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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
Friday, September 5, 2025, Vol. 26, No. 178
Headlines
A R G E N T I N A
ARGENTINA: Again Tightens FX Rules for Banks as Peso Strengthens
B E R M U D A
BERMUDA: Inflation Eases Slightly as Health and Fuel Costs Climb
B R A Z I L
NEW FORTRESS: Extends ULCA Maturity, Converts to Facility
PETROLEO BRASILEIRO: S&P Rates Unit's Proposed Sr. Unsec Notes 'BB'
C O L O M B I A
COLOMBIA: Markets Defy Global Liquidity Squeeze as Peso Holds
P U E R T O R I C O
ASOCIACION HOSPITAL: Case Summary & 20 Top Unsecured Creditors
ASOCIACION HOSPITAL: Has Deal on Cash Collateral Access
ASOCIACION HOSPITAL: Seeks Chapter 11 Bankruptcy in Puerto Rico
T R I N I D A D A N D T O B A G O
NATIONAL PETROLEUM: Says Fuel Shortage in NP Stations Temporary
V E N E Z U E L A
CITGO PETROLEUM: Gold Reserve Fortifies $7.4BB bid in Contest
X X X X X X X X
LATAM: Foreign Investment in Caribbean on the Decline
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A R G E N T I N A
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ARGENTINA: Again Tightens FX Rules for Banks as Peso Strengthens
----------------------------------------------------------------
Ignacio Olivera Doll at Bloomberg News reports that Argentina
increased foreign-currency restrictions at commercial lenders yet
again, as President Javier Milei's government ramps up efforts to
support the peso and ease inflation ahead of midterm elections.
The Central Bank issued new rules in a bid to tighten oversight of
the foreign-exchange market and curb volatility, according to a
statement published on its website, notes Bloomberg News. The peso
strengthened as much as 1.4 percent before paring the advance to
almost 0.7 percent as of 11.45am local time, Bloomberg News
relates.
Effective immediately, banks can't increase their daily spot FX
position on the last business day of the month, compared with the
previous day's balance, Bloomberg News relays. The measure is
aimed at limiting end-of-month balance sheet maneuvers that could
amplify demand for dollars and add to pressure on the peso,
Bloomberg News discloses.
Starting December 1, lenders will also be required to comply with
the negative global net FX position limit on a daily basis, rather
than the monthly average used until now, Bloomberg News notes. The
change marks a shift toward stricter, day-to-day monitoring of bank
exposure to the currency market, Bloomberg News says.
The rule limits the ability of banks to purchase foreign currency
in the spot market on the same day their futures contracts mature,
underscoring the monetary authority's determination to curb dollar
demand during periods of financial stress, Bloomberg News relays.
Milei has been stepping up efforts to defend Argentina's currency
by tightening monetary policy, adding strain on the banking system
and the broader economy as he fights inflation, Bloomberg News
notes. The government rolled over all of its notes in a debt
auction, Bloomberg News relays. To ensure demand, policymakers
increased the share of commercial bank deposits that must be parked
at the Central Bank, effectively forcing them to absorb more
government debt, Bloomberg News notes.
Those measures drained liquidity and helped shore up a fragile peso
that had threatened to reignite inflation, Bloomberg News
discloses. The move in the market may also be an extension of the
post-auction rally, Bloomberg News says.
Milei's libertarian party is looking to make gains in a September 7
election in Buenos Aires Province, which is home to nearly 40
percent of Argentina's population and consistently votes for the
Peronist opposition, Bloomberg News notes. Investors will be
eyeing those results as a barometer of voter appetite for the
president's shock-therapy polices ahead of national midterms in
October, Bloomberg News 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.
Moody's Ratings on July 17, 2025, upgraded Argentina's
long-term foreign currency and local currency issuer ratings to
Caa1 from Caa3 and changed the outlook to stable from positive.
