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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
Monday, November 3, 2025, Vol. 26, No. 219
Headlines
A R G E N T I N A
YPF SA: Gets Good Signs in Appeal of US$16-Billion Award
YPF SOCIEDAD: Add-on Unsecured Notes No Impact on Moody's B2 Rating
B E R M U D A
NABORS INDUSTRIES: CFO Reports 14,401 Common Shares in Form 3
B R A Z I L
AMBIPAR PARTICIPACOES: Court Grants Relief Measures After Filing
AZUL SA: Strikes Pivotal Deal in Bankruptcy Overhaul
G R E N A D A
GRENADA: IMF Says Fiscal Position Remains Comfortable
J A M A I C A
PALACE AMUSEMENT: Worries About Losses Due to Hurricane Impact
M E X I C O
CIS INTERNATIONAL: Taps Ervin Cohen & Jessup as General Counsel
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A R G E N T I N A
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YPF SA: Gets Good Signs in Appeal of US$16-Billion Award
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Buenos Aires Times reports that the government of President Javier
Milei got reason to hope that its recent political and economic
victories would continue in the legal arena when US appeals judges
signalled openness to overturning a US$16-billion court judgment
against the South American nation.
During oral arguments on Argentina's appeal, two of the three
judges asked sceptical questions about whether the US District
Court case that resulted in the massive award, which interest has
now swelled to US$18 billion, should have proceeded there,
according to Buenos Aires Times. The suit was filed by former
shareholders affected by the nationalisation of Argentine oil
company YPF SA in 2012, the report recalls.
"It does have a feel like it should have been litigated in
Argentina," US Circuit Judge Denny Chin said during the hearing.
"How would we be feeling about letting Argentina decide on issues
against the US?"
Shares in litigation funder Burford Capital Ltd, which acquired the
ex-shareholders' interest in the case, fell as much as 15 percent
in New York trading during the hearing, the report notes. The
firm's US shares ended the day down more than nine percent, the
report discloses.
The decision by the US Second Circuit Court of Appeals isn't
expected for several months at least, and the losing party would
likely then appeal to the US Supreme Court, the report says.
But the tenor of the hearing was positive for Argentina. It comes
as US President Donald Trump's affinity for Milei – and a
resulting US$20-billion lifeline from the US Treasury – has
boosted the country's image with investors, the report says. That
backstop and US intervention in the local currency market may have
contributed to the runaway victory for Milei's party in Argentina's
midterm elections, the report discoses.
Those developments didn't come up in the arguments before the
Second Circuit, the report relays. Similar to Chin, US Circuit
Judge Beth Robinson asked difficult questions about a US court
hearing the ex-YPF shareholders' case, the report notes. The third
member of the panel, US Circuit Judge Jose Cabranes, seemed less
sympathetic to Argentina's argument, the report discloses.
In a statement, the Argentine government said it "is optimistic
that the United States Court of Appeals for the Second Circuit will
overturn the District Court's flawed decision, recognising that US
courts should not reach out to decide cases that belong in other
countries," the report relays.
Burford referred a request for comment on the hearing to Mike
Fragoso, a lawyer for the ex-shareholders, the report says.
Fragoso said the plaintiffs' lawyers "remain confident that the
facts are on their side and that justice will prevail as it already
did in the District Court," he added.
'Riding High'
Even before the hearing, Milei's winning streak had already
strengthened Argentina's hand vis-a-vis the former shareholders,
the report notes. Even if the appeals court upholds the judgment,
the plaintiffs will struggle to collect, the report says. They had
been counting on complicating Argentina's return to international
markets to force the country into settlement talks, which it has so
far resisted, the report relays.
Speaking before the hearing, Mark Weidemaier, a law professor at
the University of North Carolina, Chapel Hill, specialising in
sovereign debt disputes, said the recent United States and Wall
Street embrace of Argentina isn't good news for Burford, the report
discloses. He pointed out that paying a foreign creditor would be
politically unpopular in Argentina, the report notes.
"If a government is riding high, it won't have much reason to
settle unless the creditor can find a way to disrupt market
access," Weidemaier added.
Prior to the hearing, Fragoso said investors were watching
Argentina's behaviour closely and would be likely to react
negatively if the country avoided its obligations, the report
relays.
