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250430.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 Wednesday, April 30, 2025, Vol. 26, No. 86 Headlines A R G E N T I N A ARGENTINA: Bausili Says Peso Will Float Freely, But Not Now ARGENTINA: Economic Activity Grows 5.7% in February B R A Z I L AZUL SA: Creditors to be Asked for Capital to Back Equity Raise C H I L E WOM SA: Exits Bankruptcy; Names Bannister as CEO, Ramos as Chairman WOM SA: S&P Suspends 'D' Long-Term Issuer Credit Rating J A M A I C A JAMAICA: BoJ Accepts 140 Offers for J$14BB Certificate of Deposit P A R A G U A Y PARAGUAY: Mercosur Shields Country From Trump Tariff Pain U R U G U A Y FUCEREP: S&P Affirms 'CCC+' ICR, Outlook Negative - - - - - ================= A R G E N T I N A ================= ARGENTINA: Bausili Says Peso Will Float Freely, But Not Now ----------------------------------------------------------- Buenos Aires Times reports that Argentina's peso will be allowed to float freely but that step is not now and will "come in time," says Central Bank Santiago Bausili. Speaking during an event hosted by the International Monetary Fund (IMF) in Washington on April 23, on the sidelines of the multilateral lender's annual spring meetings, Bausili warned that setting a date for the landmark could spark "anxiety" or "uncertainty," according to Buenos Aires Times. Speaking to a packed room, Bausili outlined the challenges posed by President Javier Milei's economic adjustment programme. "Argentina had run out of options," he said at the IMF, explaining that the Central Bank had been "constantly printing money for two reasons: to finance the Treasury and to pay interest on its own liabilities," notes the report. There was a need to make the peso more attractive, the report says. Rather than relying on the traditional approach - "raising rates and telling people to hold onto the currency because by the end of the cycle they'll be wealthier and earn interest" - the Central Bank took "a very aggressive stance." The Central Bank moved interest rates "into negative territory in real terms, which was risky, but we trusted in our strong capital controls and believed the scarcity strategy would be more appealing," Bausili, as cited by Buenos Aires Times, explained. Negative interest rates are designed to encourage investors and companies to invest rather than hoard capital, Buenos Aires Times states. "We began designing the programme with one very strong assumption: we have no credibility. It doesn't matter who's in charge, who designed the programme or who's saying what - zero credibility. And credibility is an extremely powerful political tool," Buenos Aires Times quotes Bausili as saying. Under Milei, Argentina has entered a new phase of its adjustment plan, said the governor. "We're calling it phase three. It's like the iPhone," Bausili joked, Buenos Aires Times relays. According to Buenos Aires Times, Argentina has strong backing for its economic stabilisation plan: it has already received US$12 billion from the IMF, the first tranche of a US$20-billion loan. Including fresh pledged support from the World Bank and the Inter-American Development Bank, the total rises to US$42 billion. Argentina already owes the IMF US$44 billion from a previous programme. This injection of fresh funds is intended to help stabilise the peso and support the ongoing decline in inflation - down from 211 percent year-on-year at the end of 2023 to 59 percent at present, Buenos Aires Times relates. In return, Milei's government has scrapped many of the currency controls in place since 2019, Buenos Aires Times states. It has also introduced a new floating exchange rate scheme for the dollar, within a band ranging from 1,000 to 1,400 pesos. These limits will be adjusted at a monthly rate of one percent. "When will it float freely? It will come in time. There's no further phase for free exchange. There's no next step that will provoke anxiety or uncertainty," Bausili promised, according to the report. "We still have restrictions because imbalances remain." Because "if you don't have credibility . . . you should only take a step forward once you're absolutely certain," he concluded, says the report. Buenos Aires Times notes that Bausili made his remarks during a conversation with Rodrigo Valdes, the IMF's director for Latin America and the Caribbean - a figure who has been heavily criticised by Milei. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a new 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota). The IMF Executive Board's decision allowed the authorities an immediate disbursement of an equivalent of US$9.65 billion in March 2022. Argentina's IMF-supported program seeks to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy, involving a gradual elimination of monetary financing of the fiscal deficit and enhancements in the monetary policy framework. On April 11, 2025, the International Monetary Fund (IMF) approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. On Feb. 17, 2025, S&P Global Ratings lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. At the same time, S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings on Argentina. The outlook on the long-term foreign currency rating remains stable. On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Moody's said the decision to raise the local and foreign currency ceilings reflects the increased predictability and the greater consistency in economic policy that has led to a rapid reduction in monetary and fiscal imbalances that were stoking very high inflation. On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects developments that have improved Fitch's confidence in the authorities' ability to make upcoming foreign-currency bond payments without seeking relief of some sort. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC on November 25, 2024. The trend on all ratings is Stable. ARGENTINA: Economic Activity Grows 5.7% in February --------------------------------------------------- Manuela Tobias and Ignacio Olivera Doll at Bloomberg News report that Argentina's economy grew more than expected in February, solidifying the country's bounceback under President Javier Milei a week after he clinched a US$20 billion deal with the International Monetary Fund. Economic activity rose 5.7 percent from the same month a year ago, compared with the median estimate of 5.5 percent, Bloomberg discloses citing government data published April 22. On the month, activity rose 0.8 percent after a 0.6 percent rise in January. The financial sector led year-on-year growth, while the social services sector shrank, Bloomberg relates. According to Bloomberg, South America's second-largest economy has been showing consistent signs of momentum after two quarters of contraction exacerbated by Milei's austerity policies in the first half of 2024. Between October and December, exports, government and consumer spending and capital expenditures led more-than-expected quarter-on-quarter growth. Annual inflation has cooled to 55.9 percent in March from 211 percent during Milei's first month in office, Bloomberg notes. The IMF granted Argentina a US$20-billion financing package on April 11, with $12 billion upfront that allowed them to lift crucial capital restrictions, the foremost impediment to the country's sustained growth. Bloomberg says the country also relaxed currency controls with limited impact on the currency's value, another attractive feat for investors eyeing the South American economy. Economists surveyed by the Central Bank in March estimate Argentina will grow five percent in 2025. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a new 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota). The IMF Executive Board's decision allowed the authorities an immediate disbursement of an equivalent of US$9.65 billion in March 2022. Argentina's IMF-supported program seeks to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy, involving a gradual elimination of monetary financing of the fiscal deficit and enhancements in the monetary policy framework. On April 11, 2025, the International Monetary Fund (IMF) approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. On Feb. 17, 2025, S&P Global Ratings lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. At the same time, S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings on Argentina. The outlook on the long-term foreign currency rating remains stable. On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Moody's said the decision to raise the local and foreign currency ceilings reflects the increased predictability and the greater consistency in economic policy that has led to a rapid reduction in monetary and fiscal imbalances that were stoking very high inflation. On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'. Argentina's upgrade to 'CCC' from 'CC' reflects developments that have improved Fitch's confidence in the authorities' ability to make upcoming foreign-currency bond payments without seeking relief of some sort. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC on November 25, 2024. The trend on all ratings is Stable. =========== B R A Z I L =========== AZUL SA: Creditors to be Asked for Capital to Back Equity Raise --------------------------------------------------------------- Bloomberg News reports that an investment bank has approached Azul SA creditors to drum up fresh capital to backstop an equity raise as part of the Brazilian airline's debt restructuring plan, according to people familiar with the matter. According to Bloomberg, PJT Partners has been calling the air carrier's existing bondholders to discuss options, said the people, who asked not to be named as the talks are private. Bloomberg says one possible structure, laid out in regulatory filing earlier this month, involves raising up to BRL900 million in debt instruments to be guaranteed by some credit and debit card receivables generated by its passenger airline business. About Azul S.A. Headquartered in Barueri near the City of Sao Paulo, Brazil, Azul S.A. is a Brazilian airline founded by David Neeleman in 