250613.mbx

250613.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 Friday, June 13, 2025, Vol. 26, No. 118 Headlines A R G E N T I N A ARGENTINA: Launches $2BB Repurchase Agreement to Boost Reserves B R A Z I L GOL LINHAS: Exits Chapter 11 With $1.9 Billion Secured Financing GOL LINHAS: Gol Investments Buys Co.'s Material Shareholding JBS SA: To Debut on NY Stock Exchange, Cementing Global Status C O L O M B I A GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: US Firms Eye Investment Opportunities J A M A I C A JAMAICA: Net International Reserves Dips in May [] JAMAICA: Banks Still Struggling to Meet ATM Operation Standards M E X I C O LEISURE INVESTMENTS: Cooley & Landis File Rule 2019 Statement - - - - - ================= A R G E N T I N A ================= ARGENTINA: Launches $2BB Repurchase Agreement to Boost Reserves --------------------------------------------------------------- Jorge Otaloa of Reuters reports Argentina's central bank rolled out a broad package of economic measures on June 9 to boost reserves, including a repurchase agreement, or repo, of up to $2 billion. The move comes ahead of an expected review with the International Monetary Fund of the country's recently signed $20 billion loan agreement. Argentina agreed with the IMF to strengthen its net foreign exchange reserves by $4.4 billion by the first review of the program, and has said it will not purchase dollars locally to do so. By last December, those reserves were in the red, Reuters cites. The central bank was to hold a dollar repo auction with international banks on June 11, the central bank said, following a $1 billion operation in December, as part of efforts to reinforce international reserves. The measures are included in President Javier Milei's 'Phase 3' economic plan, which includes easing monetary controls, floating the peso, and cleaning up the central bank's balance sheet, Reuters notes. The central bank also said the market will now determine the interest rate, instead of the authority fixing a monetary policy rate. "This reorganization consolidates a more conventional monetary aggregates control framework, eliminating the notion of a 'monetary policy interest rate' typical of schemes such as inflation targeting," the central bank said. "Instead, the interest rate will be determined endogenously by the market, in line with a regime centered on monetary aggregates." The monetary authority did not immediately provide more detail on the benchmark rate, which had been set at 29%, Reuters cites. The measures add to a recently issued $1 billion bond, further boosting reserves. In April, Argentina scrapped a crawling peg and let the peso float in a range between 1,000 and 1,400 pesos per dollar, while also undoing capital controls which restricted access to dollars, Reuters 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. =========== B R A Z I L =========== GOL LINHAS: Exits Chapter 11 With $1.9 Billion Secured Financing ---------------------------------------------------------------- GOL Linhas Aereas Inteligentes S.A., a leading Brazilian airline, announced that it has successfully completed the financial restructuring of the Company and its subsidiaries in accordance with the Chapter 11 of the U.S. Bankruptcy Code, and has emerged from the process overseen by the United States Bankruptcy Court for the Southern District of New York. "Over its more than 20 years of history, GOL -- Latin America's original low-cost carrier -- has transformed the Latin American airline market. With our financial restructuring process now complete, we are ready to continue driving forward on our purpose of 'Being First for All," said Celso Ferrer, Chief Executive Officer. "Today, we are significantly stronger. We have rationalized our fleet, optimized our costs, redesigned our network, enhanced our operational focus, and driven management efficiencies which --supported by solid customer preference, robust demand, and a five-year plan that will bring more investments in customer experience as well as new routes-- will allow us to continue to drive success. We look forward to capitalizing on the opportunities we see ahead for GOL." "Thanks to the hard work of hundreds of people, we have achieved what we set out to accomplish when we first entered this process last year," Mr. Ferrer continued. "I thank our employees, customers, lessors and financial stakeholders -- especially Abra, our largest shareholder -- for their support throughout this process, which has been instrumental in helping us succeed." As GOL enters its next phase, the Company is well-positioned to continue expanding its position as a leading airline serving Latin America, built on its: -- Strengthened financial position: Having secured US$ 1.9 billion in exit financing during the court-supervised process and repaying its DIP maturity in full, GOL is now moving forward with a strong liquidity position of approximately US$ 