The upgrade reflects Moody's views that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event. In January 2025, Moody's raised Argentina's local
currency ceiling to B3 from Caa1 and the foreign currency ceiling
to Caa1 from Caa3.
Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term
Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to
'CCC+' from 'CCC'. 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+'. 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 E R M U D A
=============
BERMUDA: Inflation Eases Slightly as Health and Fuel Costs Climb
----------------------------------------------------------------
Claire Shefchik at The Royal Gazette reports that Consumers paid
1.8 per cent more in April 2025 than they did a year ago for the
basket of goods and services included in the Consumer Price Index,
the Department of Statistics reported.
The annual inflation rate edged down 0.1 percentage points from
March's 1.9 per cent, showing continued moderation from the
post-pandemic peaks of recent years, according to The Royal
Gazette.
Price increases were led by the Fuel and Power division, which rose
5.7 per cent year-over-year, and Health and Personal Care, which
climbed 3.8 per cent, the report notes. Rent was up 2.4 per cent,
while food prices rose 1.7 per cent, the report relays.
Other divisions saw only minor changes, with the Education,
Recreation, Entertainment and Reading division up 1.1 per cent, the
report discloses.
Tobacco and Liquor and Transport and Foreign Travel both recorded
small declines, falling 0.5 per cent and 0.7 per cent respectively,
the report notes.
Between March and April, the CPI rose 0.7 per cent, driven largely
by a 3.7 per cent increase in Fuel and Power and a 3.5 per cent
rise in Health and Personal Care, the report says. Food costs were
unchanged from the previous month, the report relays.
The Department noted that a basket of goods and services that cost
$100 in April 2015 would now cost $119.70, the report discloses.
Inflation in Bermuda has slowed sharply since the 5.1 per cent peak
in September 2022, when global energy and food costs surged, the
report notes.
The annual average increase was 4.0 per cent in 2022, 3.3 per cent
in 2023, and 1.9 per cent in 2024, reflecting what officials called
a "continued moderation" in the pace of price growth, the report
adds.
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B R A Z I L
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NEW FORTRESS: Extends ULCA Maturity, Converts to Facility
---------------------------------------------------------
New Fortress Energy Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on August 8, 2025,
it entered into the Ninth Amendment to Uncommitted Letter of Credit
and Reimbursement Agreement, by and among the Company, as the
borrower, the guarantors party thereto, Natixis, New York Branch,
and each of the other financial institutions party thereto, as
Lenders, which amends that certain Uncommitted Letter of Credit and
Reimbursement Agreement, dated as of July 16, 2021 (as amended,
restated or otherwise modified from time to time, the "Existing
ULCA" and the Existing ULCA as amended by the Ninth Amendment, the
"Amended ULCA"), by and among the Company, the guarantors from time
to time party thereto, Natixis, New York Branch, as Administrative
Agent, Natixis, New York Branch, as ULCA Collateral Agent, Natixis,
New York Branch, and each of the other financial institutions party
thereto, as Lenders and Issuing Banks.
The Ninth Amendment, among other things:
(i) changes the facility from uncommitted to committed;
(ii) extends the maturity date to November 14, 2025;
(iii) adds an asset sale sweep prepayment provision; and
(iv) makes certain changes to fees and pricing.
In addition, the commitments were reduced to approximately $195,000
and are automatically reduced on October 5, 2025 to approximately
$155,000.
About New Fortress Energy Inc.
New Fortress Energy Inc., a Delaware corporation, is global energy
infrastructure company founded to help address energy poverty and
accelerate the world's transition to reliable, affordable and clean
energy. The Company owns and operates natural gas and liquefied
natural gas infrastructure, ships and logistics assets to rapidly
deliver turnkey energy solutions to global markets. The Company has
liquefaction, regasification and power generation operations in the
United States, Jamaica, Brazil and Mexico. The Company has marine
operations with vessels operating under time charters and in the
spot market globally.
