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The rapid depreciation of the peso in 1982 precipitated a crisis at Grupo Alfa, Mexico''s largest private company. The company''s peso cash flow was insufficient to service its large dollar-denominated debt. Students are asked to formulate a plan for restructuring Alfa''s debt in the context of Mexican laws governing property and creditors'' rights. To do this, students must decide on a business strategy, make financial projections and understand participants'' negotiating strengths and weaknesses. Teaching objective: In addition to the basic elements of a large corporate restructuring, the case highlights the roles played by governments and legal systems. Provides a useful contrast to U.S.-style restructurings.