2008. The company is the largest airline in Brazil by number of cities covered and departures, serving more than 160 destinations with an operating fleet of 168 aircraft and operating more than 900 flights daily. In the twelve months ended in June 2024, Azul generated BRL18.7 billion ($3.4 billion) in net revenue. As reported in the Troubled Company Reporter-Latin America in late March 2025, Moody's Ratings has affirmed Azul S.A.'s Caa2 corporate family rating. At the same time, Moody's downgraded to Caa3 from Caa1 the rating of the backed senior secured first lien notes due 2028 and to Caa3 from Caa2 rating of the backed senior secured notes of Azul Secured Finance LLP (Delaware) due 2029 and 2030. The Caa3 backed senior unsecured notes rating of Azul Investments LLP was affirmed. Moody's have also assigned a Caa1 rating to Azul Secured Finance LLP's backed super priority senior secured notes due 2030 and the exchanged backed first-lien senior secured notes due 2028, and a Caa3 rating to the exchanged backed senior secured notes due 2029 and 2030 that will be converted into a convertible instrument issued by Azul Secured Finance LLP (Delaware). The outlook for the issuers remain negative. On Feb. 3, 2025, Fitch Ratings upgraded Azul's Issuer Default Ratings to 'CCC' from 'RD' to reflect its post-restructuring risk profile. The Positive Outlook reflects expectations of Azul's credit profile strengthening in the short to medium term due to cash flow improvements and potential liquidity events from its restructuring plan. High leverage, limited financial flexibility and industry risks remain rating constraints. On Jan. 31, 2025, S&P Global Ratings raised its long-term issuer credit rating on Azul to 'CCC+' from 'SD' (selective default) and its national scale rating to 'brBB+' from 'SD'. S&P also affirmed its 'CCC-' issue rating on Azul's 2026 senior unsecured notes, for which the recovery rating remains '6', indicating S&P's expectation of minimal recovery (0%) in the event of a payment default. S&P said, "The positive outlook reflects our expectation that capacity growth and a strong yield environment will support sound EBITDA margins, reduce leverage below 5.0x, and improve funds from operations (FFO) to debt close to or above 10% by year-end 2025." ========= C H I L E ========= WOM SA: Exits Bankruptcy; Names Bannister as CEO, Ramos as Chairman ------------------------------------------------------------------- IndexBox Market Intelligence Platform reports that in a bold effort to revitalize its operations, Chile's mobile operator WOM has appointed Chris Bannister as CEO and Mauricio Ramos as Chairman. This leadership duo is tasked with steering the company out of financial distress after its recent exit from bankruptcy, the report, citing Bloomberg News, relates. Manny Pham of Developing Telecoms reported last month that Bannister announced in a LinkedIn post that WOM exited bankruptcy on March 22 after a year of negotiations. The company has now been acquired by its creditors, including BlackRock Inc., Moneda Asset Management SA, and Amundi SA, injecting $500 million in new investment and reducing the company's debt to $332 million. As part of the acquisition, Bannister has returned as CEO for the third time, while former Millicom chairman Mauricio Ramos has joined as chairman. Bannister and Ramos previously competed in the market when Bannister left WOM Chile in 2018 to establish WOM's operations in Colombia, recounts the report. Bannister returned as WOM Chile's CEO in October 2023 but departed after just seven months when shareholders chose not to extend his contract. His departure followed strategic disagreements, as WOM grappled with debt and underwent major restructuring efforts. Reflecting on the company's journey, Bannister stated: "The battle has been bruising and sometimes painful, but today WOM can move forward with a low level of debt, a healthy balance sheet, and control over its own destiny." The company's net debt-to-Ebitda ratio has improved significantly, now standing at less than three times, down from over five times prior to the Chapter 11 proceedings, notes the report. The financial restructuring aims to provide WOM with the stability needed to thrive in a challenging environment. Bannister added that WOM retains a 25% market share and claims to operate both the largest 5G network and the most extensive retail footprint in Chile. The operator now has 8 million subscribers, making it the country's second-largest by customer base, Developing Telecoms relates. In an interview with Bloomberg, Ramos clarified that he and Bannister have not been given a mandate to prepare the company for a quick sale, the report notes. Known for his unconventional marketing strategies, Bannister returns to WOM with a fresh perspective. "We need to grow a little," Bannister remarked, acknowledging that the company's previous branding approach may no longer resonate in Chile's evolving socio-political landscape, says the report. "Instead, the focus will shift towards collaboration with the government