250710.mbx

250710.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, July 10, 2025, Vol. 26, No. 137 Headlines A R G E N T I N A BLOCKFI INC: Gets Court OK to Abandon Remaining Clients, Biz Data EDEMSA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable YPF SA: Investors See Way for Milei to End Fight Over Firm D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Secures Agricultural Export Deal With Bahamas J A M A I C A JAMAICA: Economy Grew 1.1% in First Quarter of 2025 M E X I C O ASCEND PERFORMANCE: Gibson Dunn & Howley Revise Rule 2019 Statement P U E R T O R I C O AMERILIFE HOLDINGS: Cliffwater Marks $10.8MM Loan at 35% Off V E N E Z U E L A CITGO PETROLEUM: Gold Reserve Emerges as Top Bidder - - - - - ================= A R G E N T I N A ================= BLOCKFI INC: Gets Court OK to Abandon Remaining Clients, Biz Data ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that BlockFi Inc., the former cryptocurrency lender, has been granted court permission to dispose of its remaining corporate and customer data during its bankruptcy wind-down, despite pushback from a concerned customer. In a July 1, 2025 ruling, U.S. Bankruptcy Judge Michael B. Kaplan of the District of New Jersey said the data no longer holds substantial value and would impose additional costs on the estate if preserved. "Maintaining the Data Inventory would require hiring a data custodian and ensuring secure storage," the judge noted. About BlockFi Inc. BlockFi Inc. says it's building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP, as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. EDEMSA: S&P Assigns 'B-' LongTerm ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'B-' long-term issuer credit rating to Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA or the company) and its 'B-' issue rating to EDEMSA's proposed notes. S&P's ratings are capped at the level of its transfer and convertibility (T&C) assessment for Argentina. S&P said, "The outlook on EDEMSA is stable, mirroring that on Argentina, and captures our expectation that the company will maintain stable cash flow in the next 12 months, due to the quarterly inflation adjustments applicable to the Province of Mendoza's (B-/Stable) electricity rate. In our base-case scenario, we anticipate relatively stable credit metrics, with funds from operations (FFO) to debt of 16%-18% in 2025 and around 20% in 2026 and 2027. We also expect FFO cash interest coverage to remain between 3x and 4x and liquidity to remain adequate, with cash sources-over-uses significantly above 1.1x in the next 12 months Country risk overshadows EDEMSA's business model." EDEMSA intends to issue $300 million senior unsecured notes. The company will use the proceeds to finance capital expenditures (capex) to improve its distribution network and repay its outstanding notes in the local market, extending its maturity profile and improving its liquidity position. S&P said, "Our ratings on EDEMSA capture our view of the risky jurisdiction in which it operates, given that all of its business is in Argentina, a jurisdiction that we see as highly volatile. Partially offsetting this weakness is the company's regulatory framework, which we view more positively from a credit perspective than that of its main peer, Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR; B-/Stable/--), because it allows EDEMSA to timely recover operating expenses and investments with rate adjustments that follow domestic inflation. "Since the last integral rate review (RTI) was implemented in 2023, these adjustments have been applied quarterly when inflation in the quarter exceeded 7%. We expect this will also be the case in 2025, considering our average inflation forecast of 42% for Argentina. Electricity rates in Mendoza are reviewed every five years, so the next RTI for the company will be in 2028, and at this stage, we do not anticipate changes in this dynamic. Overall, the track record of the tariff reviews is more robust than in other distribution companies in Argentina, given that there were practically no interferences, evidenced in the stable margins of the company along the past 7 years. "Our business risk assessment also contemplates EDEMSA's relatively low scale, lack of diversification, and weak operating efficiency, although we expect the latter to improve in the upcoming years. The company is exposed to a single service territory, as its concession area is limited to the western part of the Province of Mendoza, Argentina. "EDEMSA's