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/raid1/www/Hosts/bankrupt/TCRLA_Public/250327.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, March 27, 2025, Vol. 26, No. 62 Headlines A N T I G U A A N D B A R B U D A ANTIGUA & BARBUDA: Economic Expansion Continuing, IMF Says A R G E N T I N A IRSA INVERSIONES: Fitch Assigns 'B' Rating to Sr. Unsecured Bonds B E R M U D A NABORS INDUSTRIES: Completes Acquisition of Parker Wellbore D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Receives the Most Remittances From Spain P U E R T O R I C O FOREVER 21: F21 OpCo's Case Summary & 30 Top Unsecured Creditors SILVER AIRWAYS: Gets Extension to Access Cash Collateral T R I N I D A D A N D T O B A G O GUARDIAN MEDIA: Incurs $11.6 Million Loss for 2024 U R U G U A Y URUGUAY: Rocked by US$300 Million in Cattle Fraud Claims - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== ANTIGUA & BARBUDA: Economic Expansion Continuing, IMF Says ---------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Antigua and Barbuda and endorsed the staff appraisal without a meeting on a lapse-of-time basis. The authorities need more time to consider the publication of the Staff Report prepared for this consultation. Antigua and Barbuda's post-pandemic economic expansion is continuing. Real output is estimated to have surpassed pre-pandemic levels in 2024, with growth estimated at 4.3 percent, driven by strong tourism and one-off events (including the 4th International Conference on Small Island Developing States and the T20 Cricket World Cup). Inflation was elevated in 2024, reflecting contributions from specific items, notably communication, as well as increases in indirect taxes. The recovery in nominal GDP, along with improved fiscal balances, brought down the public debt from around 100 percent of GDP in 2020 to 67 percent in 2024. However, gross financing needs are projected to remain around 10 percent of GDP in the medium term. Substantial domestic and external arrears, albeit with domestic arrears uncertain in size, have limited financing options. The fiscal primary balance improved to 4.6 percent in 2024, aided by indirect tax increases, a broader economic recovery, and one-off factors (e.g., nearly 2 percent of GDP from an asset forfeiture and unusually low capital spending). The 2025 Budget envisages stronger tax revenues and higher capital spending. According to Eastern Caribbean Central Bank (ECCB) preliminary estimates, the current account deficit narrowed to 7 percent of GDP in 2024, reflecting both a higher service trade balance--mainly tourism receipts--and a smaller goods deficit due to a contraction in imports. FDI inflows were resilient to tightening global financial conditions and continued to support ongoing hotel construction. Credit growth is recovering, with nonperforming loans contained. Executive Board Assessment In concluding the 2025 Article IV consultation with Antigua and Barbuda, Executive Directors endorsed the staff's appraisal, as follows: Antigua and Barbuda's post-pandemic economic expansion continues. Economic activity, boosted by tourism, is estimated to have surpassed pre-pandemic levels. As the recovery matures, staff projects economic growth to moderate from 3 percent in 2025 to 2 1/2 percent over the medium term. After an increase in inflation in 2024, in part reflecting one-off factors, underlying price pressures are expected to dissipate. The external position in 2024 is assessed to be moderately weaker than the level implied by medium term fundamentals and desirable policies. Efforts to raise revenue and address debt and fiscal challenges bore fruit in 2024, though further steps will be needed to restore debt sustainability, address the stock of outstanding arrears, and reduce gross financing needs in the medium term. Risks are currently tilted to the downside, although upside risks are also present. Downside risks emanate from elevated uncertainty about the global outlook; a deepening of geoeconomic fragmentation; commodity price volatility; climate-related vulnerabilities; and capacity constraints in the construction sector. Upside risks stem from stronger demand for tourism; improved air connectivity; new cruise port facilities; hosting of special events; and the intensification of productivity-enhancing structural reforms, which could support higher medium- and long-term growth. Addressing external and domestic arrears is key to broadening financing options. While the fall in nominal debt in 2024 is welcome, outstanding arrears to domestic suppliers and to the Paris Club remain obstacles to debt sustainability and constrain Antigua and Barbuda's potential access to external and domestic financing. Given the additional vulnerabilities stemming from climate change and the resulting substantial adaption and resilience-building investment needs, efforts to address the current debt challenges, bolster government revenues, and improve public financial management are all the more critical. Recent improvements in tax revenue are welcome, with further domestic revenue mobilization needed in the medium term to ensure fiscal sustainability. Antigua and Barbuda's tax revenues remain below the authorities' fiscal resilience guideline targets and are low by peer country standards. The authorities' 2024 Budget measures have started to close the gap, but more will be needed in the medium term. To mobilize revenue without recourse to a personal income tax or higher ABST rates, near-term priorities could include tighter control of tax exemptions, transitioning to HS2022 classification in customs, and modernizing the framework for property taxation. Intensifying efforts to introduce a single window system at customs and to