E New Airport Financing.
  • Represented creditor banks in the financing and restructuring of Cartograf, Isolux, and TV Azteca.

Mergers & Acquisitions / Corporate Transactions

  • Represented Anheuser-Busch in acquisitions and arbitrations regarding Grupo Modelo, leading to his appointment as a Board member and Audit Committee Chair of Grupo Modelo.
  • Represented GRUMA in its acquisition of the Latin American assets of Archer Daniels Midland, and advised on its out-of-court restructuring.
  • Represented Newmont Mining on structuring joint ventures and the subsequent sale of assets to Fresnillo PLC.
  • Represented the seller in the sale of the Nikko Mexico Hotel to Hyatt International.

Arbitration & Mediation

  • Acted as arbitrator and chaired over twenty ICC and LCIA arbitrations, involving energy projects, joint ventures and government procurement.
  • Represented Abengoa in a successful arbitration against CFE regarding the Centro Morelos power project.
  • Served as mediator in complex corporate disputes for leading Mexican and multinational companies.

Corporate Governance & Board Roles

  • Serves as Independent Director of Grupo Financiero Banorte, Afore Siglo XXI Banorte and GRUMA, Chairing several Audit, investment and best practices committees.
  • Former Vice-Chairman of Scotiabank Inverlat and board member of Grupo Bimbo, FEMSA, JP Morgan Grupo Financiero, RLH Properties and others.
  • Permanent member of Mexico's Code of Best Corporate Practices drafting commission and author of the Code of Ethics.
Authorized to practice law in Mexico
Attorney at Law (Abogado)
Escuela Libre de Derecho

cum laude

LLM
Financial Law
University of Texas at Austin
Graduate studies in Business Administration
Universidad Nacional Autónoma de México
Spanish
English

Awarded the national prize in Taxation (Thesis 1978).

In recent years, he was invited to serve as an independent member of the Audit Committee of the Central Bank of Mexico (Banxico).

In 2015, he was nominated to the National Award of Jurisprudence.

Recognized in prior years as Star Performer by Chambers and Partners in Banking & Finance.

Band 1 recognition in Chambers and Partners in Bankruptcy and Insolvency the past 18 years.

Legal 500 Bankruptcy & Insolvency Lawyer of the Year (last occasion in 2024), Hall of Fame status.

Service areas