energy losses increased from 14.8% of energy purchases in 2019 to 16.8% in 2024, primarily due to non-technical issues and, to a lesser extent, theft. Furthermore, EDEMSA's service quality deficiencies resulted in penalties of about $20 million per year. Nevertheless, we expect EDEMSA's capex plan to improve its service quality efficiency before the next RTI, reducing energy losses to below 15% and annual penalties to about $15 million. "We expect EDEMSA to slowly reduce leverage in the upcoming years, driven by solid cash flow generation. The company intends to issue $300 million senior unsecured notes to partially fund capex in the next five years and to repay debt maturities of about $80 million in the next three years. The total cost of the capex plan, which is not mandatory, is estimated at about $350 million. "Our base-case scenario anticipates FFO to debt will be 16%-18% in 2025 and increase to around 20% in 2026 and 2027, as rate adjustments are respected, and margins gradually improve as a result of decreasing energy losses and penalties for service quality deficiencies. We also expect the company to sustain FFO cash interest coverage between 3.5x and 4.5x in the next two years and ample liquidity levels. "As of Mar. 31, 2025, the company's cash and short-term investments totaled about $164 million. In addition, we expect cash FFO to be between $100 million and $120 million in the next 12 months. These inflows, along with the $300 million debt issuance, will be more than sufficient to cover EDEMSA's debt maturities of $22 million and planned investments of $60 million-$80 million in 2025. "We cap our ratings on EDEMSA at the level of our 'B-' T&C assessment for Argentina. Although the company's 'b' SACP is above our T&C assessment on Argentina, we believe that under a sovereign stress scenario, EDEMSA could experience restrictions to access, convert, and transfer money abroad, which is essential for companies to service their financial obligations, particularly in U.S. dollars. "The stable outlook on EDEMSA mirrors that on Argentina. Under a sovereign stress scenario, the company could experience restrictions to access, convert, and transfer money abroad. However, we expect the company to maintain stable cash flow in the next 12 months, owing to timely rate adjustments, which should result in FFO to debt of 16%-18% and FFO cash interest coverage of around 4x. "We could downgrade EDEMSA in the next 12 months if the Argentine central bank reimposes restrictions on accessing foreign currency, which we don't anticipate at this stage. Although unlikely, we could lower the company's SACP due to an unforeseen regulatory decision to freeze rate adjustments, which could lead to a downward revision of EDEMSA's business and financial risk assessments. "We could raise our ratings on the company in the following 12 months if we perceive Argentina's T&C risks have diminished. To consider an upward revision of EDEMSA's SACP, we would look for FFO to debt and FFO cash interest coverage consistently above 20% and 4x, respectively, which we currently consider unlikely." YPF SA: Investors See Way for Milei to End Fight Over Firm ---------------------------------------------------------- Manuela Tobias & Kevin Simauchi at Bloomberg News reports that some investors see a silver lining for Javier Milei in a $16 billion US court judgment targeting Argentina's main oil producer. Milei, they sense, now has no choice but to negotiate a settlement over the future of state-run YPF SA with Burford Capital, a litigation firm representing minority shareholders affected by the nationalisation of the company in 2012, relays Bloomberg News. And although any deal is certain to be painful for Argentina in the short-term, Milei has the chance to win over investors he needs to attract to his country by providing the sort of certainty they've long craved, according to Bloomberg News. A US court ordered Argentina's cash-strapped government to give up its controlling stake in YPF to help satisfy a US$16-billion court judgment, Bloomberg News notes. Still short on foreign reserves and expected to make more than US$4 billion in payments to international bondholders, Argentina can't afford to pay, Bloomberg News relays. Milei needs congressional approval to hand over the shares, the report notes. And the President who has refused to negotiate with Burford since taking office in 2023 plans to appeal the ruling, his spokesman Manuel Adorni said on social media, Bloomberg News