operationalize systems to allow e-filing, e-payment and e-registration of taxes is warranted. Introducing a large taxpayer unit as well as modernized IT systems would strengthen tax administration. Better targeted social assistance would enhance inclusion while curbing inefficiencies. The current framework of social protection is fragmented across sectors and ministries. Staff sees scope to streamline these social programs to reduce overlap and tailor social assistance to the most vulnerable households. In this vein, staff encourages the development of a centralized information system or unified database to maintain accurate records of all beneficiaries, track support received, and identify gaps or duplications in coverage. Room remains to strengthen fiscal institutions and oversight, building on recent progress. The operationalization of the Fiscal Responsibility Oversight Committee is welcome. To promote transparency and help build public understanding, staff encourages publication of FROC reports once further experience has been gained. These goals would also be served by parliamentary endorsement of the Fiscal Resilience Guidelines and the medium-term fiscal framework. Statutory exemptions should be consistent with the Antigua and Barbuda Investment Authority Act and the Antigua and Barbuda Investment Authority should monitor the approved projects. The envisaged reestablishment of the SOE unit in the Ministry of Finance would enhance SOE oversight and contain potential fiscal risks. To reinforce financial stability and build on efforts to promote financial inclusion, regional coordination remains key. Staff assesses the financial sector to be broadly stable, with credit growth recovering and non-performing loans approaching prudential levels. The launch of the regional credit bureau can promote faster access to credit while maintaining lending standards. The ECCB-led climate risk initiatives and the regional partial credit guarantee scheme should also boost credit quality and financial intermediation. A more risk-based supervisory framework for credit unions, with enhanced monitoring of asset quality and credit forbearance measures in the context of the planned regional common regulatory standards, would help put credit unions and banks on a more level playing field. The inclusion of the ECCB in the National Oversight Committee on Financial Action improves coordination among supervisory authorities. The increase in investment thresholds for the Citizenship by Investment Program and the improved due diligence process can help safeguard the program's integrity. Intensifying reforms to improve the business environment would support potential growth by improving the allocation of resources between firms and addressing obstacles to firms' operations. Staff analysis finds potential for large aggregate productivity gains from the reallocation of resources between firms, and scope to continue addressing obstacles that firms report in areas such as workforce education, access to finance, and customs and trade regulations. Targeted efforts to increase educational opportunities, employer‑employee matching at the One Stop Employment Centre, and the completion of the Skills Demand Survey, are warranted. Offering courses at local institutions could increase financial literacy among MSMEs, and implementing the single electronic window at customs would increase the efficiency of importing and exporting of goods. ================= A R G E N T I N A ================= IRSA INVERSIONES: Fitch Assigns 'B' Rating to Sr. Unsecured Bonds ----------------------------------------------------------------- Fitch Ratings has assigned a 'B' rating with a Recovery Rating of 'RR3' to IRSA Inversiones y Representaciones S.A.'s (IRSA; 'B-'/Stable) proposed new senior unsecured bonds due 2035. Proceeds of this transaction will be used to refinance existing debt and fund IRSA's capex program. Fitch expects the company's metrics to remain within the current 3x net leverage rating sensitivity following the transaction. If successful, the transaction should improve IRSA's debt maturity profile. IRSA's Foreign Currency (FC) Issuer Default Rating (IDR) is constrained by Argentina's 'B-' Country Ceiling. The Local Currency (LC) IDR is 'B' and reflects IRSA's strong business profile as the largest real estate company in Argentina with a leading market share of the country's shopping mall gross leasable area (GLA). The Recovery Rating of 'RR3' supports a one-notch uplift for the instrument rating from the issuer's FC IDR. Key Rating Drivers Transaction details: IRSA has announced a new bond issuance for up to USD300 million with an 8% coupon and a 2035 maturity. The bond will amortize in three roughly equal annual instalments starting in 2033. The company intends to use the proceeds of the bonds for refinancing and capex. On March 10, 2025, the company announced a voluntary exchange offer for the approximately USD140 million outstanding bonds due in 2028. The existing bonds are to be exchanged with the new proposed 2035 bonds. Additionally, IRSA plans to refinance a portion of its short-term debt with the new bond's proceeds. The company plans to use the remainder of the funds to support its current capex program. Prudent Leverage and Improved Financial Flexibility: Fitch expects IRSA to maintain a prudent leverage profile, with net debt to EBITDA of under 3x over the next 24 months. Furthermore, the exchange transaction and short-term debt refinancing should allow IRSA better financial flexibility by improving its liquidity and debt maturity profile. Healthy Operational Metrics: Fitch expects IRSA to sustain EBITDA above USD160 million over the ratings horizon. Shopping mall activity should