900M, significantly reduced leverage of 5.4x, and projected net leverage below 3x by year-end 2027. With a meaningfully strengthened balance sheet, GOL is well-positioned to invest in continued enhancements to the customer experience and further network expansion. -- Leading loyalty program: Smiles, GOL's loyalty platform, celebrated 30 years of a solid journey in 2024. The business unit reached 24 million customers and achieved the highest revenue in its history, totaling 5.3 billion reais. -- Strong market position and best-in-class On-Time Performance: In 2024, GOL was the most on-time airline in Brazil and served 30 million passengers across 65 domestic destinations and 16 international destinations. -- Growing network supported by strong global partnerships: GOL is well-positioned to deploy its rebuilt capacity both domestically and internationally by leveraging its significant presence in key Brazilian hubs. In particular, its strategic global partnerships allow for adding new service profitably to new or underserved domestic and international routes. -- Abra support: The renewed commitment of Abra Group, one of the leading airline groups in Latin America -with investments in Avianca, GOL, and Wamos- provides significant know-how, financial support, and operational and financial synergies. Cooperation with other Abra airlines will allow GOL to provide customers with enhanced connectivity, new and innovative product offerings, and increased frequent flyer program opportunities and benefits. -- Logistics Operation: GOLLOG -- GOL's logistics unit and market share leader with a 36% share -- surpassed, for the first time in its history, R$ 1 billion in annual revenue, achieving a 32% growth compared to 2023. -- Overhauled, all-Boeing 737 fleet: In 2024, GOL overhauled over 50 engines and remains on track to have all aircraft in the air by the first quarter of 2026. The Company also continues to grow its capacity, with delivery of five Boeing 737 MAX expected in 2025. Pursuant to the powers delegated to the Company's Board of Directors by the Extraordinary General Meeting of Shareholders held on May 30, 2025, in connection with the Company's capital increase through the capitalization of credits approved by the General Meeting, the Board of Directors, at a meeting held on the date hereof, verified the amount of such credits in local currency and determined that the Capitalization amounts to BRL 12,029,337,733.91, comprising the issuance by the Company of 8,193,921,300,487 common shares and 968,821,806,468 preferred shares. -- In accordance with the Law No. 6,404, of December 15, 1976, the Company's shareholders are entitled to preemptive rights in the subscription of shares under the Capitalization, pursuant to Article 171, paragraph 2, of Brazilian Corporations Law. Further information on the Capitalization, including the terms, procedures and conditions for the exercise of Preemptive Rights by the Company's shareholders, is disclosed and available in the notice to shareholders disclosed by the Company on the date hereof, in compliance with applicable laws and regulations. -- As a result of the Capitalization, Abra Group Limited controls the Company and now holds, directly or indirectly, approximately 80% of GOL's common and preferred stock (subject to variation that may result from the exercise of Preemptive Rights by other shareholders, if applicable). -- Due to the implementation of the Preemptive Rights, under the terms and conditions of the Capitalization, as of June 12, 2025, the Company's shares will, in addition to being traded "ex-Preemptive Rights", also be traded on the Brazilian Stock Exchange under a new quotation factor (BRL per 1,000 shares), a new standard trading lot (1,000 shares), new tickers, and new ISIN codes, as detailed below: - GOLL53 -- Common Shares - ISIN: BRGOLLA01OR8 - GOLL54 -- Preferred Shares - ISIN: BRGOLLA01PR5 - The current tickers GOLL3 and GOLL4 will be automatically converted into GOLL53 and GOLL54, respectively, both adopting a quotation factor and standard trading lot of 1,000 shares. - The trading with the Preemptive Rights on B3, which will begin on June 12, 2025, will also follow a standard trading lot of 1,000 rights, with the quotation factor being BRL per lot of 1,000 rights. - The Company's subscription warrants, which trade under on B3 the ticker GOLL13, will be automatically converted into GOLL80 (ISIN BRGOLLN04PR2) starting June 12, 2025. Such warrants will then be traded in lots of 1,000, with a quotation factor of R$ per lot of 1,000 warrants. The terms and conditions for exercising the subscription warrants remain applicable as established in the Board of Directors' meeting that approved the respective issuance. In addition, the Board of Directors approved, on the date hereof, the dissolution of the Company's Special Independent Committee, deeming that its duties have been fully fulfilled. The Company also notes that, on the date