For the fiscal year ended December 31, 2024, the Company had $12.9
billion in total assets, $10.8 billion in total liabilities, and a
total stockholders' equity of $2 billion.
* * *
In July 2025, S&P Global Ratings lowered its issuer credit rating
on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The
negative outlook reflects heightened refinancing risk on the
company's notes due September 2026 and an increased possibility
that a payment default or distressed exchange may occur within the
next 12 months.
PETROLEO BRASILEIRO: S&P Rates Unit's Proposed Sr. Unsec Notes 'BB'
-------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to Petrobras
Global Finance B.V.'s (PGF) proposed senior unsecured notes
maturing in 2030 and 2036. PGF is a fully owned finance subsidiary
of the Brazilian oil and gas company Petroleo Brasileiro S.A.
(Petrobras; BB/Stable/--). The notes will be unconditionally and
irrevocably guaranteed by Petrobras.
The proceeds from the new notes will be used for general corporate
purposes and to strengthen the company's cash position. PGF's
senior unsecured debts are rated at the same level as S&P's issuer
credit rating on Petrobras, based on the debt's guarantees and
Petrobras' limited secured debt collateralized by real assets.
Although the senior unsecured debt ranks behind the subsidiaries'
debt in the capital structure, S&P thinks the risk of subordination
is alleviated because the priority debt ratio is considerably below
50%, along with the substantial earnings generated at the parent
level.
Because of expected higher global production volumes and weak
demand fundamentals, S&P Global Ratings revised its oil price
forecast in June. Brent is now projected to average $60 per barrel
for the remainder of 2025, following an approximate $70 per barrel
average in the first half of the year, and $65 per barrel from 2026
onward. Despite weaker prices, Petrobras has reported record levels
of production volumes, which supports our forecasts of EBITDA close
to R$215 billion for 2025.
Petrobras has invested R$46.5 billion in capex in first-half 2025,
and S&P still expects the company to spend about $18 billion in
2025, which will keep leverage between 2x-2.5x, supporting its
stand-alone credit profile.
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C O L O M B I A
===============
COLOMBIA: Markets Defy Global Liquidity Squeeze as Peso Holds
-------------------------------------------------------------
Rio Times Online reports that Colombian financial markets
demonstrated resilience on September 1, 2025, with the peso
strengthening 0.127% to 4,014.7 per dollar while the COLCAP index
gained 0.39% to close at 1,845.89 points.
The performance came despite a deteriorating global liquidity
environment that has pressured emerging market assets worldwide,
according to Rio Times Online.
Technical analysis reveals the peso trading below key moving
averages but finding support near the psychologically important
4,000 level, the report notes. The 14-day RSI at 44.58 suggests
neutral momentum with slight bearish undertones, the report
relays.
The 50-day simple moving average at 4,053.87 represents immediate
resistance, while the 200-day average at 4,133.13 marks longer-term
overhead pressure, the report discloses. Volume remained below
average, indicating limited conviction in the current move, the
report says.
The Global Liquidity Index, represented by the yellow line on
trading charts, has declined sharply since mid-August, the report
relays. This metric typically correlates inversely with emerging
market performance, the report notes.
The breakdown below the 29.75 support level signals tightening
global financial conditions that traditionally weigh on currencies
like the Colombian peso, the report discloses.
COLCAP equity markets paint a different picture entirely. The
index maintains a strong bullish trajectory established in July
2025, trading well above both 50-day and 200-day moving averages,
the report discloses.
However, the RSI reading of 73.53 places the index in overbought
territory, suggesting potential near-term consolidation, the report
relates. Support levels sit at 1,800-1,820 points, with resistance
emerging around 1,850-1,870 points, the report says.
Individual stock performance showed notable divergence across
sectors, the report notes. Constructora Conconcreto led gainers
with a 3.28% surge to 441 pesos, followed by Organizacion Terpel
advancing 1.97% to 14,480 pesos, the report discloses.