remain healthy with stable tenant sales. LTM average mall occupancy rates were above 97% as of 2Q25, expected to persist over the medium term. Office occupancy rates were above 94% as of 2Q25, anticipated to remain at or above 92% over the forecast horizon. Hotels occupancy weakened in 2Q25 compared to 2024, dipping below 70%, but operational metrics should continue supporting overall performance. EBITDA for hotels was around USD5million in 2Q25 compared to over USD15 million in 2Q24. Persistent Operating Environment Risk: Argentina's operating environment remains weak but is improving. As a result, Fitch assumes IRSA's operational and financial strategy will remain prudent. Fitch will monitor the company's ability to balance capex, dividends and liquidity. The current transaction should be helpful in this respect, particularly because it improves IRSA's access to capital and foreign currency. Persistent inflation, devaluation, capital controls and limited access to financial markets are risks. While IRSA's retail rents are mostly tied to inflation, office rents are pegged to the US dollar, mitigating some of these risks. Strong Business Position: IRSA's business profile is underpinned by its strong market share and good operating cash flow. It is the leading commercial real estate company in Argentina, and its rental portfolio encompasses about 508,000 sq m of GLA. IRSA's GLA is composed of 371,000 sq m in 16 shopping malls, 58,000 sq m in five office buildings, and 79,000 sq m in three hotels. The company is also involved in recently launched "Ramblas del Plata", a multistage, mixed-use development project that includes residential, office and retail space. Construction is expected to span 870,000 sq m, of which 693,000 sq m will be for sale. Peer Analysis IRSA ratings are primarily driven by Argentina's weak operating environment and limited access to external capital, which compares negatively to regional peers. The ratings also reflect IRSA's status as an experienced and well-positioned real estate operator. The company key metrics compare positively to regional peers with retail and office portfolios like FIBRA Soma ('BBB-'/Negative) and FIBRA Uno ('BBB-'/Stable). IRSA has adequate portfolio granularity, low loan-to-value, low net EBITDA leverage of under 2x, limited tenant concentration, and consistent consolidated occupancy levels of over 95% for its shopping malls with lease duration between two and three years. In terms of scale, IRSA is comparable to FIBRA Soma but is smaller than FIBRA Uno. Key Assumptions - Occupancy rates to remain at or above 97% in the malls, 90% in the offices and 65% in hotels; - EBITDA of no less than USD160 million-USD170 million annually over the next 24 months; - New bond amount of around USD300 million; - Use of at least half of the new bond proceeds to fund the proposed exchange and refinance debt; - Balance of proceeds used to finance its capex program; - Maintains approximately USD140 million in cash and marketable securities. Recovery Analysis IRSAs bonds have an 'RR3' Recovery Rating to reflect above-average recovery expectation for creditors in the event of default. The recovery analysis assumes that IRSA would be a going concern in bankruptcy and that it would be reorganized rather than liquidated. Going Concern Assumptions: - A 10% administrative claim. - The going concern EBITDA is estimated at USD100 million. The going concern EBITDA calculation is a discount of 50% to Fitch's estimated LTM EBITDA as of 2Q25. It assumes further peso devaluation and potential stress to IRSA's cash generation in the event of a reorganization. - Enterprise value multiple of 5.5x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior unsecured notes is in the 'RR1' band. However, according to Fitch's "Country-Specific Treatment of Recovery Ratings Criteria," the Recovery Rating for corporate issuers in Argentina is capped at 'RR4'. Nevertheless, Fitch may exceed the cap in certain situations where the indicators used to derive the country caps do not reflect the risks specific to an issuer by applying a criteria variation. When Fitch assesses that an issuer's foreign currency default would most likely be caused by exchange controls, Recovery Ratings on foreign currency instruments can be assigned above the cap. Ratings may also be assigned above the cap when an issuer is in distress, or in default, and recoveries are expected to be higher than implied by the cap. For that reason, Fitch assigns an RR3 to IRSAs senior unsecured bonds. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The Long-Term FC IDR could be downgraded as a result of a lower Argentina Country Ceiling; - Debt-to-EBITDA increases above 3.5x; - Liquidity, measured as cash/short-term debt, falls below 1.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Long-Term FC IDR is unlikely to be upgraded as it is capped by Argentina's Country Ceiling; - Debt-to-EBITDA of 2.5x or below; - Improved liquidity profile. Liquidity and Debt Structure Fitch estimates IRSA's liquidity at around USD140 million as of 2Q25. This includes cash and cash equivalents and short-term investments in marketable securities. IRSA had total debt of just under USD425 million as of the same period, over USD200 million of this is short-term debt. Fitch views liquidity as adequate and likely to improve following the proposed transactions. Fitch expects cash flow from operations to be above USD80 million annually. This, together with access to refinancing of local maturities and renewed access to international markets, should be sufficient to repay short-term obligations. Issuer Profile IRSA is a premier real estate operator in Argentina, primarily focused on the acquisition, development, and