to restructure the industry and enhance profitability. Despite the challenges, WOM is committed to building one of Chile's largest 5G networks, a project that remains 20% incomplete. The leadership team emphasizes that WOM is not for sale, with a mandate to create a sustainable and successful "new WOM." As WOM embarks on this transformative journey, the expertise of its leadership team, including new board members like Claudio Munoz and Eugene Davis, will be crucial in navigating the competitive telecom landscape and achieving long-term success, adds the report. About WOM S.A. WOM is a Chilean telecommunications provider, focused on offering mobile voice, data, and broadband services, along with a rapidly expanding "Fiber to the Home" broadband offering, to consumers and businesses in Chile. Since the acquisition of Nextel Chile in 2015 through Novator Partners LLP's investment vehicle NC Telecom AS, WOM has expanded from having virtually no market share to establishing itself as the second-largest mobile network operator in Chile. WOM sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10628) on April 1, 2024. In the petition filed by Timothy O'Connoer, as independent director, the Debtor estimated assets and liabilities between $1 billion and $10 billion each. The Honorable Bankruptcy Judge Karen B. Owens oversees the case. The Debtors tapped White & Case, LLP as general bankruptcy counsel; Richards, Layton & Finger, P.A. as local bankruptcy counsel; Riveron Consulting, LLC, as financial advisor; and Rothschild & Co US Inc. as investment banker. Kroll Restructuring Administration, LLC, is the claims agent. WOM SA: S&P Suspends 'D' Long-Term Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings has suspended its 'D' long-term issuer credit rating on Wom S.A. This suspension is due to a lack of sufficient and timely information necessary to maintain its ratings, particularly regarding the new capital structure and business plan after the company's emergence from Chapter 11 proceedings on March 21, 2025. S&P said, "We will resume our surveillance and reinstate the ratings once the missing data is available and meets our standards for quantity, timeliness, and reliability. If our information requirements for surveillance are not fulfilled within a reasonable timeframe, we will withdraw the ratings." ============= J A M A I C A ============= JAMAICA: BoJ Accepts 140 Offers for J$14BB Certificate of Deposit ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica said investors submitted 158 offers valid at J$23.6 billion for the J$14 billion it wanted to take out of circulation with another fixed rate 30-day certificate of deposit. RJR News relates that the instrument is aimed at stabilising the dollar which has been under pressure since the global trade war started. The bank however said it accepted only 140 offers for the J$14 billion it wanted to take out of circulation, the report says. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =============== P A R A G U A Y =============== PARAGUAY: Mercosur Shields Country From Trump Tariff Pain --------------------------------------------------------- Bloomberg News reports membership in one of the world's most protectionist trade blocs will help shield Paraguay from the worst of near-term disruptions caused by US tariffs, the country's finance chief said in an interview. Amid escalating global trade tensions, Paraguay is seeking to deepen political and economic ties with neighbouring countries like Brazil and Argentina within the Mercosur customs union, which includes those nations and Uruguay, according to Bloomberg. "We are calling for more regional integration in South America if we are having problems up north," Bloomberg quotes Paraguay Finance Minister Carlos Fernandez as saying on the sidelines of the International Monetary Fund's spring meetings in Washington. If "we cannot trade anymore south to north, start trading south to south." According to Bloomberg, high trade barriers and fears about opening fragile manufacturing sectors to competition have long bogged down Mercosur's efforts to forge new partnerships, including a sweeping trade deal with the European Union that it finally reached in December after more than two decades of talks. But following Donald Trump's tariff announcements, Mercosur nations decided to relax some common external levies to provide flexibility to negotiate deals, or to retaliate, notes the report. The leader of its largest member, Brazil's Luiz Inacio Lula da Silva, has also renewed calls for expanded economic ties within Latin America to counteract Trump's trade war with China, Bloomberg says. Paraguay's US$45-billion economy is especially dependent on trade with neighbouring Argentina and Brazil, which combined bought 63 percent of its exports last year, Bloomberg says. While trade policy from the Trump administration creates a large degree of uncertainty, the country is more susceptible to what happens closer to home. "We are ready for whatever shock coming from abroad. We are living in a tough neighborhood