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       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, May 22, 2025, Vol. 26, No. 102

                           Headlines



A R G E N T I N A

ARGENTINA: 2 Minimum Wages Now Cover Eight Days of Family Expenses


B R A Z I L

GOL LINHAS: Secures $1.9B Exit Financing in Chapter 11


C O S T A   R I C A

COSTA RICA: Achieved Remarkable Economic Progress, IMF Says


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: 85% of Basic Food Basket is Locally Grown


J A M A I C A

JAMAICA: BOJ to Take Another J$15 Billion Out of Circulation


T R I N I D A D   A N D   T O B A G O

CINEMAONE LTD : Narrows Losses, Prepares For Blockbuster Summer
NATIONAL INVESTMENT: Portfolio Declines by $1 Billion

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A R G E N T I N A
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ARGENTINA: 2 Minimum Wages Now Cover Eight Days of Family Expenses
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Buenos Aires Times reports that a family needed a daily 75,505.86
pesos in March in order to meet its essential expenses, according
to a new study from the CESyAC (Centro de Educación, Servicios y
Asesoramiento al Consumidor) consumer studies centre.

The data, which takes into account the cost of living in the City
of Buenos Aires, contemplate 21,750.54 pesos for items of mass
consumption (canned food, meat, cleaning products, fruit and
vegetables and beverages) and 53,755.32 pesos to contract basic
services for the household (rent and taxes, personal services and
transport), according to Buenos Aires Times.

The minimum wage increase, passing from 296,832 pesos in March to
302,600 in April (an increase of 5,768 pesos), covers little over
seven percent of daily needs, the report notes.  In total, the
income suffices to finance goods and services for eight days of the
month, the report relays.

This loss of purchasing power for a wage used as the basis for
defining the minimum monthly remuneration to be received by
workers, pensions, family and unemployment benefits and alimony is
increasingly evident: in February, as an article in Perfil
explains, two minimum wages permitted a family to meet the expenses
for eight and a half days while March's barely made it to seven,
the report discloses.

The cumulative inflation between January and March, according to
the latest official data available, was 8.6 percent while the
minimum wage rose 5.5 percent from January to April, the report
says.  This income had increased 3.5 percent for March (the most
recent month measured), the report relays.

Between April, 2024 to last month the minimum wage passed from
221,052 to 302,600 pesos, representing an increase of 36.8 percent,
19 percentage points below the interannual increases in prices last
March (55.9 percent), the last available measurement, the report
notes.  According to a report by UBA Buenos Aires University's
Economic Faculty, the minimum wage plunged 2.1 percent in March,
steeper than that registered for February (when it was 0.4
percent), the report relays.

The summons of the National Wage Council to agree on a new sum
failed yet again, prompting the government to act unilaterally as
it did last year, establishing not only the increase for April but
also the minimum wages for May (308,200 pesos), June (313,400
pesos), July (317,800 pesos) and August (322,000 pesos), the report
relays.

All these numbers are way below the trade union demands of a
minimum wage of 644,165 pesos for April and 657,703 for May while
the business sector offered 301,500  and 306,500 pesos for those
same months, the report discloses.  With the sum requested by their
fellow-workers, a family could cover their primary spending for 17
days, which, while continuing to be insufficient, is at least an
advance on current capacity, the report notes.

For March this year the total basic shopping-basket as measured by
the INDEC national statistics bureau for a family of four – and
which does not take expenses like rent into consideration –
climbed to 1,100,267 pesos while the basic food shopping-basket was
495,616 pesos, the report relays.  Taking these numbers into
account, the minimum wage will cover 28 percent of the total basic
shopping-basket and 61 percent of the food shopping-basket,
although with March consumer data, the report discloses.

Taking the same comparative basis, the minimum wage (234,315.12
pesos) in May last year covered 30.1 percent of the total basic
shopping-basket and 65.4 percent of the food shopping-basket, the
report notes.  This month the purchasing power will fall two
percentage points when compared to the former and 4.4 points
compared to the latter, the report relays.

The minimum wage is also used as the basis to measure what the
father in a separated couple should pay the adult responsible for
the child each month; in most cases when no income can be
demonstrated, half the minimum wage is established, the report
notes.  This sum, calculated on the basis of the April updating
(151,300 pesos) sufficed to cover 31.1 percent of the basic
expenses of a child aged between one and three and 29.4 between six
and 12 years, the report discloses.

For the same month last year, CESyAC had calculated a family's
daily spending at 35,722.53 pesos, the report relays.  Two minimum
wages then covered the spending for 13 days – almost double the
calculation today, the report adds.

                        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
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) -- with an approved immediate
disbursement of an equivalent of US$9.65 billion.  Argentina's
IMF-supported program sought to improve public finances and start
to reduce persistent high inflation through a multi-pronged
strategy.

On April 11, 2025, the IMF further 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.

Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'.  The upgrade reflects the launch of a new IMF
program, among other things.  S&P Global Ratings, in February 2025,
lowered its local currency sovereign credit ratings on Argentina to
'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from
'raB+'.  Moody's Ratings, in January 2025, raised Argentina's local
currency ceiling to B3 from Caa1 and the foreign currency ceiling
to Caa1 from Caa3.  DBRS, Inc. upgraded Argentina's Long-Term
Foreign and Local Currency Issuer Ratings to B (low) from CCC in
November 2024.




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B R A Z I L
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GOL LINHAS: Secures $1.9B Exit Financing in Chapter 11
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GOL Linhas Aereas Inteligentes S.A., one of the leading airlines in
Brazil, announced on May 16, 2025, that it has successfully secured
binding commitments for US$1.90 billion in exit debt financing in
connection with the Chapter 11 cases initiated by the Company and
its subsidiaries, pursuant to the U.S. Bankruptcy Code, in the U.S.
Bankruptcy Court for the Southern District of New York.

During the last six months, GOL has conducted a widely marketed
process. Following the Bankruptcy Court's approval of the Company's
backstop agreement with Castlelake, L.P. and Elliott Investment
Management, L.P., pursuant to which the Anchor Investors made
commitments to purchase up to $1.25 billion of the Company's exit
financing, the Company reached a settlement agreement with an ad
hoc group of holders of 8.00% Senior Secured Notes due 2026 issued
by Gol Finance (Luxembourg), pursuant to which the members of the
Ad Hoc Group made commitments to purchase $125 million of the
Company's $1.9 billion of exit financing notes.

GOL needed to secure US$ 495.5 million in additional commitments to
complete the Exit Financing and ultimately received commitments for
US$ 796.9 million. Due to this demand, GOL reduced the interest
rate of the Exit Financing from 14.625% to 14.375%. Moreover, the
Company requested that the Ad Hoc Group agree to reduce its
previously disclosed commitment of US$125 million by US$75 million,
increasing the total amount available to other investors to US$
570.5 million. The Ad Hoc Group also agreed to reduce its US$ 10
million "Work Fee" to US$ 4.0 million.

Pursuant to the Exit Financing commitment letters, the
participating investors obligated themselves to purchase US$ 1.90
billion (excluding fees and costs paid) in debt instruments to be
issued on the effective date of the restructuring plan in the
Chapter 11 Cases. Subject to the Court's confirmation of the Plan,
the Exit Financing will comprise:

-- US$ 1.250 billion provided by the Anchor Investors;

-- US$ 50 million provided by the Ad Hoc Group;

-- US$ 30 million in new money participation in the Company's 2026
Rights Offering; and

-- US$ 570 million in commitments by other investors.

The Exit Financing will be used to repay the obligations under the
debtor-in-possession financing entered into by the Company and its
subsidiaries in connection with entry into the Chapter 11 Cases and
to pay transaction costs. The financing will also enhance the
Company's liquidity position following its emergence from the
Chapter 11 Cases, providing working capital and other support for
business operations moving forward.

Advisors

In the context of its restructuring efforts, GOL is working with
Milbank LLP as legal advisor, Seabury Securities, LLC as investment
banker, lead placement agent for the US$ 1.9 billion exit notes,
financial advisor and sole restructuring advisor, BNP Paribas
Securities Corp. as bookrunner (B&D) and placement agent for the
exit notes, and AlixPartners, LLP as financial advisor. In
addition, Lefosse Advogados acts as GOL's Brazilian legal advisor.

                  About GOL Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircraft and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
program to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.

GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.

GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.

The Debtors tapped Milbank Llp as counsel, Seabury Securities LLC
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring Administration
LLC is the claims agent.



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C O S T A   R I C A
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COSTA RICA: Achieved Remarkable Economic Progress, IMF Says
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The Executive Board of the International Monetary Fund (IMF)
completed the Article IV Consultation for Costa Rica on May 12,
2025.

Costa Rica has achieved remarkable economic progress due to its
very strong fundamentals, policies, and policy frameworks. GDP
growth has averaged above 5 percent per year since 2021, inflation
is rising toward the Banco Central de Costa Rica's (BCCR) target of
3 percent, public debt has fallen steadily to below 60 percent of
GDP, international reserves are at comfortable levels, and systemic
financial stability risks are contained.

Such factors are expected to support robust growth going forward
notwithstanding external headwinds. This year, growth is expected
to moderate to around potential (3 1/2 percent) and the current
account deficit is expected to increase slightly to 1.8 percent of
GDP, while the primary surplus is expected to rise to 1¼ percent
of GDP as fiscal consolidation continues. Inflation is expected to
return to the BCCR's target in 2026.

Risks to the growth outlook have tilted to the downside while those
for inflation are balanced. Weaker external demand, tighter global
financial conditions, and increased policy uncertainty could reduce
Costa Rica's exports, foreign direct investment (FDI) inflows, and
economic activity, but the country's strategic location, high-value
exports and economic diversification could drive continued strong
growth momentum. Upside risks to inflation include strong credit
growth and supply-side disruptions, but there are also downside
risks, especially if inflation expectations soften.

                  Executive Board Assessment

Executive Directors commended Costa Rica's remarkable economic
progress based on its very strong fundamentals, policies, and
policy frameworks. Directors welcomed the authorities' very strong
implementation of macroeconomic policies, wide‑ranging reforms in
the process of becoming an OECD member, the successful completion
of IMF‑supported programs, and a strategic focus on exports and
economic diversification. They praised the authorities' commitment
to continued prudent policies and structural reforms to maintain
resilience amid heightened external uncertainty.

Directors welcomed the sustained decline of public debt. They
stressed that the medium‑term fiscal consolidation is
appropriately paced but will require spending to be kept below the
ceiling permitted by the fiscal rule. Directors concurred that tax
reforms should aim to increase equity, efficiency, and the
revenue‑to‑GDP ratio. They stressed the importance of full
implementation of the public employment law by all public
institutions without delay. The disputed claim by the social
security system should also be resolved comprehensively, including
by clarifying the central government budget's responsibility,
coupled with improvements in the registries of beneficiaries and
the system's governance and accountability. Directors also
supported reforms to debt management to increase flexibility in
issuing external debt.

Directors commended BCCR's forward‑looking data‑dependent
approach to monetary policy, which has proven effective. They
concurred that there is scope to cut the policy rate if the
convergence of inflation to the BCCR's target weakens in the coming
months. They also underscored the importance of passing legislation
to further improve the BCCR's governance, transparency, and
accountability, and to institutionalize its de facto autonomy.
Directors recommended that the exchange rate should be allowed to
flexibly adjust to market conditions, limiting foreign exchange
intervention to addressing market volatility.

Directors stressed that indicators of financial soundness remain
comfortable, yet the resolution of small non‑bank financial
institutions last year highlights the importance of a very strong
supervisory and crisis management framework. They underscored the
importance of passing the proposed amendments to the bank
resolution and deposit insurance law. Directors also called for
close monitoring of risks related to the rise in FX lending.

Directors welcomed the authorities' efforts to advance
supply‑side reforms to help sustain Costa Rica's impressive
economic performance. Reducing skills mismatches, enhancing
infrastructure quality, and implementing legislation on
public‑private partnerships would further strengthen potential
growth. Better integrating climate considerations into public
investment decisions will make infrastructure more resilient
against natural disasters.




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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: 85% of Basic Food Basket is Locally Grown
-------------------------------------------------------------
Dominican Today reports that on the occasion of Farmer's Day, the
Administrative Minister of the Presidency, Andres Bautista,
emphasized that 85% of the products in the Dominican Republic's
basic food basket are of national origin.

This figure, he noted, highlights the strength of the country's
agricultural production system and its central role in ensuring
food security for the population, according to Dominican Today.

Bautista stressed that such a high level of self-sufficiency is
made possible by the tireless efforts of Dominican farmers, who
work each day to provide fresh and affordable food to families
across the nation, the report notes.

"Our producers' dedication is crucial for reducing dependence on
imports and maintaining the economic stability of rural
communities," he stated, the report relays.

The minister also reaffirmed the government's commitment under
President Luis Abinader to continue supporting the agricultural
sector through public policy, financing, technological innovation,
and infrastructure development, the report notes.

"Producing what we eat is key not only to food sovereignty,"
Bautista concluded, "but also to building resilience in the face of
global challenges," 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.

TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.




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J A M A I C A
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JAMAICA: BOJ to Take Another J$15 Billion Out of Circulation
------------------------------------------------------------
RJR News reports that the Bank of Jamaica says it will be seeking
to take another J$15 billion out of circulation to help stabilise
the exchange rate and contain inflation.

This follows the intervention in the foreign exchange market with
US$30 million, according to RJR News.

The bank also says investors will be presented with a Certificate
of Deposit at an interest rate of 6.25% per year, the report notes.


Some 750 million of the 15 billion dollars will be offered to
public sector investors, while private sector investors will have
to compete for the remaining $14.25 billion the report relays.

Interest paid on these deposits will be taxed at 25 per cent the
report adds.

                        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.  




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T R I N I D A D   A N D   T O B A G O
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CINEMAONE LTD : Narrows Losses, Prepares For Blockbuster Summer
---------------------------------------------------------------
Trinidad and Tobago Newsday reports that CINEMAONE Ltd has trimmed
its net losses for the six months ending March 31, with the company
reportedly focusing on tighter cost management amid a cautious
start to the global cinema exhibition year.

The entertainment group reported a net loss of $2 million, an
improvement from the $2.7 million loss recorded in the
corresponding period of 2024, according to Trinidad and Tobago
Newsday.

Revenue for the period slipped by seven per cent to $8.6 million,
compared to $9.2 million a year earlier, the report notes.

Chairman Brian Jahra reported that gross profit, however, held
steady at $5.7 million, owing to disciplined procurement practices
and efforts to contain operating expenses, the report relays.

Operating profit moved into positive territory at $.2 million,
reversing a $.1 million operating loss last year, the report
discloses.

Earnings before interest, taxes, depreciation and amortisation
(EBITDA) rose by nine per cent to $3.4 million, the report says.

The company's performance largely mirrored the wider industry's
mixed fortunes for the early part of the year, the report relays.

Jahra said tepid demand in North America and other international
markets slowed overall growth, with the US and Canada market
falling 13 per cent and the international market, excluding China,
down seven per cent compared to 2024, the report relays.

"Despite the slow start to the new year, some of which was expected
due to the lingering impact of the Hollywood strikes, the recovery
trajectory resumed in April with the first blockbuster of 2025 in
The Minecraft Movie and the Ryan Coogler breakout hit Sinners," the
report notes.

CinemaOne's management acknowledged the challenging climate but
expressed confidence in the market's trajectory heading into the
mid-year blockbuster season, the report relays.

Jahra said the company was actively streamlining operations to
navigate near-term pressures and position itself for the
anticipated upswing in cinema attendance, the report notes.

"The CINE1 Group is continuing to enhance operational efficiencies
earmarked to reduce costs as the company positions itself for what
the industry expects will be a robust summer blockbuster period,"
Jahra said, the report says.

He said that, for the first time in several years, the holiday
season – which in the film exhibition market typically begins in
May – would benefit from a packed schedule of major studio
releases, the report discloses.  Among the high-profile titles set
to reach local screens are Mission Impossible: Dead Reckoning, John
Wick: Ballerina, Jurassic World Rebirth, Disney's Lilo and Stitch
and Fantastic Four, alongside Warner Bros' highly anticipated
Superman reboot, the report relays.

The film slate arrives after a slow start to 2025, which saw few
breakout titles. Market momentum returned in April with the debut
of The Minecraft Movie and Ryan Coogler's Sinners, both of which
posted strong international numbers and helped reignite audience
interest ahead of the summer cycle, the report notes.

The group's total assets stood at $127.8 million at the end of
March, slightly higher than the $127.6 million recorded at the end
of September, the report relays.

Total equity declined to $15.6 million, down from $17.6 million six
months earlier, primarily owing to accumulated losses and a
dividend-in-kind distribution, the report discloses.

Looking ahead, the company said it would maintain a focus on
operational discipline while positioning itself to capitalise on
the expected surge in cinema attendance driven by a packed line-up
of major studio blockbusters, the report says.

CinemaOne did not provide individual title performance figures for
its screens during the period. However, its financial statements
suggest that, while revenue dipped, effective cost controls allowed
the company to contain losses and improve operational
profitability, the report relays.

The company said it intends to build on these gains as the global
box office moves further toward recovery, the report adds.


NATIONAL INVESTMENT: Portfolio Declines by $1 Billion
-----------------------------------------------------
Trinidad Express reports that the National Investment Fund Holding
Company Limited (NIF1) has recorded a decline in the portfolio's
value from $7.9 billion at inception to $6.9 billion as of March
31, 2025.

However, the entity says it continues to demonstrate financial
stability and investor confidence, with robust performance across
its bond issuances and investment portfolio, according to Trinidad
Express.

According to the unaudited financial statement posted to the
Trinidad and Tobago Stock Exchange, the decline is noted as an
unrealised downward movement, and the company maintains a healthy
coverage ratio of 1.8:1, the report relays.

In the chairman's statement, chairperson Jennifer Lutchman noted,
"Importantly, since its establishment bondholder confidence remains
high, with cumulative trading activity on the Trinidad and Tobago
Stock Exchange amounting to approximately $342 million," the report
discloses.

Established in May 2018, NIF1 has maintained a well-balanced
investment portfolio that underpins its initial bond
offerings—Series A, B, and C, the report relays.  In July 2023,
buoyed by favourable market conditions, the company successfully
launched a fourth bond, Series D, valued at $1.2 billion, the
report notes.

To date, NIF1 has honoured 13 semi-annual coupon payments,
amounting to $1.3 billion for Series A, B, and C bonds and $129
million for the Series D bond, the report says.

The next round of coupon payments is scheduled for July 26 for
series D and August 9 for series B and C, the report relays.

In response to growing demand for NIF bonds, the company's board
approved a second bond issuance in February 2024, valued at $400
million and backed by a 4% shareholding in Republic Financial
Holdings Ltd (RFHL), the report notes.  This second offering,
referred to as NIF2, carries a coverage ratio of 1.85:1, the report
discloses.

Since its issuance, NIF2 has made two semi-annual payments
totalling $18.0 million, with a third payment scheduled for August
9, 2025, the report relays.

For the first quarter of 2025, NIF1 and NIF2 reported a combined
total income of $32.1 million, comprising $27 million in dividend
income and $4.2 million in interest income, the report adds.



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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
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