discloses. Argentine assets, including sovereign bonds and the peso, lost value in the wake of the ruling, Bloomberg News relays. New York-traded shares of YPF saw its biggest single-day drop since April and failed to recoup those losses since then, the report relays. Meanwhile, Burford's shares soared after the order before paring gains, Bloomberg News notes. Argentina's eagerness to return to capital markets by 2026 may provide a major incentive for talks, Bloomberg News notes. Government officials told fixed-income investors earlier this year that they want to wait until yields on sovereign bonds edge below 10 percent before exploring a global debt sale, Bloomberg News says. The legal conundrum has threatened those aims because uncertainty around it risks affecting how much Argentina would have to pay to borrow money abroad, Bloomberg News relays. There are no shortage of risks associated with negotiations especially given Argentina's need to shore up foreign reserves to meet the terms of its latest deal with the International Monetary Fund, but it could also provide another change for Milei to score a victory, Bloomberg News notes. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Additionally, Fitch has affirmed YPF's outstanding senior unsecured notes at 'CCC' with Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) remains 'b', and its ratings are aligned with Fitch's "Government Related Entities Criteria," reflecting government ownership and strategic importance. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Secures Agricultural Export Deal With Bahamas ----------------------------------------------------------------- Dominican Today reports that the Dominican Republic has achieved a major breakthrough in trade relations with The Bahamas, securing access for six Dominican agricultural products—bitter orange, pineapple, lime, avocado, banana, and plantain—into the Bahamian market for the first time. This milestone, announced by the Dominican Embassy in Jamaica (also accredited to The Bahamas), follows nearly two years of joint sanitary inspections, regulatory alignment, and diplomatic coordination, according to Dominican Today. The approval was granted by The Bahamas Agricultural Health and Food Safety Authority (BAHFSA), with strong support from the Dominican Ministries of Agriculture and Foreign Affairs, the report notes. The effort was led by Ambassador Angie Martínez, who has actively worked to strengthen bilateral ties since becoming the first Dominican envoy to The Bahamas in 2023, the report relays. This development builds on the recent launch of Dominican egg exports to The Bahamas and forms part of a broader strategy to position the Dominican Republic as a competitive and reliable supplier in the Caribbean, the report discloses. The embassy is also working on gaining approval for over 80 more Dominican products, including fruits, vegetables, meats, dairy, seafood, and processed goods, the report notes. The Bahamas, with a high demand for food imports and a growing tourism industry, is seen as a key market, 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: Economy Grew 1.1% in First Quarter of 2025 --------------------------------------------------- RJR News reports that Jamaica's economy grew by 1.1% in the first three months of 2025 when compared with the similar period last year. According to the Statistical Institute of Jamaica (STATIN), the increase was mainly driven by a 2% rise in goods production and a 0.8% increase in services, the report notes. Goods accounted for 30% of the economy, while services make up the other 70%, according to RJR News. In the goods sector, agriculture grew by 3.1%, manufacturing 1.7%, construction increased by 1.4%, mining and quarrying went up 0.7%, the report relays. In the services sector, information and communications saw the biggest jump, up 6.4%, transport, storage and communication 1.9%, public administration and defence grew 1.3%, the report discloses. Accommodation and food services and finance and insurance went up 1.2%. Electricity, water and waste management increased 1.1%, the report notes. But not all categories saw gains, the report says. Real estate and renting dipped 0.4%, while wholesale and retail trade fell by 0.8%, the report relays. In the meantime, STATIN says the base year being used to adjust for inflation in nominal GDP is now 2015 rather than 2007, the report recalls. It says this provides a greater degree of accuracy related to real GDP, the report notes. Nominal