"The smart decision for the Milei government is to put this matter
behind them and move forward in the global economy without the
baggage this case has and will continue to create for them,"
Fragoso said, the report discloses.
To be sure, the legal fight is expected to drag on for months, even
years, and the situation could change, the report notes. A victory
for the plaintiffs at the Second Circuit could boost Burford's
position by reminding foreign investors of their trepidations about
Argentina, the report relays. But Jared Lou, a portfolio manager
on the emerging-markets debt team at William Blair & Co, thinks it
will take a lot to bring Argentina to the table, the report
discloses.
"Milei will only do it when he absolutely has to, when it's at a
stalemate," said Lou, the report adds.
US District Judge Loretta Preska in New York issued the massive
award two years ago, after finding that Argentina's 2012
nationalisation of YPF violated the company's by-laws requiring a
tender offer, the report discloses. Preska has already authorised
the plaintiffs to try to collect on the judgment, which has spawned
a separate monumental legal battle, the report says.
Weidemaier said Burford's position is weaker than that of Elliott
Management's Paul Singer, who fought a bruising 15-year legal
battle with Argentina over its 2001 sovereign debt default, the
report notes. Argentina finally settled that case for US$4.7
billion, the report says. Because Singer held Argentine debt, his
claims directly clouded the country's ability to raise new capital
while his case was outstanding, the report relays.
Since the YPF case isn't tied to sovereign debt, that could make it
harder for the ex-shareholders to go after Argentine bond issues,
Weidemaier said, the report relays. But they have gone after the
Argentine government's 51 percent stake in YPF, and Preska ruled in
June that the Burford-backed plaintiffs were entitled to the
shares, the report discloses. The Second Circuit put a hold on her
order that Argentina hand over the shares, which is subject to a
separate appeal, the report says.
Julian Ku, an international law professor at Hofstra University,
said before the hearing that Preska's ruling on the YPF stake shows
that the plaintiffs have cards to play, the report notes.
"Burford can make life miserable for Argentina, and they have a
judge who is motivated to execute the order," said Ku. "I wouldn't
want to mess with that," he added.
'Big Hammer'
Weidemaier said Preska's handover order was the plaintiffs' "big
hammer" at this point, the report relays.
But the US government, under both the Trump and Biden
administrations, has supported Argentina's position on the shares
handover issue, the report notes. In November 2024, the Justice
Department said in a court filing that it wanted "to reiterate its
long-standing position that foreign sovereign property located
abroad is not subject to execution in US courts," the report
discloses.
The Biden administration expressed concern that letting the
plaintiffs seize Argentina's shares could invite foreign courts to
similarly target US assets, the report relays.
Apart from those shares, Weidemaier said the plaintiffs only had "a
small subset of assets to try to collect with." It's a situation
Singer similarly faced in trying to collect on his US court
judgments, the report notes.
Ku said there was a possibility that Trump's friendship with Milei
could benefit the plaintiffs as well, the report relays.
"It could be a Trump-style deal where Argentina gets this case
settled, and the US protects American investors," Ku said. "It
could have a happy ending," he added.
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 strategy.
YPF SOCIEDAD: Add-on Unsecured Notes No Impact on Moody's B2 Rating
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Moody's Ratings commented that YPF Sociedad Anonima's (YPF)
proposed reopening of its 8.750% senior unsecured notes due 2031
(the "add-on notes") does not affect its B2 ratings and stable
outlook. YPF is offering new add-on notes as part of a reopening of
its existing 8.750% senior notes due 2031, with the new issuance to
be consolidated and form a single series with the existing notes.
The proceeds will be used for general corporate purposes, working
capital and investments in fixed assets in Argentina.
RATINGS RATIONALE
YPF's B2 ratings reflect its significant oil and gas production,
sizable reserves, strong cash flow and credit metrics, and its
leading position in Argentina's energy and fuel markets. The rating
also incorporates YPF's links with the Government of Argentina
(Caa1 stable), its controlling shareholder, and the company's
moderate support from and high dependence on the domestic market
for its operations. The rating is constrained by YPF's
concentration of operations in Argentina, moderate-to-high
foreign-currency risk (as most debt is in foreign currency), and
exposure to energy commodity price volatility.
YPF is an Argentina-based integrated energy company, with
operations in the exploration, development and production of crude
oil, natural gas and liquefied petroleum gas, as well as downstream
operations engaged in the refining, chemical production, retail
marketing, transportation and distribution of oil and petroleum
products. YPF is positioned to enhance its production capabilities
through strategic investments in the Vaca Muerta formation,
focusing on the development of substantial unconventional assets.
In 2024, the company launched its four-year Strategic Plan, "Plan
4x4," which includes key initiatives to transform YPF into a
world-class shale operator and aims to position the company as a
leading exporter of hydrocarbons by 2030.
As part of its Plan 4x4, YPF intends to invest approximately $5
billion in 2025, with nearly $3 billion dedicated to advancing
unconventional fields in Vaca Muerta, reflecting a prioritization
over conventional assets. In September 2025, YPF acquired Vaca
Muerta Inversiones S.A.U. from Total Austral S.A. for $500 million
to expand its unconventional resources in Vaca Muerta.
YPF has an adequate liquidity position, with strong cash and
securities for debt service, though it relies on external sources
for capital spending. Leverage is expected to stay well within its
rating category, with a 3.2x Moody's adjusted (including leases)
net debt to EBITDA and 3.4x gross debt ratio as of June 2025 and
will likely be able to remain in that neighborhood through the
remainder of 2025 and following the proposed notes' issuance.
The stable outlook reflects Moody's views that YPF's main
shareholder, the Argentine state, will exert no influence over the
company's capital spending or dividends beyond its operating cash
flow generation capacity. However, YPF's creditworthiness cannot be
completely de-linked from the credit quality of the Argentine
government, and, thus, its ratings also incorporate the risks that
it shares with the sovereign.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include an improvement in the
Government of Argentina's rating, as well as the expansion and
diversification of YPF's operations outside Argentina.
Additionally, YPF's ability to maintain strong credit metrics and
robust liquidity for its rating category would support a positive
rating action.
Conversely, a downgrade could be triggered by a significant
deterioration in liquidity, loss of access to debt markets or
foreign currency that severely limits the company's capacity to
meet its debt obligations, or a downgrade of the Government of
Argentina's rating.
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B E R M U D A
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NABORS INDUSTRIES: CFO Reports 14,401 Common Shares in Form 3
-------------------------------------------------------------
Miguel Angel Rodriguez-Rodriguez, Chief Financial Officer of Nabors
Industries Ltd., disclosed in a Form 3 filed with the U.S.
Securities and Exchange Commission that as of October 1, 2025, he
beneficially owns 14,401 shares of common stock directly, including
9,558 unvested restricted shares from five separate grants:
(i) 686 shares granted on February 11, 2022, vesting on
February 11, 2026;
(ii) 1,134 shares granted on February 15, 2023, vesting
equally
on February 15, 2026 and 2027;
(iii) 603 shares granted in February 2023, vesting on February
15, 2026;
(iv) 1,987 shares granted on February 19, 2024, vesting
equally
on February 19, 2026, 2027, and 2028; and
(v) 5,148 shares granted on February 18, 2025, vesting in four
equal annual installments beginning February 18, 2026.
Address of Reporting Person:
c/o Nabors Corporate Services, Inc.
515 W. Greens Road
Houston, Texas 77067
A full-text copy of the SEC report is available at
https://tinyurl.com/4fvywszf
About Nabors
Bermuda-based Nabors Industries Ltd. (NYSE: NBR) owns and operates
land-based drilling rig fleets and provides offshore platform rigs
in the United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.
As of June 30, 2025, the Company had $5.04 billion in total assets,
$3.59 billion in total liabilities, and $640.33 million in total
stockholders' equity.
* * *
Egan-Jones Ratings Company on June 10, 2025, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Nabors Industries, Inc.
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B R A Z I L
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AMBIPAR PARTICIPACOES: Court Grants Relief Measures After Filing
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globalinsolvency.com, citing Reuters, reports that a Rio de Janeiro
court granted relief measures requested by Brazilian waste
management company Ambipar Participacoes e Empreendimentos S.A. as
part of its bankruptcy protection filing.
According to the decision, creditors must refrain from enforcing
trust-based guarantees, seizing any funds or financial assets, and
declaring the early maturity of debts not subject to the effects of
Ambipar's bankruptcy proceedings, globalinsolvency.com discloses.
As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings downgraded Ambipar Participacoes e Empreendimentos S.A.'s
(Ambipar) Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to 'D' from 'C', and the National Long-Term Rating and its rated
subsidiaries to 'D(bra)' from 'C(bra)'. Fitch has also downgraded
the national long-term senior unsecured ratings on the issuances
from Ambipar and its rated subsidiaries to 'D(bra)' from 'C(bra)'
and affirmed the senior unsecured issuances of subsidiary Ambipar
Lux S.a.r.l. at 'C' with a Recovery Rating of 'RR4'.
AZUL SA: Strikes Pivotal Deal in Bankruptcy Overhaul
----------------------------------------------------
Iolanda Fonseca at Rio Times Online reports that in a significant
boost for Brazil's aviation sector, Azul Linhas Aereas Brasileiras
disclosed a comprehensive agreement with its Official Committee of
Unsecured Creditors (UCC) to advance a consensual reorganization
plan under U.S. Chapter 11 bankruptcy protection.
This milestone paves the way for the airline to slash billions in
debt and emerge leaner, underscoring the resilience of
market-driven enterprises amid economic turbulence, according to
Rio Times Online.
Founded in 2008 by David Neeleman, the visionary behind JetBlue,
Azul rapidly expanded to operate a fleet of about 160 aircraft
serving over 150 destinations, the report notes.
Yet, the COVID-19 pandemic devastated global travel, compounding
Brazil's woes with volatile currency fluctuations, soaring fuel
prices, and elevated interest rates, the report relays.
These challenges exacerbated by interventionist policies that have
stifled business confidence under the current leftist
administration, the report notes.
By early 2025, Azul's debt ballooned to over $3.7 billion,
prompting a pre-arranged Chapter 11 filing in May in a New York
court, the report discloses.
The process, designed to reorganize rather than liquidate, secured
$1.6 billion in financing to maintain operations, including
returning 20 underutilized planes and raising up to $950 million in
new equity, the report says.
The UCC deal, forged through collaborative talks with stakeholders
like aircraft lessors including AerCap, offers unsecured creditors
cash distributions or trust shares, the report relays.
"This agreement demonstrates positive momentum in transforming our
business," said CEO John Rodgerson, praising the constructive
negotiations that strengthen Azul's capital structure for long-term
sustainability, the report discloses.
Next, a disclosure hearing is set for November 4, with plan voting
to follow and confirmation targeted for December 11, eyeing an
early 2026 exit from bankruptcy, the report notes. Azul has
continued seamless flights, even inking a $500 million debt deal
for liquidity, the report relays.
This turnaround matters: Airlines like Azul fuel Brazil's economy,
supporting tourism and thousands of jobs, the report says.
A successful restructure could stabilize the sector, rewarding
prudent capitalism over burdensome regulations, and prevent fallout
from unchecked fiscal policies that burden innovative firms, the
report adds.
About Azul S.A.
Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by
number of flight departures and cities served, offers 900 daily
flights to over 150 destinations. With an operating fleet of over
200 aircrafts and more than 15,000 Crewmembers, the Company has a
network of 300 non-stop routes. Azul was named by Cirium (leading
aviation data analysis company) as the most on-time airline in the
world in 2023. In 2020, Azul was awarded best airline in the world
by TripAdvisor, the first time a Brazilian flag carrier earned the
number one ranking in the Traveler's Choice Awards. On the Web:
http://www.voeazul.com.br/imprensa
On May 28, 2025, Azul S.A. and 19 affiliated debtors filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176).
The cases are pending before Judge Sean H. Lane.
The Company is supported by Davis Polk & Wardwell LLP, White & Case
LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting
as financial advisor; Guggenheim Securities, LLC as investment
banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting,
C Street Advisory Group, and MassMedia as strategic communications
advisors. Stretto is the claims agent.
The Participating Lenders are supported by Cleary Gottlieb Steen &
Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as
investment banker.
United Airlines is supported by Hughes Hubbard & Reed LLP and
Sidley Austin LLP as legal counsel and Barclays Investment Bank as
investment banker.
American Airlines is supported by Latham & Watkins LLP as legal
counsel.
AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal
counsel.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases. The
Committee retained Willkie Farr & Gallagher LLP as its counsel,
Alvarez & Marsal North America, LLC, as its financial advisor,
Houlihan Lokey Capital, Inc., as its investment banker.
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G R E N A D A
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GRENADA: IMF Says Fiscal Position Remains Comfortable
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IMF Staff issued a concluding statement of the 2025 Article IV
Mission on Grenada. A Concluding Statement describes the
preliminary findings of IMF staff at the end of an official staff
visit (or 'mission'), in most cases to a member country.
IMF related that Grenada's economy continues to navigate elevated
global uncertainties well in the aftermath of Hurricane Beryl.
Economic activity remains robust, with strong construction and
other domestic sectors helping to offset moderating growth in
tourism. Grenada's fiscal position remains comfortable, with the
proven effectiveness of its post-disaster financing framework and
prudent savings of recent citizenship-by-investment (CBI) revenues
providing space for continued development priority investments.
Against this backdrop, discussions focused on three key priorities:
ensuring careful management of large public investments in
alignment with Grenada's public debt reduction objectives,
containing vulnerabilities in the non-bank financial system, and
strengthening the foundations for long-term growth and resilience.
Grenada's near-term economic outlook remains robust on the back of
post-Beryl reconstruction and other development priority
investments. GDP growth is projected to accelerate to 4.4 percent
in 2025 (from an estimated 3.3 percent in 2024), with strong
investment and construction activity more than offsetting
moderating tourism inflows. Headline growth will gradually taper
to a more modest estimated potential rate of 2.7 percent by 2029,
even as large infrastructure projects, particularly a new teaching
hospital under the government's Project Polaris, sustain high
construction activity over the medium-term. Moderating inflation,
reflecting trends in global fuel and food prices, is expected to
gradually normalize to around 2 percent by 2028. Current account
deficits are projected to gradually narrow, but would remain
elevated over the medium term on account of high construction
imports. The financial system remains stable amid strong recovery
from historically subdued bank credit growth.
Grenada's fiscal position remains comfortable, supported by
sizeable savings from recent years' CBI revenue. However,
increased public investment – largely reflecting Beryl-related
spending – amid more moderate non-tax revenue is projected to
result in a 2025 primary deficit of 2.8 percent of GDP. The
central government is committed to returning to the 1.5 percent of
GDP primary balance floor from 2027, supporting the longer-term
sustainability of public debt. Sizeable central government
concessional borrowing to fund planned infrastructure investments,
including projects implemented through statutory entities, such as
Project Polaris, would temporarily halt the decline in general
government debt. Even so, debt would remain on a sustainable path,
with the 60 percent of GDP target projected to be achieved by
2033.
Risks to the outlook remain tilted to the downside amid heightened
global economic and geopolitical uncertainty. The key risks stem
from Grenada's high natural disaster vulnerability as well as
tourism and import dependency, although the impact of any moderate
shocks to main tourism source market incomes or global commodity or
shipping prices are assessed as modest. The downside risks could
be amplified by disruptions to CBI and FDI inflows, materialization
of risks in the domestic non-bank financial system, or
implementation delays and cost overruns from large investment
projects. Faster-than-projected tourism capacity expansion
represents the key upside risk. Maintaining Grenada's strong
fiscal position and its disaster resilience framework remain
important buffers against shocks.
Strengthening Public Finances and Fiscal Institutions
The temporary suspension of the primary balance rule has allowed
budget space for post-disaster reconstruction outlays without
disrupting development priority investments. As the rule resumes,
continued current expenditure prudence and revenue enhancing
measures would help maintain this space. Near-term options include
broadening the domestic tax base, continued strengthening of tax
administration, and exploring alternatives to costly tax reductions
to incentivize low-emission vehicles. Introducing a more
rules-based cost-price pass-through formula for gasoline, and
improving the targeting and efficiency of social benefits over
time, would also help strengthen spending prioritization.
The planned large public investment projects address important
development needs, but also call for careful management of
long-term fiscal risks. Post-completion operating and maintenance
costs should be carefully assessed. At the same time, to ensure the
fiscal rules framework adequately controls for debt-creating
investment by statutory entities, pursuing a more comprehensive
primary balance rule would align the framework more closely with
the general government debt anchor and reinforce policy
credibility. In the interim, such investments through statutory
entities should be included in the central government's budget
planning and adhere to equivalent reporting and auditing
requirements. The increasing importance of state-owned enterprises
and statutory bodies in general government fiscal operations also
warrants continued strengthening of their oversight and
monitoring.
Improvements to public investment and financial management should
proceed alongside the scaled-up public investment. This includes
continuing the recent encouraging progress in project management
and monitoring, which has improved investment execution. Plans for
greater catalyzation of private investment, including around
Project Polaris, underscore the need to operationalize the
public-private partnership framework. Closer integration of
government savings with the debt management strategy would help
optimize government financing costs. Further strengthening of the
medium-term fiscal framework projections would support a firmer
shift to multi-year budget planning.
Addressing Non-Bank Vulnerabilities
Accelerating system-wide credit growth and non-bank vulnerabilities
call for careful monitoring. The strong uptick in bank lending
partially reflects normalization of historically subdued credit
conditions and is backed by high system liquidity and strong asset
quality compared to regional peers. Credit union asset quality also
shows encouraging signs of improvement, yet ensuring adequacy of
loan loss provisioning with prudent treatment of collateral values
remains a critical safeguard against risks. Stepped-up monitoring
of loan forbearance practices, closer alignment of impaired asset
treatment with banks, and further enhancement of risk-based
supervision and stress testing capacity would strengthen assessment
of potential risks stemming from the sector's rapid expansion. In
the general insurance sector, enhancing monitoring of reinsurance
conditions and local market premium developments remains important.
Addressing pending action items from the CFTAF Mutual Evaluation
remains key to strengthening the AML/CFT framework.
Supporting Long-term Growth Potential, Resilience and
Institutional Capacity
Facilitating domestic investment and harnessing opportunities to
deepen the tourism sector's integration with the local economy can
boost long-term growth. Grenada's transition to a tourism-led
growth model has so far had a muted impact on its GDP growth
potential, owing to high foreign inputs and parallel drag from weak
local investment. While the more recent uptick in local private
investment is encouraging, more coordinated efforts to strengthen
small business development and access to finance would help broaden
and sustain this positive momentum. These should also continue to
leverage regional initiatives such as the partial credit guarantee
scheme as well as measures to deepen digitalization of the economy.
Ongoing initiatives to enhance locally offered tourism services,
interlinkages with other sectors, and the development of niche
market offerings would boost the sector's domestic growth
contribution. Infrastructure investments, including the Project
Polaris, could serve as an important catalyst for these efforts
when well-calibrated to areas of Grenada's comparative advantage.
Broader efforts to strengthen human capital, productivity, and
resilience also remain important. Expanding youth-focused technical
and vocational training, ongoing modernization of education
infrastructure, and enhancing job-matching services can help
address persistent skills shortages and better align Grenada's
workforce to its evolving economic needs. Ongoing progress in
development partner-supported efforts to diversify the energy base
and exploring cost-effective opportunities to diversify import
source markets could increase resilience to external shocks and
yield productivity dividends. Continued efforts to support
investment in disaster-resilient infrastructure remain important to
complement the proven effectiveness of Grenada's post-disaster
financing framework in the aftermath of the 2024 Hurricane Beryl.
Finally, strengthening economic statistics and institutional
capacity will be critical to support evidence-based policymaking.
Data deficiencies somewhat hamper surveillance and contribute to
uncertainty in economic projections. These include gaps in balance
of payments coverage and monitoring of large investment projects,
outdated CPI weights, and the absence of GDP expenditure data,
which increase reliance on partial high-frequency indicators.
Staffing shortages and high turnover in key areas supporting
macroeconomic surveillance and analysis are major constraints and
would benefit from prioritized attention in alignment with the
objectives of the ongoing public sector functional review and
regularization process. Progress in this area would help fully
harness the benefits of technical capacity building support.
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J A M A I C A
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PALACE AMUSEMENT: Worries About Losses Due to Hurricane Impact
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RJR News reports that Marketing Manager at Palace Amusement
company, Melanie Graham, said the entertainment group is hoping for
minimal disruption from Hurricane Melissa, noting that any major
weather impact could further discourage Jamaicans from visiting
cinemas.
Her comments come as the company reported a net loss of $147
million for the financial year ended June 30, a sharp reversal from
the $60 million in net profit posted in 2024, according to RJR
News.
Revenue for the period stood at $1.32 billion, the report notes.
Ms. Graham says the downturn has been driven by a significant fall
in movie attendance, impacted by what she describes as a weak slate
of films and delays in the release of several major box office
titles, the report relays.
She explained that Palace Amusement has historically operated in a
challenging financial environment, and despite a brief rebound
following the COVID-19 pandemic, the company remains heavily
indebted, the report notes.
Ms. Graham noted that any additional shock, including a prolonged
storm-related slowdown, could deepen the financial strain as the
company continues efforts to stay afloat in a recovering
entertainment market, the report adds.
As reported in the Troubled Company Reporter-Latin America in
February 2025, RJR News related that Palace Amusement Company
recorded a net loss of $62.9 million, despite enjoying its highest
level of attendance and an increase in its revenues to $693 million
during the six-month period ended December 31 last year.
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M E X I C O
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CIS INTERNATIONAL: Taps Ervin Cohen & Jessup as General Counsel
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CIS International Holdings (N.A.) Corporation, doing business as E
Tropical Fish, seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Ervin Cohen & Jessup
LLP as counsel.
The firm's services include:
(a) advise the Debtor regarding matters of bankruptcy law;
(b) advise the Debtor with respect to its right, powers,
duties and obligations in the administration of this case, the
management of its business affairs and the management of its
properties or other assets;
(c) advise and assist the Debtor with respect to compliance
with the requirements of the United States Trustee;
(d) represent the Debtor in any proceedings or hearings in the
Bankruptcy Court or before the United States Trustee;
(e) prepare and file pleadings, applications, motions and
other papers and conduct examinations incidental to
administration
of the Chapter 11 case;
(f) advise and assist the negotiation, formulation,
presentation, confirmation and implementation of a Chapter 11
plan
of reorganization and any and all matters relating thereto;
and
(g) perform any and all other legal services as requested by
Debtor in connection with this Chapter 11 case.
The firm will be paid at these hourly rates:
B. Alsbrook, Attorney $1,075
P. Davidson, Attorney $1,075
B. Moldo, Attorney $1,075
C. Stone, Attorney $650
D. Gabai, Attorney $650
D. Allen, Attorney $650
Paralegal - General $310
Paralegal - Estate Planning $265
Law Clerk - General $260
Receivership Manager $250
Legal Technology Specialist $235
Paralegal Litigation, Jr. $220
Document Clerk $200 - $215
Clerk Bankruptcy $175
Specific Project Clerk $125 - $185
Clerk Bankruptcy $175
Entry Document Clerk $85 - $110
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received an initial retainer of $50,000 from the Debtor.
Mr. Moldo disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Byron Z. Moldo, Esq.
Ervin Cohen & Jessup LLP
9401 Wilshire Boulevard, 12th Floor
Beverly Hills, CA 90212
Telephone: (310) 273-6333
About CIS International Holdings (N.A.)
CIS International Holdings (N.A.) Corporation, doing business as
DBA E Tropical Fish, imports, breeds, and distributes ornamental
fish, aquatic plants, live rock, and aquarium accessories. The
Company sources livestock and products from regions including Sri
Lanka, Thailand, Maldives, Fiji, Australia, China, and the United
Kingdom, and supplies customers across the United States as well as
in Canada and Mexico. Founded in 1999, it is based in Gardena,
California.
CIS International Holdings (N.A.) Corporation sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
25-18374 on September 22, 2025. In its petition, the Debtor reports
estimated estimated assets and liabilities between $1 million and
$10 million each.
The Debtor is represented by Byron Z. Moldo, Esq., and Chase A.
Stone, Esq., at Ervin Cohen & Jessup LLP.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
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Chapman, Editors.
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