management of shopping centers. It is the country's market leader in the segment. The company also owns several office buildings and three premium hotels. Criteria Variation Argentina is assigned to Group D, where the assigned Recovery Ratings are capped at 'RR4'. A criteria variation was applied to the Recovery Rating as explained in the Recovery Analysis. Date of Relevant Committee 26 July 2024 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- IRSA Inversiones y Representaciones S.A. senior unsecured LT B New Rating RR3 ============= B E R M U D A ============= NABORS INDUSTRIES: Completes Acquisition of Parker Wellbore ----------------------------------------------------------- Nabors Industries Ltd. announced the closing of its acquisition of Parker Wellbore, advancing Nabors' leadership position in drilling and related, value-added services. Parker's solutions portfolio includes Quail Tools ("Quail"), the leading rental provider of high-performance downhole tubulars in the U.S. Lower 48 and U.S. Offshore markets. Quail provides similar rental services internationally in key markets. Parker holds significant market positions in onshore and offshore tubular running services, across the U.S., the Middle East, Latin America, and Asia. Additionally, Parker's contract drilling services include land and barge rigs, as well as Operations & Maintenance services. Anthony Petrello, Chairman, President and CEO of Nabors, commented on the closing of the acquisition, "With the successful completion of the Parker transaction, we are accelerating the growth of our Drilling Solutions business across several important markets, while bolstering our global drilling business. We are excited to welcome a strong and talented organization to the Nabors team. Our customers will benefit from the best practices that both organizations employ, and we expect to create incremental value for them by combining our offerings. Our immediate priority is to ensure seamless integration, and to capture the synergies we have projected." "I would like to thank both teams for their dedication to the integration planning process, while maintaining outstanding customer service. The teams have worked exceedingly well together during this period, giving reason for optimism as we move forward. I also want to thank Sandy Esslemont, Parker's President and CEO, for his leadership and to wish him continued success." Nabors expects the acquisition to deliver robust strategic and financial benefits, specifically: * Strengthening Nabors Drilling Solutions business, expanding capabilities and market reach * Immediate accretion to free cash flow * Enhanced scale and improved leverage metrics * Estimated recurring synergy realization of $40 million by the end of 2025 About Nabors Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Nabors Industries reported a net loss of $11.8 million for the year ended December 31, 2023, a net loss of $307.22 million in 2022, a net loss $543.69 million in 2021, a net loss of $762.85 million in 2020, a net loss of $680.51 million in 2019, a net loss of $612.73 million in 2018, and a net loss of $540.63 million in 2017. As of March 31, 2024, the Company had $4.64 billion in total assets, $3.37 billion in total liabilities, and $522.82 million in total stockholders' equity. * * * In August 2024, Fitch Ratings has assigned a 'CCC'/'RR6′ rating to Nabors Industries, Inc.'s proposed senior guaranteed notes (PGN) due 2031. Nabors plans to utilize the proceeds from these notes to refinance the 7.25% PGN due 2026 held at Nabors Industries, Ltd. (Bermuda) and for general corporate purposes. The proposed notes will rank pari passu with Bermuda's existing PGN due 2026 and PGN due 2028. Nabors' existing 'B-' Long-Term Company Default Rating and Stable Outlook reflect the softening U.S. drilling environment since the beginning of 2023, alongside a steadily growing international segment. Fitch's credit profile assessment is supported by the expectation that free cash flow (FCF) will be directed toward gross debt reduction, as well as the company's proactive management of its maturity profile and its adequate liquidity. However, these positive factors are partially offset by the company's large note maturities starting in 2027, which Fitch anticipates will likely require partial refinancing through capital markets. Additionally, potential declines in rig activity and day rates could negatively impact cash flow and restrict FCF and near-term gross debt reduction. The company's complex capital structure, combined with the current high-interest rate environment, could also limit refinancing options and increase interest expenses. In March 2024, S&P Global Ratings revised its outlook to stable from positive and affirmed its 'B-' Company credit rating on Nabors Industries Ltd. At the same time, S&P affirmed its 'B-' issue-level rating on the company's senior priority guaranteed notes, with a recovery rating of '3,' and a 'CCC' issue-level rating on the company's priority guaranteed notes, with a recovery rating of '6.' The stable outlook reflects S&P's expectation for the company's operating performance, industry fundamentals, near-term debt maturity profile, and credit metrics to remain appropriate for the 'B-' Company credit rating. The outlook revision reflects S&P's expectation of reduced free cash flow generation and lower than anticipated debt reduction. In July 2024, S&P Global Ratings assigned its 'CCC' issue-level rating and '6' recovery rating to Nabors Industries Ltd.'s proposed $550 million senior guaranteed notes due 2031. The company's subsidiary, Nabors Industries Inc., will issue the notes. The '6' recovery rating indicates S&P's expectation of negligible (0%-10%; rounded estimate: 0%) recovery of principal by creditors in the event of a payment default. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Receives the Most Remittances From Spain ------------------------------------------------------------ Dominican Today reports that according to an article published by the Bank of Spain, remittances sent from Spain to Latin America reached 6.2 billion euros in 2023, with Colombia, Ecuador, and the Dominican Republic leading the way. Remittance payments from Spain to Latin America, historically the main destination of Spanish remittances and representing approximately 60% of the total, have increased significantly in the last decade, although the report concludes that after the pandemic, the average remittance, once adjusted for inflation, has been reduced, according to Dominican Today. Within Latin America, South America was the main destination, with 42 % of total remittances sent from Spain in 2023, the report recalls. This is in line with the larger population of South American immigrants in the country, although their share has declined from the 49 % they accounted for in 2013, the report notes. Remittances to Central America and the Dominican Republic increased from 11% in 2013 to 15% in the post-pandemic years, the report relays. Among the top ten destination countries for remittances sent from Spain, seven are Latin American, with Colombia prominently featured, the report discloses. In the last decade, it has become the main recipient, the report says. In 2023, it accounted for 25% of remittances to Latin America, reaching 1.5 billion, the report recalls. Ecuador ranked as the second destination in the region in terms of the volume of remittances received from Spain, in line with its status as the second foreign nationality in the country the report notes. Ecuador accounted for 15% of remittances from Spain to Latin America, for a value exceeding 900 million euros, the report notes. So far in March, the dollar has been bought at RD$62.32 and sold at RD$62.69, the report discloses. Remittances reached US$1,852.6 million, up 8.3% year-on-year, the report discloses. Third place went to the Dominican Republic, with 11% of remittances and a volume of payments close to 700 million, the report relays. For their part, Peru -with annual growth of nearly 20 % in 2022 and 2023- and Honduras -whose remittances have tripled in recent years- received remittances from Spain worth 520 million euros in 2023, the report notes. Total Spanish remittances abroad exceeded 10.7 billion euros in 2023, representing 0.7% of the gross domestic product (GDP) and an increase of 0.5 percentage points compared to 2020, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. S&P Global Ratings affirmed its 'BB' long-term foreign and local currency sovereign credit ratings on the Dominican Republic on December 3, 2024. The outlook remains stable. S&P also affirmed its 'B' short-term sovereign credit ratings and kept the transfer and convertibility (T&C) assessment unchanged at 'BBB-'. Fitch, on November 26, 2024, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Positive. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. ===================== P U E R T O R I C O ===================== FOREVER 21: F21 OpCo's Case Summary & 30 Top Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: F21 OpCo, LLC d/b/a Forever 21 110 East 9th Street, Suite A500 Los Angeles, CA 90079 Business Description: The Debtors, which operate 354 Forever 21 stores across the United States, sell trendy clothing and accessories primarily through brick-and-mortar locations in high-demand shopping malls. They also offer merchandise through their website, www.forever21.com. Debtor F21 OpCo, LLC is the primary operating Debtor responsible for most operations, while Debtor F21 Puerto Rico, LLC manages the Debtors' five stores in Puerto Rico. Additionally, Debtor F21 GiftCo Management, LLC administers the Debtors' gift card program. Chapter 11 Petition Date: March 16, 2025 Court: United States Bankruptcy Court District of Delaware Three affiliated companies that simultaneously filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- F21 OpCo, LLC (Lead Case) 25-10469 F21 Puerto Rico, LLC 25-10470 F21 GiftCo Management, LLC 25-10471 Judge: Hon. Mary F. Walrath Debtors' Bankruptcy Counsel: Andrew L. Magaziner, Esq. Robert F. Poppiti, Jr., Esq. Ashley E. Jacobs, Esq. S. Alexander Faris, Esq. Kristin L. McElroy, Esq. Andrew M. Lee, Esq. Sarah Gawrysiak, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Email: amagaziner@ycst.com rpoppiti@ycst.com ajacobs@ycst.com afaris@ycst.com kmcelroy@ycst.com alee@ycst.com sgawrysiak@ycst.com Debtors' Special Corporate & Finance Counsel: PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Debtors' Restructuring Consultant: BERKELEY RESEARCH GROUP, LLC Debtors' Notice & Claims Agent: VERITA GLOBAL Debtors' Investment Banker: SSG CAPITAL ADVISORS, LLC Debtors' Liquidation Advisor: HILCO MERCHANT REROURCES, LLC GORDON BROTHERS RETAIL PARTNERS, LLC, and SB360 CAPITAL PARTNERS, LLC Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion The petitions were signed by Stephen Coulombe as co-chief restructuring officer. A complete copy of the Lead Debtor's petition can be accessed for free on PacerMonitor at: https://www.pacermonitor.com/view/VGVZL5I/F21_OpCo_LLC__debke-25-10469__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Hangzhou Qidi Fashion Trade $11,497,512 Apparel Co Ltd Julie Deng Room 102, Block A, 1 Bldg, Jingwei International Creative Park, 279# Shiqiao Rd Xiacheng District Hangzhou, 310000 China Julie Deng Phone: +86-57188193501 Fax: +86-57188193567 Email: julie@hzbrightfashion.com 2. C & C Nantong