hereof, Mr. Ricardo Constantino and Mr. Paul Stewart Aronzon resigned from their position in the Company's Board of Directors, and Mr. Manuel José Irarrázaval Aldunate was appointed as member of the Board of Directors. Due to the resignation of Mr. Ricardo Constantino, Mr. Antonio Kandir was appointed as the new Vice President of the Board of Directors. Advisors In the context of its restructuring efforts, GOL worked with Milbank LLP as legal advisor, Seabury Securities, LLC as investment banker, lead placement agent for the US$ 1.9 billion exit notes, and financial 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 acted as GOL's Brazilian legal advisor. Abra worked with Wachtell, Lipton, Rosen & Katz as legal counsel and Rothschild & Co as financial advisor in connection with the restructuring. In addition, Pinheiro Guimarães served as Abra's Brazilian counsel and Slaughter & May as Abra's English counsel. 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 Debtors' claims agent. GOL LINHAS: Gol Investments Buys Co.'s Material Shareholding ------------------------------------------------------------ Carolina Pulice of Bloomberg Law reports that Gol Investment is entirely owned by New GOL Parent (NGP), according to a regulatory filing. The filing further notes that Abra Group Limited holds approximately 80.20% of NGP's total and voting share capital, either directly or indirectly. "Based on the common and preferred shares held by Gol Investment, Abra Group holds, directly and/or indirectly, 80.21% of the company's total common shares," the document states. Gol is seeking to expand internationally to reduce its dependence on the Brazilian market following its Chapter 11 filing, Bloomberg Law reports. 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 Debtors' claims agent. JBS SA: To Debut on NY Stock Exchange, Cementing Global Status -------------------------------------------------------------- Jim Eadie at swineweb.com reports that Brazilian meat giant JBS S.A. is set to make its long-awaited debut on the New York Stock Exchange (NYSE), a move that further solidifies its position as one of the most dominant players in the global protein market—including pork. This historic listing follows years of regulatory hurdles, political scrutiny, and environmental pushback, according to swineweb.com. Despite bipartisan opposition in the U.S. - including renewed criticism from Senator Elizabeth Warren citing ethical concerns - JBS has now successfully executed a dual listing strategy, trading on both Brazil's B3 exchange (via depositary receipts) and the NYSE, the report notes. Effect on Pork Value Chain As one of the largest pork processors globally, JBS's expanded access to U.S. capital markets could have significant ripple effects across the pork value chain, the report relays. The company operates over 250 production facilities across 17 countries, employing 280,000 people and distributing to more than 180 countries, the report discloses. Their U.S. pork operations are a key part of the JBS portfolio, particularly through Swift and other vertically integrated brands, the report says. The IPO is expected to "unlock shareholder value" and increase investment flexibility - a move that may lead to further expansion or acquisitions in the swine space, the report relays. JBS's listing has not come without controversy. U.S. lawmakers and environmental groups have raised concerns related to labor practices, antitrust behavior, and past corruption cases, the report discloses. Despite this, the U.S. Securities and Exchange Commission (SEC) gave the green light, prompting criticism from opponents who view the move as politically influenced, the report says. Still, from a business standpoint, the listing marks a major milestone for JBS and the broader meat industry, with potential implications for market pricing, international trade, and supply chain dynamics - particularly in pork-producing regions, the report relays. JBS joins a growing list of global meat producers expanding their footprint in U.S. financial markets, the report discloses. The move signals confidence in long-term protein demand and positions the company to tap into a broader base of investors - many of whom are watching how JBS navigates sustainability, regulatory expectations, and evolving consumer preferences, the report adds. About JBS SA JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. =============== C O L O M B I A =============== GRAN TIERRA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed Gran Tierra Energy Inc.'s (GTE) and Gran Tierra Energy International Holdings Ltd's (GTE International) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+'. The Rating Outlook is Stable. In addition, Fitch has affirmed the 2027 USD300 million senior unsecured notes and the 2029 USD588 million senior secured notes issued by GTE at 'B+' with a Recovery Rating of 'RR4'. GTE's ratings and Outlook reflect the company's adequate capital structure and low-cost operating profile, constrained by its small scale of operations. Fitch forecasts the company's gross production will reach an average of 50,000 barrels of oil equivalent per day (boe/d) by YE 2026, while maintaining proved developed producing (PDP) and proven reserves (1P) reserve life at 5.0 years and 9.0 years, respectively. Fitch estimates GTE's debt/1P should be at or below USD4/boe, and gross EBITDA leverage at or below 2.0x, over the rating horizon. Key Rating Drivers Small Scale: GTE ratings are limited by its production capacity, which Fitch expects to reach approximately 50,000 boe/d in 2025. This figure falls short of the 75,000 boe/d benchmark required for the 'BB' rating category. Following the acquisition of i3 Energy in 2024, GTE's PDP reserves increased to 82 million barrels of oil equivalent (mmboe) and its proved (1P) reserves to 167 mmboe, doubling the company's scale from the previous year. Fitch expects the reserve life indices (RLI) to remain around 5.0 years for PDP reserves and above 9.0 years for 1P reserves in the coming years. Additionally, leverage is expected to be at or below $8 per boe for total debt to PDP reserves and $4 per boe for total debt to 1P reserves, representing some of the lowest metrics among peers in the 'B' rating category. Geographic Diversification: Canada's operations contributed with 18,000 boed to GTE's production, enhancing the company's geographic footprint and cash flow profile in an investment-grade environment. This transaction diversified GTE's commodity mix, with natural gas now accounting for approximately 20% of its production, reducing its previous full dependency on oil. GTE's total production consists of 64% from South America and 36% from Canada. Low-Cost Production Profile: GTE is well positioned compared to peers with a half-cycle cost of production of USD25/boe in 2024. Fitch expects it to remain at or below this level over the next three years. GTE's increased production enhances the company's financial flexibility to absorb pricing shocks, as lower production costs allow it to sell at a deeper discount than peers. The rating case assumes GTE will sell at an average discount to Brent of USD11.0/bbl and an average discount to West Texas Intermediate (WTI) of USD3.0/bbl over the rated horizon. Adequate Capital Structure: Fitch projects that GTE's gross leverage will be at or below 2.5x in 2025, remaining at or below 2.0x over the rating horizon. Fitch also projects debt/1P will be at or below USD4/boe, assuming 1P replacement of 103%. Fitch's base case assumes that the 2025-2028 capex plan will be close to USD820 million and will be funded with internal cash flows. Annual FCF should average USD50 million in 2025. Peer Analysis GTE's credit and business profiles are comparable to other small independent oil producers in Colombia. The ratings of SierraCol Energy Limited (B+/Stable), Geopark Limited (B+/Stable) and Frontera Energy Corporation (B/Stable) are constrained to the 'B' category or below, given the inherent operational risk associated with the small scale and low diversification of their oil and gas production. Brava Energia S.A.'s (BB-/Stable) focus on gas and robust reserves makes are key differentiators compared to the independent producers in Colombia. GTE's production profile was in line with other 'B' rated oil exploration and production companies operating in Colombia. GTE's gross production averaged 34,700 boed in 2024, in line with Geopark's 34,000 boed, below SierraCol's 44,500 boed, and Frontera's 39,700 boed. GTE's 1P reserve life was 13.2 years for fiscal 2024, more than Frontera's 7.3 years, SierraCol's 6.5 years and Geopark's 5.2 years. Fitch expects GTE's production to increase to 50,000 boed by YE 2026 while maintaining its PDP reserve life at five years and 1P reserve life close to 10 years. GTE's half-cycle production was USD25/boe in 2024 and the full-cycle cost was USD37/boe. This is in line with SierraCol's half-cycle production cost of USD25/boe in 2024 but lower than its full-cycle cost of USD41/boe; Geopark is the lowest cost producer in Colombia at USD21/bbl and USD36/bbl, respectively. GTE, SierraCol and Geopark have low leverage. Fitch expects GTE's 2025 leverage to be 2.3x, its total debt to PDP to be USD9/boe and total debt to 1P to be USD4/boe in fiscal 2025. Key Assumptions - Colombia and Ecuador liquids linked to Fitch's Brent price deck of USD65/bbl in 2025-2027 and 60/bbl in 2028; - Canada liquids linked to Fitch's WTI price deck of USD60/bbl in 2025-2027 and 57/bbl in 2028; - Natural gas prices linked to Fitch's price deck for Henry Hub of USD3.25/mcf in 2025, USD3.00/mcf in 2026 and USD60/bbl in 2027 and 2028; - Average daily gross production of 50,500 boed in 2025-2028; - Average USD11/bbl discount to Brent and USD3/bbl discount to WTI over 2025-2028; - Average royalties of USD10/bbl in 2025-2028; - Average lifting