GDP refers to GDP before adjustment for the increase in consumer and producer prices, 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 =========== ASCEND PERFORMANCE: Gibson Dunn & Howley Revise Rule 2019 Statement ------------------------------------------------------------------- In the Chapter 11 cases of Ascend Performance Materials Holdings Inc. and affiliates, the Ad Hoc Group filed a second amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. On or around September 2024, the Ad Hoc Group was formed and retained attorneys currently affiliated with Gibson, Dunn & Crutcher LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations of the Debtors. Subsequently, in March 2025, Gibson Dunn contacted Howley Law PLLC to serve as Texas co-counsel to the Ad Hoc Group. Gibson Dunn and Howley do not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Gibson Dunn and Howley do not represent the Ad Hoc Group as a "committee" (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. Each member of the Ad Hoc Group does not represent the interests of, nor act as a fiduciary for, any person or entity other than itself in connection with the Debtors' chapter 11 cases. The Ad Hoc Group Members' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Apex Credit Partners, LLC 520 Madison Ave, 12th Floor New York, NY 10022 * Super Priority First Lien Term Loans ($1,367,266.25) * First Lien Term Loans ($10,089,233.31) 2. ArrowMark Colorado Holdings LLC, on behalf of certain funds and accounts it manages or advises 100 Fillmore Street, Suite 325 Denver, Colorado 80206 * Super Priority First Lien Term Loans ($124,141.45) * First Lien Term Loans ($2,748,167.10) 3. Bank of America N.A., solely with respect to its US Distressed & Special Situations Group NC1-028-19-06, 150 N College St Charlotte, NC 28255 * Super Priority First Lien Term Loans ($183,678.09) * First Lien Term Loans ($384,882.85) 4. Blue Owl Liquid Credit Advisors LLC 1 Greenwich Plaza, Suite C, 2nd Floor Greenwich, CT 06830 * Super Priority First Lien Term Loans ($424,187.69) * First Lien Term Loans ($3,130,135.41) 5. Elmwood Asset Management LLC 575 5th Avenue, 34th Floor New York, NY 10017 * Super Priority First Lien Term Loans ($13,943,668.52) * First Lien Term Loans ($32,365,028.87) 6. Invesco Senior Secured Management, Inc., on behalf of certain funds and accounts it manages or advises 225 Liberty Street New York, NY 10281 * Super Priority First Lien Term Loans ($39,335,450.73) * First Lien Term Loans ($83,343,579.13) 7. MJX Asset Management LLC 12 East 49th Street, 38th Floor New York, New Yo * Super Priority First Lien Term Loans ($27,405,257.93) * First Lien Term Loans ($61,668,548.66) 8. Nuveen Asset Management, LLC 8625 Andrew Carnegie Blvd. Charlotte, NC 28262 * Super Priority First Lien Term Loans ($38,593,459.43) * First Lien Term Loans ($87,418,993.05) 9. ORIX Advisors, LLC (d/b/a SIGNAL PEAK CAPITAL MANAGEMENT) 2001 Ross Avenue, Suite 1900 Dallas, TX 75201 * Super Priority First Lien Term Loans ($352,614.55) * First Lien Term Loans ($7,805,963.87) 10. Saranac CLO VIII Limited 1540 Broadway, Suite 1630 New York, NY 10036 * First Lien Term Loans ($1,994,805.19) 11. Silver Point Capital, L.P., as Investment Manager on behalf of certain affiliated Funds 2 Greenwich Plaza, Suite 1 Greenwich CT, 06830 * Super Priority First Lien Term Loans ($235,972,620.20) * First Lien Term Loans ($557,246,211.00) 12. Strategic Value Capital Solutions II MF LP 100 West Putnam Avenue Greenwich, CT 06830 * First Lien Term Loans ($1,094,512.00) 13. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised,controlled, or represented by Sycamore Tree Capital Partners, LP 2101 Cedar Springs Road, Suite 1250 Dallas, TX 75201 * Super Priority First Lien Term Loans ($101,374.02) * First Lien Term Loans ($748,051.95) 14. UBS Asset Management 11 Madison Avenue New York, NY 10010 * Super Priority First Lien Term Loans ($60,947,238.07) * First Lien Term Loans ($141,361,574.24) 15. Voya Investment Management LLC 7337 E. Doubletree Ranch Road Scottsdale, Arizona 85258 * Super Priority First Lien Term Loans ($5,309,121.27) * First Lien Term Loans ($14,080,004.56) 26. Western Alliance Bank One East Washington St, Suite 1400 One East Washington St, Suite 1400 * Super Priority First Lien Term Loans ($436,329.84) * First Lien Term Loans ($9,659,201.63) Attorneys for the Ad Hoc Group of Term Lenders: Tom A. Howley Esq. Eric Terry, Esq. HOWLEY LAW PLLC 700 Louisiana Street, Suite 4545 Houston, TX 77002 Telephone: 713-333-9125 