Utilities dominated the winner's list, with Interconexion Electrica
ISA climbing 1.21% to 21,800 pesos and Promigas adding 0.60% to
6,740 pesos, the report notes.
Financial services faced headwinds as Grupo Suramericana declined
1.68% to 45,580 pesos and Grupo Bolivar dropped 1.34% to 75,120
pesos, the report discloses. Mining company Mineros SA fell 1.96%
to 10,000 pesos, reflecting broader commodity sector weakness, the
report relays.
The COLCAP's year-to-date performance of 37.75% significantly
outpaces regional and global benchmarks, the report relays. This
compares favorably to estimated returns of 18.2% for the MSCI Latin
America index, 12.4% for MSCI Emerging Markets, and 16.8% for the
S&P 500, the report discloses.
MACD indicators on both peso and equity charts show diverging
signals, the report says. The peso displays mild negative
divergence with declining histogram bars, while COLCAP maintains
bullish crossover patterns supported by strong institutional buying
volume, the report relays.
The technical setup suggests Colombian markets face conflicting
forces, the report discloses. Domestic equity strength reflects
solid corporate fundamentals and attractive valuations, while
currency pressure stems from external factors including U.S.
monetary policy expectations and global risk sentiment, the report
says.
The peso's ability to hold above 4,000 support becomes crucial for
maintaining investor confidence amid challenging global conditions,
the report notes.
Market participants now watch Federal Reserve policy signals and
emerging market fund flows as key drivers for Colombian asset
performance in coming sessions, the report adds.
As reported in the Troubled Company Reporter on Aug. 7, 2024, Fitch
Ratings has affirmed Colombia's Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'BB+' with a Stable Rating Outlook.
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P U E R T O R I C O
=====================
ASOCIACION HOSPITAL: Case Summary & 20 Top Unsecured Creditors
--------------------------------------------------------------
Debtor: Asociacion Hospital Del Maestro, Inc.
550 Calle Sergio Cuevas Bustamante
San Juan, PR 00918
Business Description: Asociacion Hospital del Maestro, Inc., also
known as Hospital El Maestro, is a nonprofit
general medical and surgical hospital
located in San Juan, Puerto Rico, that was
founded in 1955 to serve the teaching
community and has since expanded to provide
services to the broader population. The
hospital operates about 126 staffed beds and
offers emergency care, intensive care,
radiology, surgery, hemodialysis, and a
range of medical specialties for children
and adults. It is accredited by the Joint
Commission and functions as a 501(c)(3)
organization with a focus on healthcare,
education, and community service.
Chapter 11 Petition Date: August 25, 2025
Court: United States Bankruptcy Court
District of Puerto Rico
Case No.: 25-03780
Judge: Hon. Enrique S Lamoutte Inclan
Debtor's Counsel: Wigberto Lugo Mender, Esq.