cost at USD15/boe in 2025-2028; - Transportation cost of USD2/boe over the rating horizon; - SG&A cost of USD3/boe over the rating horizon; - Capex of USD220 million in 2025 and USD200 million yearly over 2026-2028; - No dividends over the rating horizon; - 1P Reserve Replacement of 103%. Recovery Analysis The recovery analysis assumes that GTE would be a going concern (GC) in bankruptcy and that it would be reorganized rather than liquidated. GC Approach: - A 10% administrative claim. - The GC EBITDA is estimated at USD323 million. The GC EBITDA estimate, excluding the acquisition, reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the valuation of GTE. - Enterprise value multiple of 4.0x. With these assumptions, Fitch's waterfall generated recovery computation (WGRC) for the senior secured notes is in the 'RR1' band and the senior unsecured notes are in the 'RR3' band. However, according to Fitch's Country-Specific Treatment of Recovery Ratings Criteria, the Recovery Rating for corporate issuers in Colombia is capped at 'RR4'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustainable production size declines to below 45,000boed; - 1P reserve life declines to below seven years on a sustained basis; - A significant deterioration of credit metrics to total debt/EBITDA of 3.0x or more; - A persistently weak oil and gas pricing environment that impairs the long-term value of its reserve base; - Sustained deterioration in liquidity and operating profile, particularly in conjunction with more aggressive dividend distributions than previously anticipated. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net production rising consistently to 75,000 boed on a sustained basis while maintaining 1P reserves reserve life of at least 10 years, consistently; - Maintenance of a conservative financial profile with gross leverage of 2.5x or below; Liquidity and Debt Structure GTE reported USD77 million in cash and equivalents as of March 2025, with access to an additional USD111 million in undrawn credit facilities. The company paid USD24 million in 1Q25 toward its 2025 unsecured senior notes and has no remaining maturities for the rest of the year. GTE's debt maturity profile is well-balanced over the coming years, with scheduled amortizations of USD184 million in 2026, USD61 million in 2027, USD221 million in 2028, and USD294 million in 2029. The rating case assumes that GTE will maintain positive FCF from 2025 through 2028. Issuer Profile GTE is an independent oil and gas producer with assets in Colombia, Ecuador, and Canada. In South America, Gran Tierra's blocks are situated in the Middle Magdalena, Llanos, and Putumayo basins. 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 GTE and GTE International have an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of policies designed to limit the greenhouse gas (GHG) emissions from the production of oil and gas and potentially lessening demand, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. 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 Prior ----------- ------ -------- ----- Gran Tierra Energy Inc. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ senior unsecured LT B+ Affirmed RR4 B+ senior secured LT B+ Affirmed RR4 B+ Gran Tierra Energy International Holdings Ltd. LT IDR B+ Affirmed B+ LC LT IDR B+ Affirmed B+ =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: US Firms Eye Investment Opportunities --------------------------------------------------------- Dominican Today reports that the Dominican Republic is becoming a strategic hub for global manufacturing as companies reevaluate supply chains, according to a recent CNN report. Driven by the need for stability, lower costs, and proximity to the U.S., firms are increasingly turning to the island nation for production, the report notes. One notable example is World Emblem, the world's top producer of textile patches, which plans to relocate 30–35% of its operations to the Dominican Republic, according to Dominican Today. CEO Randy Carr announced the construction of a 9,000-square-meter facility, highlighting expected savings from the country's free trade zones and competitive labor market—particularly in light of U.S. tariffs on goods from Mexico and China, the report relays. Beyond its booming tourism sector, manufacturing in the Dominican Republic is now one of the fastest-growing areas for foreign investment, signaling a broader shift in the country's economic profile, 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. ============= J A M A I C A ============= JAMAICA: Net International Reserves Dips in May ----------------------------------------------- RJR News reports that Jamaica's net international reserves (NIR), which measure the difference between its foreign assets and foreign liabilities, dipped by $59.1 million to $5.8 billion in May from $5.85 million in April. This was mainly due to a foreign foreign assets from $5.9 billion in April to $5.84 billion in May, according to RJR News. The country's foreign liabilities held firm at $41.6 million. These reserves can purchase 48.38 weeks of goods imports, compared with 48.86 weeks in April, 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. [] JAMAICA: Banks Still Struggling to Meet ATM Operation Standards ------------------------------------------------------------------ RJR News reports that Deputy BOJ Governor Dr. Jide Lewis says commercial banks are still struggling to have the country's 878 ATMs functioning 95% of the time or for 22 hours and 48 minutes each day, as is required by the central bank. He says banks are also experiencing challenges in having ATMs in urban areas resuming operations within an hour after they go down, according to RJR News. The required period for functionality to be restored to ATMs in rural areas is within three hours after a breakdown, the report notes. Dr. Lewis notes that compliance with the ATM standards has been a long-standing challenge, as the regulations related to the uptime for ATMs has only been met once during the 13-month period, January 2024 to March 2025, 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. =========== M E X I C O =========== LEISURE INVESTMENTS: Cooley & Landis File Rule 2019 Statement ------------------------------------------------------------- The law firms of Cooley LLP and Landis Rath & Cobb LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Leisure Investments Holdings LLC and affiliates, the firms represent Directors and Shareholders. John Olson, Donna Kassewitz, Stafford Burrowes, and Michael Wood (the "Individual Shareholders") collectively own approximately 57.5% of the membership interests of TDC Leisure Holdings, LLC ("Holdings"). John Olson, Scott Olson, Donna Kassewitz, Stafford Burrowes, and Michael Wood (collectively, the "Individual Parent Directors/Shareholders") hold five of seven Manager seats on the board of managers of Holdings (the "Holdings Board"). Cooley and Landis Rath represent only the Individual Parent Directors/Shareholders in their individual capacities, and do not represent or purport to represent any entities or individuals other than the Individual Parent Directors/Shareholders in connection with these chapter 11 cases. Pursuant to that certain Limited Liability Company Agreement, dated as of March 14, 2022, by and among Holdings and certain members thereto setting forth the governance of Holdings (as amended and restated by that certain Amended and Restated Limited Liability Company Agreement, dated as of June 27, 2022, the "LLC Agreement") and that certain Action by Written Consent of the Board of Managers of TDC Leisure Holdings LLC, dated as of March 29, 2025, each Individual Parent Director/Shareholder holds claims against the Debtors arising out of obligations to reimburse each Individual Parent Director/Shareholder for certain fees, costs or expenses, including for (a) certain reasonable out-of-pocket costs and expenses incurred by the Individual Parent Directors/Shareholders in connection with his or her duties as managers that were preapproved by the Holdings Board and (b) certain reasonable out-of-pocket fees, costs, and expenses incurred by the Individual Parent Directors/Shareholders in connection with the operation of the Holding's business, including but not limited to in connection with "any proceeding with respect to the bankruptcy, reorganization, insolvency, dissolution or liquidation of [Holdings] or any Subsidiary" (collectively, the "Reimbursement Obligations"). Cooley and Landis Rath do not own, nor have they ever owned, any claims against the Debtors. The Directors/Shareholders' disclosable economic interests held in relation to the Debtors are: 1. John Olson * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. Additionally, Mr. John Olson has a claim related to a prepetition loan provided by Mr. Olson to the Debtors, in the approximate amount of $1,800,000. 2. Scott Olson * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 3. Donna Kassewitz * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 4. Stafford Burrowes * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. 5. Michael Wood * Each of the Individual Parent Directors/Shareholders has claims related to the Reimbursement Obligations. Counsel to the Individual Parent Directors/Shareholders: LANDIS RATH & COBB LLP Adam G. Landis, Esq. Matthew B. McGuire, Esq. Katherine S. Dute, Esq. 919 Market Street, Suite 1800 Wilmington, Delaware 19801 Telephone: (302) 467-4400 Facsimile: (302) 467-4450 Email: landis@lrclaw.com mcguire@lrclaw.com dute@lrclaw.com -- and -- COOLEY LLP Michael S. Neumeister, Esq. Teresa Michaud, Esq. 355 S. Grand Avenue Suite 900 Los Angeles, CA 90071 Telephone: (213) 561-3250 Email: mneumeister@cooley.com tmichaud@cooley.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. ********* 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 * * *