Cathay Trade $11,108,937 Clothing Co Ltd Alice No.999, Pingchao Town, Tongzhou Room 1603, No.33 Gongnong Road Nantong, 226100 China Phone: +86-13906293660 Fax: +86-51381180005 Email: alice@cathayclothing.com 3. NKM Holdings Ltd Trade $10,746,471 11F, Bona International Plaza, No. 456 Taikang Middle Road Ningbo, 315199 China Phone: +86-574-87857878 Fax: +86-57487857871 Email: nkm@nkm.cn 4. Kisoo K Trading Co Ltd Trade $10,180,928 Jake #5th Fl, Jaeyoung Bldg 63, Nonhyeon-Ro 31-Gil Seocho-Gu, 06745 South Korea Phone: +82-7070988787 Fax: +82-220887040 Email: jake@Kisoo1.co.kr 5. Leukon Inc Trade $10,016,172 Ks Ahn(LK) Seongsu Hyundai Terrace Tower, East 15F, Yeonmujang 5GA-Gil Seongdong-Gu, South Korea Phone: +82-1088881193 Fax: +82-25651805 Email: ksahn@Leukon.co.kr 6. Jiangyin Kenadi Trade $9,149,317 International Trade Co Ltd Serena Kim Room 432, Building1, No2, Binjiang West Rd Shanghai, 07072 China Phone: +86-13917663967 Email: serena@gnd-china.com 7. Manren HK Enterprise Limited Trade $7,014,039 RM D 10/F Tower A Billio N Ctr 1 Wangkwong Rd Kowloon Bay Kl Hong Kong, 999077 Hong Kong Phone: +86-2151695866 Fax: +86-2151761380 Email: document_sh@manren-sh.com 8. KNF International Co Ltd Trade $6,992,103 Heongsam Ma 408, Samseong-Ro, Gangnam-Gu Seoul, 06185 South Korea Phone: +82-25501442 Fax: +82-25666880 Email: samma@knf-international.com 9. CFH Fashion Inc Trade $5,319,590 Andy Wang 625 S Berendo St #403 Los Angeles, Ca 90005 Phone: 390-629-3660 Fax: +86-51368716720 Email: andywang@cfhfashion.com 10. Nantong Z & Z Garment Trade $4,974,988 Co Ltd Cao Yuhua No.54,55, Xi Chan Si Cun, Xiting Town, Tongzhou District Nantong City, China Phone: +86-51386111728 Fax: +86-051386515308 Email: michael@zz-garment.com 11. Shaoxing Lankou Trade $4,881,548 Trading Co Ltd Wang Weiguo Room 1803, Building 3, Golden Times Mansion, Yuecheng District Shaoxing City, 312000 China Phone: +86-13306756727 Fax: +86-57588037111 Email: wangwg@tianyultd.com 12. Nantong D & J Fashion Trade $4,438,493 Co Ltd Jessica Qiu 5th Floor, Building No.3, No.385 Guoqiang Road. Nantong City Nantong, China Phone: +86-51355081666 Fax: +86-513-55082810 Email: jessica@djfashion.com.cn 13. Shanghai Toex Trade $4,199,957 International Trading Co Ltd Li Ge Bin Floor 5, Building 6, No. 67 Zhujin Road, Songjiang District, Shanghai Shanghai, 201615 China Phone: +86-13917724425 Email: josh@toex.cn 14. Shanghai Fei Chuan Imp Trade $4,135,133 & Exp Corp Meehua Fl18 No.85 Loushanguan Road Room 312. No. 25 Building, 664 Xin Hua Road Shanghai, 200052 China Phone: +86-02165350735 Email: meehua.p@snmindustry.com 15. Grand Apparels Trade $4,121,748 Designs Limited Helen Liu Room 807, Harbour Crystal Centre, 100 Granville Road Tsim Sha Tsui East, 100hkg Hong Kong Phone: +852-23688666 Fax: +85-223688669 Email: helen.liu@grandstep.cn 16. Qingdao Horizon Trade $3,738,236 Trading Co Ltd Grace No. 4 Pingxiang Road, Shibei District Qingdao, China Phone: +86-53284971075 Email: grace@odhorizon.com 17. Hong Kong Butterfly Trade $3,372,941 Limited He Juan Unit 04, 7/F Bright Way Tower No. 33 Mong Kok Road Kowloon, 852 Hong Kong Fax: +85-057584624761 Email: jiajia@yidiegarment.com 18. Weihai Hilow Imp & Exp Trade $3,126,911 Co Ltd Weigon Zhao Room 1409 No 268-2 Shichang Rd Weihai, 264200 China Phone: +86-63199509 Email: weigon.zhao@hilow.com.cn 19. Createx Holdings Trade $2,842,782 Limited Alison Wu Building #6-7, Tiankou Industrial Zone, Huangtian, Hangcheng, Baoan District Shenzhen, China Phone: +852-25237012 Fax: +86-75527507734 Email: alisonwu@zhengxinfashion.com 20. Young Plus Trading HK Trade $2,668,247 Co Ltd Gao Dou Feng 419 Room, Qiaoxing Building No.33 Xingnan Road Panyu District Guangzhou, China Phone: +86-18606411111 Fax: +86-2034330298 Email: gaodoufeng@bonglimtrading.com 21. Snogen Green Ltd Trade $2,653,954 Snogen Green Co.,Ltd 13F, (Seocho-Dong, Gangnam Bldg.,) 396, Seocho-Daero Seocho-Gu, 06619 South Korea Phone: +82-264966400 Fax: +82-264966480 Email: forever21@snogengreen.com 22. O & K Inc Dba One Clothing Trade $2,493,333 Henry Lee 2121 E. 37th St Los Angeles, Ca 90058 Phone: 323-846-5700 Fax: 323-846-5832 Email: henry.lee@oneclothing.com 23. Bona Industrial Co Limited Trade $2,344,086 Yin Zhengwan 11/F Capital Centre 151 Gloucester Road Wanchai Hong Kong, 999077 Hong Kong Phone: +86-2151761381 Fax: +85-230137332 Email: yinzhengwan@linsheng.sh.cn 24. New Century Textiles Ltd Trade $2,256,660 Cater Rm 502-503, No.3 Bldg,Legend Commercial Plaza, Lane 3599, Qixin Road Shanghai, 201101 China Phone: +86-213496385 Fax: +86-2154225780 Email: cater@newcenturytextiles.com 25. Guangzhou Hong Ying Trade $2,249,277 Da Clothing Co Ltd Silvia Wen 1/F 3/F No.1 Building3 No. 14 Lixin 12 Road Zengcheng Guangzhou, 511340 China Phone: +86-02062287968 Email: silvia@hongyingda.net 26. Denim & Beyond LLC Trade $2,200,011 Ceo Denim 3422 Hilldale Pt San Antonio, Tx 78261 Phone: 302-232-4488 Email: ceo@denimbeyond.com 27. Global Fashion Trade $2,044,437 Resource Inc Dba Sss Clothing Michael Kim 3315 S Broadway Los Angeles, Ca 90007 Phone: 213-973-5941 Fax: 213-973-5944 Email: michael@sssclothing.com 28. Ningbo Long Lan Trade $1,821,443 Fashion Garment Inc Peter Chen No.6 Huatianfan, Chunhu Town, Fenghua District Ningbo, 315506 China Phone: +86-57488985209 Fax: +86-57488985201 Email: peter@longlanfs.com 29. Google Inc. Service $1,782,162 1600 Amphitheatre Provider Parkway Mountain View, Ca 94043 Fax: 650-253-0001 Email: collections@google.com 30. Ningbo Orient Hongye Trade $1,693,531 Imp & Exp Inc Jilly Yang No.97 Wujia Road, Seduno Building, Hengtong Plaza, Haishu District, Ningbo Shanghai, 201103 China Phone: +86-2161031555 Fax: +86-2161031599 Email: jilly@orient-hongye.com SILVER AIRWAYS: Gets Extension to Access Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, issued its fifth interim order allowing Silver Airways, LLC and Seaborne Virgin Islands, Inc. to continue using cash collateral. The fifth interim order authorized the companies to use the cash collateral of secured lenders through March 21 in accordance with the approved budget. Secured lenders, including Brigade Agency Services, LLC, Argent Funding, LLC, and Volant SVI Funding, LLC were granted replacement liens on personal property of the companies junior and subordinate to the carve-out. As additional protection, secured lenders will be granted a superpriority administrative expense claim in the amount of any diminution in the value of their cash collateral. A final hearing is scheduled for March 20. Brigade can be reached through its counsel: Frank P. Terzo, Esq., Nelson Mullins Riley & Scarborough, LLP 100 S.E. 3rd Avenue, Suite 2700 Fort Lauderdale, FL 33394 Telephone: 954-764-7060 Fax: 954-761-8135 Email: frank.terzo@nelsonmullins.com Argent Funding and Volant can be reached through their counsel: Regina Stango Kelbon, Esq. Blank Rome, LLP 1201 N. Market Street, Suite 800 Wilmington, DE 19801 Phone: +1.302.425.6400 Fax: +1.302.425.6464 Email: regina.kelbon@blankrome.com About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. The Debtors are represented by: Brian P. Hall, Esq. Tel: 404-815-3537 Email: bhall@sgrlaw.com ===================================== T R I N I D A D A N D T O B A G O ===================================== GUARDIAN MEDIA: Incurs $11.6 Million Loss for 2024 -------------------------------------------------- Trinidad Express reports that Guardian Media Ltd recorded a total comprehensive loss of $11.6 million for the year ended December 31, 2024, deepening the $11.2 million loss reported in 2023. In the fourth quarter of 2024, GML reported a total comprehensive loss of $1.4 million, continuing a streak of four consecutive quarters of losses, according to Trinidad Express. GML's audited results for the year ended December 31, 2024 were posted by the Trinidad and Tobago Stock Exchange, the report notes. "The challenges we faced in 2023 with shrinking advertising budgets and digital market disruptions continued in 2024. Management worked diligently during the year to navigate the changing local market environment. We have revised our multi-media revenue models, streamlined business operations and functions, managed controllable costs and reduced workplace inefficiencies to achieve delivery of enhanced shareholder value," GML's chairman Peter Clarke stated, the report says. GML's revenue for the year totaled $97.9 million, a decline of $1.4 million compared to 2023, the report recalls. Clarke stated that despite the challenges faced by the industry, GML's business transformation plan helped soften the blow, the report notes. As a result, Clarke said that the board had approved a final ordinary dividend of four cents per share, the report discloses. There was no dividend in 2023, the report recalls. "Preference shareholders will receive a final dividend of 3%. Dividends will be paid on June 16, 2025," Clarke stated, the report notes. Guardian Media is the media arm of the ANSA McAL conglomerate, the report discloses. It includes the T&T Guardian newspaper, CNC3 television, the Big Board Company, and several radio stations, including Vice CT 105, the report adds. ============= U R U G U A Y ============= URUGUAY: Rocked by US$300 Million in Cattle Fraud Claims -------------------------------------------------------- Ken Parks at Bloomberg News reports that Uruguay, a nation known for its love of red meat, is facing one of its biggest-ever retail investor fraud cases, with companies peddling cattle investments accused of bilking savers out of hundreds of millions of dollars. Beef is a major industry in Uruguay, whose national identity is tied to ranching and bountiful weekend barbecues, according to Bloomberg News. For a quarter of a century, a handful of firms leveraged the sector's prestige to collect nearly US$500 million from patrons in return for stakes in cattle ventures, Bloomberg News says. Now about US$300 million belonging to nearly 6,000 investors is missing after a trio of companies went into court-appointed receivership or sought to restructure amid a massive shortfall in assets, Bloomberg News notes. Many investors who thought they had purchased cows discovered they own few if any animals in their name, Bloomberg News says. Conexion Ganadera, the largest casualty, "probably began as a viable project. At some point it started to lose money. Liquidity became its main problem," outside accountant Ricardo Giovio said in a webcast with investors, Bloomberg News discloses. "It ended as a Ponzi scheme." Lawyers representing Conexixn Ganadera's founding partners and the other two companies, Republica Ganadera and Grupo Larrarte, said their clients wouldn't comment on the fraud accusations at this time, Bloomberg News relays. Most of the investors are urban, middle-class Uruguayans for whom the countryside was synonymous with prosperity and stability, said Maria Laura Capalbo, a partner at legal firm Bragard and chair of the national bar association, Bloomberg News says. "This is a social crisis. There are people who put all their money in these companies," said Capalbo, whose firm represents some of the investors, Bloomberg News notes. US dollar returns that at times topped 10 percent a year combined with the image of respectability and business acumen cultivated by the companies' founders enticed entire families and circles of friends in a country where word-of-mouth recommendations still carry weight, Bloomberg News discloses. The result is a black eye for a sector that manages