Email: tom@howley-law.com eric@howley-law.com Scott J. Greenberg, Esq. Jason Zachary Goldstein, Esq. Tommy Scheffer, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, New York 10166 Telephone: 212-351-4000 Email: sgreenberg@gibsondunn.com jgoldstein@gibsondunn.com tscheffer@gibsondunn.com -and- AnnElyse Scarlett Gains, Esq. GIBSON, DUNN & CRUTCHER 1700 M Street N.W. Washington, D.C. 20036-3504 Telephone: 202-955-8500 Email: agains@gibsondunn.com About Ascend Performance Materials Ascend Performance Materials Holdings Inc., together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. The Debtors filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90127) on April 21, 2025, with $1 billion to $10 billion in assets and liabilities. Robert Del Genio, chief restructuring officer, signed the petitions. Judge Christopher M. Lopez presides over the case. The Debtors tapped Bracewell LLP as co-bankruptcy counsel; KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP as restructuring counsel; PJT Partners, Inc. as investment banker; and FTI Consulting, Inc. as restructuring advisor. ===================== P U E R T O R I C O ===================== AMERILIFE HOLDINGS: Cliffwater Marks $10.8MM Loan at 35% Off ------------------------------------------------------------ Cliffwater Corporate Lending Fund (CCLFX) has marked its $10,835,324 loan extended to AmeriLife Holdings, LLC to market at $7,038,964 or 65% of the outstanding amount, according to CCLFX's Form N-CSR for the fiscal year ended March 31, 2025, filed with the U.S. Securities and Exchange Commission. CCLFX is a participant in a Delayed Draw Loan to AmeriLife Holdings, LLC. The loan accrues interest at a rate of 9.26% per annum. The loan matures on August 31, 2029. CCLFX is a Delaware statutory trust registered under the Investment Company Act of 1940, as a closed-end management investment company operating as an interval fund. The Fund operates under an Agreement and Declaration of Trust, as most recently amended and restated on September 15, 2021. The Fund operates as a diversified fund, which means that at least 75% of the value of its total assets is represented by cash and cash items, government securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of the Fund and to not more than 10% of the outstanding voting securities of such issuer. Cliffwater LLC serves as the investment adviser of the Fund. CCLFX is led by Stephen Nesbitt, President and Principal Executive Officer, and Lance J. Johnson as Principal Financial Officer. The Fund can be reach through: Stephen Nesbitt Cliffwater Corporate Lending Fund 235 West Galena Street Milwaukee, WI 53212 Telephone: (414) 299-2000 About AmeriLife Holdings, LLC AmeriLife is a national insurance marketing organization (IMO), acting as the primary intermediary in the distribution of health, life and retirement insurance products across the US and Puerto Rico, primarily to the senior market. The company markets and distributes life and health insurance products on behalf of various partner insurance carriers. The company operates through a national distribution network of over 300,000 insurance agents and brokers via more than 48 marketing organizations, and over 45 insurance agency locations. AmeriLife reported GAAP revenues of $339 million in 2020. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Gold Reserve Emerges as Top Bidder --------------------------------------------------- globalinsolvency.com, citing WSJ Pro Bankruptcy, reports that a court-appointed special master recommended a nearly $7.4 billion bid from Venezuela creditor Gold Reserve for the country's state-owned oil refiner Citgo Petroleum, roughly double the prior leading offer. Robert Pincus, the special master overseeing the forced sale of Venezuela's stake in Citgo, said in court papers filed that the bid from Gold Reserve's Dalinar Energy is the highest and best offer, according to globalinsolvency.com. About Citgo Petroleum Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) Fitch Ratings, in early October 2024, affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with a Stable Outlook and the IDR of CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch also affirmed Opco's existing senior secured notes and industrial revenue bonds at 'BB'/'RR1'. S&P Global Ratings, in June 2022, affirmed its 'B-' long-term issuer credit ratings on CITGO Holding Inc. and core subsidiary CITGO Petroleum Corp. ********* 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 * * *