LUGO MENDER GROUP, LLC
100 Carr. 165 Suite 501
Guaynabo, PR 00968-8052
Tel: 787-707-0404
Email: wlugo@lugomender.com
Debtor's
Financial
Consultant: CPA LUIS R. CARRASQUILLO & CO, PSC
Total Assets: $13,396,955
Total Liabilities: $39,669,466
The petition was signed by Pablo A. Serrano as secretary of the
Board of Directors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/F2BM4WY/ASOCIACION_HOSPITAL_DEL_MAESTRO__prbke-25-03780__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Alpha Biomedical & Diagnostic Supplies & $185,669
PO Box 670 Materials
Caguas, PR 00726
2. AUT De Acueductos Y Water & Sewer $834,536
Alcantarillados Services
PO Box 7066
Balance as of 8/6/2025
San Juan, PR
00916-7066
3. Baxter Sales Corp Supplies & $148,000
PO Box 70257 Materials
San Juan, PR
00936-8257
4. Boston Scientific Del Supplies & $133,263
Caribe Inc. Materials
Torre Chardon Building
350 Chardon Ave
Suite 820
San Juan, PR 00918
5. Cancio, Nadal & Legal Services $376,409
Rivera LLC
403 Ave Munoz Rivera
San Juan, PR 00918
6. Cardinal Health PR Medicines $1,394,541
PO Box 70220
San Juan, PR 00936
7. Damaris Santos Arrieta Medical $1,713,490
David Efron Law Office Malpractice
PO Box 29314 Case No. 15-3114
San Juan, PR
00929-6459
8. David Rhoe Medical $70,421
Paseo De La Fuente Professional
D4 Calle Tivoli Service
San Juan, PR 00926
9. Department of Labor and Unemployment Tax $645,630
Human Resources
of Puerto Rico
PO Box 195540
San Juan, PR 00919-5540
10. Department of Treasury Income Tax $3,803,948
Bankruptcy Section Withholdings
PO Box 9024140
Office 424 B
San Juan, PR 00902-4140
11. Infomedika Inc. Software $80,838
PO Box 11095
San Juan, PR 00922
12. Internal Revenue Payroll Taxes $680,937
Service
PO Box 7346
Philadelphia, PA
19101-7346
13. JCG Medical Emergency Contracted $302,000
Services PSC Services
100 Ave Laurel
Bayamon, PR 00956
14. Luma Energy Electric $11,698,492
PO Box 364267 Power
San Juan, PR 00936 Services
15. Medtronics Inc. Suppllies $83,125
PO Box 71416 & Materials
San Juan, PR 00936
16. Nugen Group Inc. Contracted $643,878
464 Calle Jose Canals Services
URB Roosevelt
San Juan, PR 00918
17. State Insurance Fund Workmen Unknown
Corporation Compensation
PO Box 365028
San Juan, PR
00936-5028
18. Union General DE Union Dues $67,351
Trabajadores (UGT)
611 Calle Niza
San Juan, PR 00924
19. World Financial Financial $155,471
Corporation Services
PO Box 364027
San Juan, PR 00936
20. Zavala Melendez Medical & $289,357
Radiology, PSC Radiology
Caparra Heights Services
422 Ensenada
San Juan, PR 00920
ASOCIACION HOSPITAL: Has Deal on Cash Collateral Access
-------------------------------------------------------
Asociacion Hospital del Maestro Incorporado asks the U.S.
Bankruptcy Court for the District of Puerto Rico for authority to
use cash collateral and provide adequate protection in accordance
with its agreement with Banco Popular de Puerto Rico.
The parties agree that the Debtor will submit monthly financial
reports to BPPR, including a balance sheet, income statement,
disbursement list detailing use of cash collateral for Permitted
Expenditures, an accounts payable aging report, and a revenue
breakdown.
As adequate protection, BPPR will be granted replacement liens on
all assets and collateral acquired by the Debtor post-petition,
mirroring the extent, priority, and type of BPPR's pre-petition
liens. These replacement liens are automatically perfected as of
the petition date without the need for further filings.
Additionally, BPPR will be granted a superpriority administrative
claim for any post-petition diminution in the value of its
pre-petition collateral, including cash collateral. In the event
of
any sale of the Debtor's assets or receipt of insurance proceeds,
all such proceeds must be paid directly and in full to BPPR at
closing.
The Debtor also agrees to waive any rights under Section 506(c),
thereby precluding any attempt to surcharge BPPR's collateral. All
collateral, both pre-petition and post-petition, is
cross-collateralized for the benefit of BPPR. Furthermore, BPPR
reserves the right to credit bid its claims in any asset sale,
including under a Chapter 11 plan or Section 363 sale, and the
Debtor waives any right to oppose such a credit bid.
These events constitute an "event of default":
1. Providing false or misleading statements to BPPR about the
initiation or execution of the stipulation;
2. Breaching any covenant or obligation in the stipulation;
3. Challenging BPPR's liens or the validity of the loan
documents;
4. Appointing a trustee or examiner with expanded powers to
operate
the Debtor's business;
5. Granting liens or super-priority claims without BPPR's
consent;
6. Filing unauthorized motions for the sale of assets or seeking
post-petition financing without BPPR's approval;
7. Failing to comply with adequate protection obligations;
8. Using cash collateral for unauthorized purposes, outside of
the
approved expenditures; and
9. Any event that leads to the dismissal or conversion of the
bankruptcy case.
A copy of the stipulation is available at
@ urlcurt.com/u?l=6JR6y3 from PacerMonitor.com.
About Asociacion Hospital Del Maestro Inc.
Asociacion Hospital Del Maestro Inc., also known as Hospital El
Maestro, is a nonprofit general medical and surgical hospital
located in San Juan, Puerto Rico, that was founded in 1955 to
serve
the teaching community and has since expanded to provide services
to the broader population. The hospital operates about 126 staffed
beds and offers emergency care, intensive care, radiology,
surgery,
hemodialysis, and a range of medical specialties for children and
adults. It is accredited by the Joint Commission and functions as
a
501(c)(3) organization with a focus on healthcare, education, and
community service.
Asociacion Hospital Del Maestro Inc. sought relief under Chapter
11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on
August 25, 2025. In its petition, the Debtor reports total assets
of $13,396,955 and total liabilities of $39,669,466.
Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case.
The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO
MENDER GROUP, LLC. CPA LUIS R. CARRASQUILLO & CO, PSC is the
Debtor's financial consultant.
Banco Popular de Puerto Rico, as secured creditor, is represented
by:
Luis C. Marini-Biaggi, Esq.
Carolina Velaz-Rivero, Esq.
Marini Pietrantoni Muniz, LLC
250 Ponce De León Ave.
Suite 900
San Juan, PR 00918
Tel.: (787) 705-2171
lmarini@mpmlawpr.com
cvelaz@mpmlawpr.com
ASOCIACION HOSPITAL: Seeks Chapter 11 Bankruptcy in Puerto Rico
---------------------------------------------------------------
Asociacion Hospital del Maestro Inc., which runs a hospital in San
Juan, Puerto Rico, has entered Chapter 11 bankruptcy on August 25,
2025 in the District of Puerto Rico.
The hospital is grappling with severe financial strain, burdened
by
large debts to utilities, government agencies, and medical
vendors.
hospital reports $11.7 million owed to LUMA Energy, $3.8 million
to
the Department of Treasury for unpaid withholdings, and $1.4
million to Cardinal Health PR. It also lists a $1.7 million
contingent liability from a malpractice case.
The board approved the filing on August 8, 2025, after reviewing
the hospital's strained finances. According to court documents,
unsecured creditors are unlikely to recover any funds after
administrative expenses are covered.
About Asociacion Hospital Del Maestro Inc.
Asociacion Hospital Del Maestro Inc., also known as Hospital El
Maestro, is a nonprofit general medical and surgical hospital
located in San Juan, Puerto Rico, that was founded in 1955 to
serve
the teaching community and has since expanded to provide services
to the broader population. The hospital operates about 126 staffed
beds and offers emergency care, intensive care, radiology,
surgery,
hemodialysis, and a range of medical specialties for children and
adults. It is accredited by the Joint Commission and functions as
a
501(c)(3) organization with a focus on healthcare, education, and
community service.
Asociacion Hospital Del Maestro Inc. sought relief under Chapter
11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on
August 25, 2025. In its petition, the Debtor reports total assets
of $13,396,955 and total liabilities of $39,669,466.
Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case.
The Debtor is represented by Wigberto Lugo Mender, Esq. at LUGO
MENDER GROUP, LLC. CPA LUIS R. CARRASQUILLO & CO, PSC is the
Debtor's financial consultant.
=====================================
T R I N I D A D A N D T O B A G O
=====================================
NATIONAL PETROLEUM: Says Fuel Shortage in NP Stations Temporary
---------------------------------------------------------------
Vishanna Phagoo at Trinidad Express reports that last Aug. 26 and
Aug. 27 motorists in parts of Trinidad and Tobago faced temporary
fuel shortages at the pump at several National Petroleum Marketing
Company Ltd (NP) service stations.
This after three cheques from a dealer were dishonored, then later
settled, according to Trinidad Express.
This was confirmed by Energy and Energy Industries Minister Dr
Roodal Moonilal who told the Express he was notified that three
cheques linked to the dealer's account were returned, the report
notes.
"Our procedure is that the dealer's account is on hold, he has to
settle the outstanding via certified cheque and then prepay for
fuel via certified cheque. The account (was) on hold," Moonilal
stated in a WhatsApp response, the report relates. He added that,
it was confirmed that funds had been received for the Preysal
location, the report notes.
Commentors online also complained about other stations.
Moonilal said product was available at the Freeport service
station, with an order for premium fuel scheduled for delivery, the
report notes. He said the station had only closed for about an
hour to facilitate maintenance work, the report discloses.
He also confirmed that a station in Chaguanas had a supply, while
checks were still being made on the Princes Town station, the
report says.
In a statement, NP apologized to customers for the disruption at
its Preysal location, assuring that service would be fully restored
by midday, the report adds.
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V E N E Z U E L A
=================
CITGO PETROLEUM: Gold Reserve Fortifies $7.4BB bid in Contest
-------------------------------------------------------------
Claire Shefchik at Royal Gazette reports that Bermudian-based Gold
Reserve Ltd, via its American subsidiary Dalinar Energy, submitted
an enhanced proposal in the court-supervised sale of PDV Holding
Inc, the parent company of Venezuelan oil refiner Citgo.
While the full terms remain confidential, Gold Reserve confirmed it
"materially increased its proposed purchase price, arranged for
additional financial support and enhanced the certainty of its bid
in non‑economic ways," according to Royal Gazette. This move
follows notification from the Special Master, under the United
States District Court for the District of Delaware, identifying
Amber Energy's rival proposal as a "superior proposal", triggering
Gold Reserve's opportunity to adjust its offer, the report notes.
Under court rules, the Special Master must consider the improved
bid in good faith before issuing an amended final recommendation,
the report relays.
In July, Dalinar Energy was named the recommended bidder in the
Citgo sale process, with a bid of approximately $7.382 billion
for PDV Holding, the report discloses. This recommendation came
even as several parties, including Crystallex, ConocoPhillips
entities, bondholders and the Venezuelan government, filed
objections, the report says.
Meanwhile, Gold Reserve, a Canadian mining company now based in
Bermuda, has acknowledged that it continues to burn money on legal
battles and Venezuela-related claims, the report notes.
In a recent filing, the company said it has no revenue-producing
operations and remains dependent on collecting funds from
Venezuela, the report relays.
"We believe that we have sufficient working capital to carry on our
activities for the next 12 to 24 months," management wrote, adding
that a reassessment by the Canada Revenue Agency "may lead to
substantial doubt about the company's ability to continue as a
going concern," the report adds.
As reported in the Troubled Company Reporter-Latin America on Sept.
3, 2025, Fitch Ratings has affirmed the Long-Term Issuer Default
Rating (IDR) of CITGO Petroleum Corp. (CITGO, or Opco) at 'B' with
a Stable Outlook and CITGO Holding, Inc. (Holdco) at 'CCC+'. Fitch
also affirmed Opco's existing senior secured notes and industrial
revenue bonds at 'BB' with a Recovery Rating of 'RR1'.
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LATAM: Foreign Investment in Caribbean on the Decline
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Jamaica Observer reports that last month the United Nations
Economic Commission for the region (UN ECLAC) released its most
recent report on foreign direct investment in Latin America and the
Caribbean. The report shows that foreign direct investment in the
English-speaking Caribbean has been on the decline for the past
decade, as a percentage of GDP. The sole exception is Guyana where,
thanks to the emergence of the oil export industry, there has been
a spectacular increase, according to Jamaica Observer.
Investment in oil production lifted foreign investment in Guyana
from less than 5 per cent of GDP on average prior to 2018 to in
excess of 30% in the years since, the report notes. Guyana's
economy has ballooned as a result of the oil boom, propelling the
country past Barbados, The Bahamas and Jamaica, to second place in
the Englishspeaking Caribbean ranks in 2024, with GDP just shy of
Trinidad and Tobago's US$26 billion, the report says.
Elsewhere in the Caribbean we see a contrasting picture, the report
notes. Five countries account for 85 per cent of the region's GDP:
Trinidad and Tobago with 24 per cent, Guyana with 23 per cent,
Jamaica with 18 per cent, The Bahamas with 13 per cent, and
Barbados with seven per cent, the report discloses.
Trinidadians and Tobagonians have invested more money overseas than
the amount that foreigners have invested in their country for most
years since 2010, the report recalls. Much of the outward
investment would have been in Barbados and elsewhere in the
Caribbean, although a breakdown of the percentage that remained in
the region has not been published, the report says.
Foreign investment in Jamaica has fallen steadily from 6% a decade
ago to just 1 per cent of GDP in 2024, the report notes. Foreign
investment in The Bahamas declined from 9 per cent in 2010 to about
3 per cent four years later, where the ratio remained until 2022,
the report discloses. In the last two years it has fallen to less
than one percent each year, the report says. Foreign investment in
Barbados fell from a record 15 per cent of GDP in 2014 to 4 per
cent in 2018, the report recalls. Since then the ratio has
remained around that level, with the 2024 figure recorded at 3.3
per cent, the report notes.
In order to put the region's economies on a sustainable path of
future growth, Caribbean governments will need to reverse the
downtrend of foreign investment, particularly in activities which
can increase the capacity to earn foreign exchange, the report
says. As the economies grow, countries will need to import
increasing amounts of fuels and other essentials for the use of
consumers and for inputs into production processes, the report
relays. In order to earn the necessary foreign exchange, each
country must increase its capacity to produce internationally
competitive products, expand tourism facilities and provide other
international services, the report notes.
Foreign finance is always needed for the projects that will expand
capacity, to buy construction materials, fuel, equipment, computers
and supplies, and other inputs. The decline in foreign investment
across the Caribbean therefore indicates a widespread scarcity of
growth-enhancing projects, the report discloses.
A widely recognised obstacle to foreign investment is Caribbean
governments' dismal record for administrative and regulatory
competence, the report relates. Although surveys of the ease of
doing business from the World Bank and other sources have been
discontinued, the declining FDI performance in recent years
suggests that such reform measures as have been undertaken to date
are yet to yield positive results, the report notes. The fact that
controls and restrictions on the availability and use of foreign
currency continue in force in several countries is further evidence
that much remains to be done, the report says.
The rating of the government's external debt is a factor that
foreign investors take account of in assessing the risk premium
they should attach to their financing of projects in any country,
the report relays. All other things being equal, investors looking
to the Caribbean may be expected to prefer projects in The Bahamas
and Trinidad and Tobago — which both have government debt with an
"Investment" grade rating from Standard and Poors — to projects
in Barbados and Jamaica, where government debt is graded
"Speculative," the report says.
Other government measures which are effective in improving the
incentives for foreign investment include: the provision and
maintenance of high-quality health, education and public safety
systems; building out and maintaining an adequate network of roads,
ports, airports and other infrastructure; and putting in place a
regulatory framework for high-performance telecommunications and
public utilities, the report notes. These facilities and services
have a double benefit: in addition to attracting growth-promoting
investment, they improve the quality of the lives of the population
directly, the report adds.
*********
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
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