almost 12 million cattle, leading to calls for greater regulation to protect investors, Bloomberg News says. Oscar Spalter, a cardiologist with a specialisation in lifestyle medicine, is one of about 4,200 investors in Conexion Ganadera, Bloomberg News relays. Between 2021 and last year, he sunk more than half of his savings into six- and 24-month contracts that promised seven percent and nine percent annual returns, respectively, Bloomberg News notes. In the process, he became a registered cattle owner, complete with a government assigned symbol for branding his cows, Bloomberg News discloses. But while investors like him were putting in money with what they thought were guarantees of a safe return, the industry was sinking deeper into trouble, Bloomberg News relays. The brutal 2022-23 drought cost the farm sector more than US$1.7 billion, while cattle investment companies were leasing grazing land at a steep premium, Bloomberg News relays. The post-pandemic surge in global interest rates also dented their appeal, Bloomberg News says. Conexion Ganadera's external accountant said on January 28 that it owed about US$384 million to investors but had only US$158 million in assets, Bloomberg News relates. After coming to terms with the anger and sadness that followed that revelation, Spalter volunteered to help a small group of fellow victims deal with their trauma, Bloomberg News says. "What happened in the past is in the hands of the lawyers," he said, notes the report. "We have to look to the future. We don't have to make ourselves ill, even though they took a big part of our money." For generations, ranchers, cattle brokers and banks provided the credit that made ranching a linchpin of the economy, Bloomberg News relays. Cattle investment companies started tapping retail investors as a new funding source after devastating outbreaks of foot-and-mouth disease and a banking crisis in the early 2000s, Bloomberg News recalls. As export markets reopened once the disease was eradicated, the steep depreciation of Uruguay's currency and cheap land made ranching a lucrative business. Uruguayans traumatised by bank failures were also looking to park their money outside the traditional financial sector, Bloomberg News notes. The Carrasco and Basso families founded Conexion Ganadera in 1999 as a vehicle to channel the savings of urbanites to credit-starved ranchers, Bloomberg News discloses. The company managed just a couple of thousand animals during its first 15 years of operations, but in the mid-2010s growth exploded with the firm overseeing almost 125,000 cattle in recent years, according to a company document, Bloomberg News says. Competitors piled into the business as the global commodities boom stoked demand for beef, Bloomberg News relays. The three firms that went bust paid fixed interest rates in an activity subject to the whims of nature and gyrations in global meat prices, Bloomberg News notes. The consistency of those payouts puzzled ranchers who wondered if they had discovered a bulletproof business model that others had missed, Bloomberg News discloses. The aggressive marketing of cattle investments structured like regulated bonds or certificates of deposit led to at least 11 probes by the central bank since 2018, Bloomberg News recalls. Those investigations led the monetary authority to order several companies, including Republica Ganadera, to cease advertising certain products or to stop collecting money from the public, Bloomberg News notes. The central bank also warned investors that cattle contracts fell outside of its purview, Bloomberg News relates. Grupo Larrarte was the first to fold when it entered receivership last October after a scathing television documentary that included testimonials of investors who said they were defrauded, Bloomberg News notes. The company has a $12.3 million shortfall between assets and liabilities, newspaper El Pais reported, citing a report prepared by the court-appointed receiver, Bloomberg News discloses. Founder Jairo Larrarte said in an email sent through his lawyer that he expects to submit a restructuring plan to creditors soon, Bloomberg News relays. Republica Ganadera requested protection from creditors to restructure its business in November, which it blamed on drought and the panic caused by the Grupo Larrarte report, Bloomberg News notes. The company's approximately 1,450 investors were missing about $70 million and most of their cattle, according to company documents reviewed by Bloomberg. In February, the courts ordered Conexion Ganadera and several related companies into receivership and slapped a $250 million asset freeze on members of the Carrasco and Basso families, Bloomberg News relates. In coming months the courts, the debtors and dozens of lawyers representing creditors will decide whether to restructure the firms or proceed with their liquidation to repay investors with a steep haircut, Bloomberg News discloses. The bankruptcy process is separate from ongoing criminal investigations by public prosecutors, Bloomberg News says. Meanwhile, the biological clock is ticking on thousands of cattle that need to be counted and cared for if victims hope to recover any meaningful sums of money, Bloomberg News notes. The authorities should consider regulating investment products like those at the heart of today's crisis to protect retail investors, said Pablo Rosselli, a partner at consulting and economic research firm Exante, Bloomberg News adds. "These were companies that captured public savings with financial instruments that looked a lot like debt securities," he said, notes the report. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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