surrounded by Argentina and Brazil," Fernandez said, notes Bloomberg News. "Given the trade relations and economic integration we have with them, the effects of volatility in those two countries are much more important than any volatility coming from the US." Bloomberg says Mercosur is expecting to reach a free-trade agreement with the United Arab Emirates by the end of 2025. And with a 10-percent tariff making Paraguayan beef exports less competitive in the United States, the country is also working to sell more to markets like Korea, Japan and Taiwan. Paraguay boasts one of the fastest-growing economies in the region since the pandemic, although about a fifth of its 6.1 million people live in poverty, Bloomberg notes. Despite rising risks to the global economy from Trump's trade war, the central bank revised this year's growth forecast to four percent, from 3.8 percent previously. According to Bloomberg, Paraguay won its first investment grade credit rating last year when Moody's raised the country to Baa3 from Ba1 with a positive outlook thanks to sound public finances and a growing economy. S&P Global Ratings and Fitch Ratings rate the country one notch below investment grade at BB+. Fernandez reaffirmed the government's goal of lowering the fiscal deficit to 1.9 percent of gross domestic product this year and to 1.5 percent by the end of 2026, Bloomberg relays. Bond investors are betting on further growth, fiscal consolidation and rating upgrades, says the report. In February, Paraguay sold US$1.2 billion in global bonds divided evenly between US dollar and local currency denominated securities. The issuance marked the second consecutive year Paraguay sold fixed-rate Guarani bonds on international debt markets. For the rest of 2025, the country will assess available financing sources in the domestic market instead of tapping the global market again, while being mindful of not competing with the private sector, Fernandez, as cited by Bloomberg, said. The country's dollar bonds have delivered investors a return of 0.5 percent this year, underperforming an average for emerging market peers, according to data compiled on a Bloomberg index. As reported in the Troubled Company Reporter-Latin America in January 2025, S&P Global Ratings, on Jan. 8, 2025, revised its outlook on its 'BB+' long-term foreign currency and local currency sovereign credit ratings on Paraguay to positive from stable. S&P also affirmed these ratings and its 'B' short-term sovereign credit ratings. The transfer and convertibility assessment remains 'BBB-'. ============= U R U G U A Y ============= FUCEREP: S&P Affirms 'CCC+' ICR, Outlook Negative ------------------------------------------------- On April 28, 2025, S&P Global Ratings affirmed its 'CCC+' global scale issuer credit ratings and 'uyB' national scale rating on Cooperativa de Ahorro y Credito Fucerep. The outlooks remain negative. Fucerep is still facing challenges to the viability of its operations. It continues to show negative results stemming from a high cost structure, a legacy portfolio of retail loans without payroll discounts (that it lent at lower interest rates for the associated risk), and still-elevated cost of risk despite recent actions to improve its risk. In this context, it has had difficulties in resuming credit growth without compromising its capital ratios. Regulatory capitalization metrics have gradually improved, driven by contraction in the loan portfolio in 2024 and 2023, a more conservative lending approach that aligns interest rates with associated risks, and reduced losses. As of December 2024, the capitalization ratio was 16.21%, from 14.6% in 2023 and 13. 2% in 2022, surpassing the minimum requirement of 12%. Fucerep's asset quality and credit loss trajectory will remain under pressure. S&P expects asset quality metrics to be weaker than the industry average, with nonperforming loans (loans more than 60 days past due) at 18%-20%, fully covered by reserves. This pressure owes to the company's legacy portfolio and its exposure to riskier segments, along with its challenges in improving collection mechanisms in its consumer portfolio without payroll discounts. The negative outlook reflects the challenges to Fucerep's business sustainability amid continued negative results. Because of these results, the company still faces risks of potential capital metric erosion and a reduction in funding sources. S&P said, "We could lower our ratings on Fucerep within the next six to 12 months if the company presents wider-than-expected losses that exceed the contributions from cooperative members, coupled with a reduction in funding sources. Such a scenario could lead to a decline in its regulatory capitalization metrics, which could exacerbate the risk of a regulatory intervention. "We could revise the outlook to stable if Fucerep improves its profitability and margins, along with enhancing its risk controls and collection mechanisms." ********* 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. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *