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251120.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, November 20, 2025, Vol. 26, No. 232 Headlines A R G E N T I N A ARGENTINA: Milei Seeks to Accelerate Copper Boom by Easing Rules COMPANIA GENERAL: S&P Affirms 'CCC+' ICR, Alters Outlook to Pos. GENNEIA S.A.: S&P Affirms 'B-' Long-Term ICR, Outlook Stable B R A Z I L BRAZIL: IDB & AFD Co-Finance $324M for Digital Connection in Amazon BRAZIL: IDB, BNDES Discloses $1BB for Small Businesses in Biomes PRIO SA: S&P Upgrades Issuer Credit Rating to 'BB', Outlook Stable WALKER EDISON: Secures Court OK to Seek Liquidation Plan Votes C O L O M B I A MINEROS S.A.: S&P Affirms 'B+' Long-Term ICR, Outlook Stable H O N D U R A S INVERSIONES ATLANTIDA: S&P Lowers ICR to 'B-', On Watch Negative J A M A I C A JAMAICA: BOJ Reports Net Profits of $22.5 Billion up to October 25 JAMAICA: Producer Prices Rise in Manufacturing, Mining & Quarrying M E X I C O LEISURE INVESTMENTS: Court OKs Sale of Marineland to #1 Apex - - - - - ================= A R G E N T I N A ================= ARGENTINA: Milei Seeks to Accelerate Copper Boom by Easing Rules ---------------------------------------------------------------- Manuela Tobias, James Attwood & Jonathan Gilbert at Bloomberg News report that President Javier Milei is planning to modify regulations that protect Andean glaciers in order to unlock tens of billions of dollars of mining investments. The libertarian leader has already given miners trying to unearth copper and lithium riches the option to bulletproof their investments under the so-called 'RIGI' package of tax, customs and exchange benefits, according to Bloomberg News. But several projects, including Glencore Plc's US$9.5 billion El PachOn, are still struggling to get off the ground, partly because of a federal law that protects glacial formations, Bloomberg News relays. Now Milei plans to send changes that would essentially dilute those protections to Congress for approval, said the person, who couldn't be named discussing behind-the-scenes deliberations, Bloomberg News relays. Another option for Milei – who has a renewed mandate to advance his deregulation agenda after a resounding win in midterms last month – would be to make changes via decree, Bloomberg News notes. But the congressional path would give companies an extra safeguard, Bloomberg News says. If the president can clear projects of glacial restrictions, companies will be much more likely to proceed with investments that will turn Argentina into a major copper supplier, Bloomberg News discloses. The world needs more and more of the metal as it's key for everything from electrification to plumbing, Bloomberg News says. After boosting his representation in Congress in the midterms, Milei will be in a much stronger position to gather a voting majority in both houses once new lawmakers take office on December 1, Bloomberg News relays. And business leaders are already expecting him to swiftly submit tax and labour reforms for which they have long lobbied, Bloomberg News notes. It's not the first time Argentine leaders have sought to modify the 2010 Glacier Law, Bloomberg News discloses. Mauricio Macri considered it as part of his efforts to lure investments into Argentina during his 2015-2019 Presidency, Bloomberg News notes. Milei included changes in the first drafts of his signature reform legislation, though the articles were removed from the final approved version, Bloomberg News relays. "Without RIGI, these projects wouldn't have been possible," Juan Donicelli, a senior Argentine executive for Glencore, told a conference in Buenos Aires, Bloomberg News notes. "The macroeconomic conditions are there. Now there are pending issues that the national and provincial authorities are well aware of." The challenges for mining projects – including El PachOn and Vicuna, a joint venture between Australia's BHP Group and Canada's Lundin Mining Corp – centre around rock glaciers and ice shelves that can contribute to river basins and freshwater supplies, Bloomberg News notes. A federal government inventory, published in 2018 to help protect glacial landscapes, listed 16,000 different ice forms in the Argentine Andes, many in mining hotbed San Juan Province, Bloomberg News says. In the current rules, the legal definition of rock glaciers, which often contain ice, is loose, Bloomberg News discloses. The mining industry generally sees the 2018 inventory as too broad, arguing that some formations shouldn't be considered glacial at all, Bloomberg News says. "The industry, through the Argentine Chamber of Mines, has stated that the Glaciers Protection Act requires certain clarifications as a periglacial area can have an impact on the development of most of the major copper projects in the country," a Glencore spokesperson said by email, Bloomberg News relays. El Pachon has tried to get a rock glacier declassified in order to advance. San Juan Province agreed in 2023 to erase it from a provincial list, but Glencore is still trying to get it struck off the federal inventory, Bloomberg News notes. Last decade, when El Pachon was owned by a company Glencore later acquired, the project became the subject of an international complaint by a local NGO over its alleged impacts on the glacial network, Bloomberg News relates. That case closed without any binding decision, Bloomberg News notes. El Pachon isn't alone in grappling with the presence of rock glaciers, Bloomberg News notes. Barrick Gold Corp ditched a gold and silver project straddling the Chile border a few years ago, in part because of a feud over how it was impacting ice masses, Bloomberg News discloses. The land around McEwen Copper Inc's Los Azules project in San Juan features 150-plus rock glaciers, including one by a marsh that will limit its planned open pit, Bloomberg News says. They could also complicate plans to expand, according to a preliminary assessment. "A longer-term opportunity may exist to reclassify areas where no evidence of glacial activity is found," the report said, Bloomberg News relays. Under Milei, environmental issues in Argentina have been re-framed as part of his government's focus on turning around a crisis-prone economy in large part by tapping the country's trove of natural resources, Bloomberg News notes. In September, the Vicuna venture said it's relying on San Juan Province to navigate the federal glacier legislation in order to grant strong permits for its multi-billion-dollar copper project, Bloomberg News discloses. "We believe we have very limited exposure and threats," Jose Luis Morea, Vicuña's senior country manager for Argentina and Chile, said at the time, when asked about his project's compliance with existing glacier rules. "We are in a stronger position than maybe other projects," he added. 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. COMPANIA GENERAL: S&P Affirms 'CCC+' ICR, Alters Outlook to Pos. ---------------------------------------------------------------- S&P Global Ratings revised its outlook on the ratings on Compania General de Combustibles S.A. (CGC) to positive from stable. S&P also affirmed its 'CCC+' long-term issuer credit rating on CGC. At the same time, S&P assigned a 'CCC+' rating to the proposed notes. The positive outlook reflects S&P's view that it could upgrade CGC in the next six to 12 months if the company continues reducing refinancing needs and maintains prudent liquidity. The positive outlook reflects that the proposed issuance could alleviate short-term maturity risk and improve liquidity. As of Sept. 30, 2025, the company had short-term debt of about $685 million and cash and liquid investments of about $106 million, and S&P forecasts cash funds from operations of about $340 million for the next 12 months. CGC plans to issue up to $500 million on amortizing notes. A successful issuance would allow it to cover a material portion of the short-term maturities. Progress on cost reduction and strategic entrance into Vaca Muerta will underpin EBITDA and operating cash flow. S&P believes CGC's acquisition of a 49% stake in Aguada del Chanar (the Vaca Muerta block in Argentina's Neuquen province) from YPF S.A. (B-/Stable/--) earlier in 2025 was a strategic milestone. This move allowed CGC to enter a productive oil field in Vaca Muerta, helping it gradually transition away from gas production in more mature blocks. In parallel, CGC has made significant progress in implementing an aggressive cost reduction plan during 2025 (including renegotiations with unions and the provincial and national governments, reducing workforce, internalizing services, and others) that will allow consistent lifting cost reductions. S&P said, "Consequently, we forecast a substantial increase in S&P Global Ratings-adjusted EBITDA, including dividends from midstream operations (between $55 million and $60 million annually) and certain restructuring costs incurred during 2025, reaching approximately $350 million in 2025 and around $400 million in 2026 and 2027, compared to around $300 million in 2024. This improvement will occur despite some drop in production as the company winds down its gas operations from mature blocks and more unfavorable crude oil prices. As a result, we expect S&P Global Ratings-adjusted debt to EBITDA to dip below 4.0x in 2026. "CGC plans to reduce its investment pace for the next few years, but free operating cash flow (FOCF) will remain tight. We now expect capital expenditures (capex) of between $250 million and $280 million in 2025 and 2026, increasing to around $342 million in 2027, and down from the reported $444 million in December 2024. This forecast includes committed capex from the farm-in agreement with YPF in Aguada del Chañar. As a result, we expect CGC to report marginally positive FOCF in 2026 and a FOCF deficit of about $60 million in 2027, which we believe should be able to finance. "The positive outlook reflects that we could upgrade CGC in the next six to 12 months if the company continues reducing refinancing needs, and we expect it to maintain prudent liquidity and maintain the recent EBITDA improvement. "We could lower the ratings on CGC if the company is not able to complete the proposed issuance, increasing short-term refinancing risks. "We could raise the ratings on CGC if the company continues reducing refinancing risk, and we believe it will be able to maintain a positive trend in profitability, resulting in sustainable cash flow and leverage." GENNEIA S.A.: S&P Affirms 'B-' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on Argentina-based renewable power generator Genneia S.A., which it continues to cap by Argentina's transfer and convertibility (T&C) assessment. In addition, S&P assigned a 'B-' issue rating to the new unsecured bond. The stable outlook on Genneia mirrors that on Argentina. The outlook also captures S&P's expectation of financial discipline while the company implements growth capex for new solar farms, resulting in debt to EBITDA of around 3x, funds from operations (FFO) to debt around 25%-30%, and debt coverage metrics above 5x. Argentina-based renewable power generator Genneia S.A. announced the issuance of a new, eight-year senior unsecured global bond for up to US$400 million. The bond will have a soft balloon amortization with one-third of the principal amortizing in each of the last three years. Genneia plans to use the proceeds for liability management purposes (the repayment of the 2027 secured global bond, a portion of secured debt under project finance schemes, and other outstanding debt) and to complete the funding for projects under development if there are extra proceeds. S&P believes the increase in debt, if any, is very manageable and poised to bear fruit in 2026 and 2027, when projects under construction ramp up. The new bond flattens Genneia's debt maturities in the next 12-24 months, improves liquidity, reduces secured debt within the corporate capital structure and helps complete funding for projects under construction. S&P views the new bond issuance as consistent with Genneia's business and financial strategies. In addition, the company secures the funding needs for the San Rafael and San Juan Sur solar projects, and it will support Genneia's other solar farms, such as Lincoln and Junin. Also, the prepayment of the balance of the 2027 secured bond will remove the two annual amortizations left of $69 million each in 2026 and 2027, flattening near-term debt maturities and improving the company's liquidity. In addition, by repaying the 2027 bond, Genneia removes secured debt from its corporate funding, diluting the risk of a potential subordination in its corporate capital structure. S&P said, "We continue to expect manageable leverage while Genneia executes its investment plan in renewable capacity. Genneia continues to deliver consistent results in terms of margins, operational performance, and timely start-up of operations of new projects. Our credit assessment incorporates relatively high margins around 75%, no meaningful foreign exchange risk, and moderate leverage. We expect leverage will fall gradually in 2026 and 2027 as the two already funded projects under construction--San Rafael and San Juan Sur--ramp up. This leverage path is similar to what we saw when Anchoris and Malargue, two of Genneia's other assets, began operating. "Our base-case scenario anticipates a debt-to-EBITDA ratio of around 3.0x-3.3x in 2025, reflecting the impact of the new funding, while the revenues will start benefiting the ratio in 2026. Thus, leverage will fall to around to 2.5x in 2026 and between 2.5x and 2.0x in 2027--all else being equal--as the projects under construction start operating. We also expect EBITDA interest coverage to remain strong, at above 5x, with sufficient liquidity. "Country risk continues to overshadow Genneia's contracted business model and stable operational performance. Our rating captures our view of the risky jurisdiction in which it operates, as 100% of its business (revenue and assets) is in Argentina. As such, it is exposed to a high level of country risk and potential discretional government intervention. Offsetting this weakness are the company's strong market position in the renewable market (about 20%), some technology and geographic diversification, and a highly contracted base (94% energy sold through long-term dollar-denominated power purchase agreements [PPAs]), which result in stable and predictable cash flows. "We also view positively from a credit perspective Genneia's relatively lower exposure to CAMMESA, the Argentine wholesale market operator, than those of peers, as new assets will be contracted with private parties through bilateral PPAs. Moreover, in the current PPA structure with CAMMESA, the company benefits from the FODER guarantee, which protects cash flows in case of delays in payments. "We continue to cap our rating at the level of Argentina's T&C assessment. We cap our final rating on the company by our 'B-' T&C assessment on Argentina. The new administration has gradually eased restrictions on accessing and transferring funds abroad, particularly for debt repayment and imports. Still, we believe Argentina's economic conditions, particularly its external position, remain fragile. Therefore, restrictions could tighten again, including additional central bank regulations, which would force Argentine entities to unilaterally push forward payments in foreign currency debt. "The outlook on Genneia is stable, mirroring that on Argentina and reflecting the country's improving (though still fragile) external conditions and the potential for policy swings or a deepening of the recession. All these factors could erode companies' ability to serve their foreign-currency obligations. In addition, access to international debt markets to roll over debt remains volatile, in our view. The outlook also captures our expectation of financial discipline as the company implements growth capital expenditures (capex) for the San Rafael and San Juan Sur projects, resulting in debt to EBITDA of around 3x, FFO to debt around 25%-30%, and debt coverage metrics above 5x. "We could lower the ratings in the next 12 months if restrictions on accessing the foreign exchange market are tightened or extended, and if we revise down our T&C assessment on Argentina to below 'B-'. "In addition, we could revise Genneia's stand-alone credit profile (SACP) downward if the company deviates from its target leverage of 3x while it pursues its growth opportunities. This could result from larger investments and the need to raise a larger amount of debt to support them, resulting in leverage consistently above 4x. Higher leverage could also result from deviations from the current load factors or disruptions in CAMMESA's payments that may increase working capital needs, which we don't envision at this stage due to the guarantees in place within the RenovAR plan (Argentina's renewable energy projects auction plan, consisting of secured, dollar-denominated long-term PPAs with CAMMESA). We could also revise down the SACP if the company's liquidity falls below 1.2x. "Also, we could revise the issue rating downwards, if Genneia increases the share of secured debt in its capital structure above 50%, which we don´t envision at this stage. "We could raise the rating if our perception of T&C risk diminishes. In addition, we could revise our SACP upward if leverage were to fall and remain around 2x consistently, and FFO to debt were to rise to about 45%. Although it's unlikely given the company's growth plan, this could occur if it decelerates its growth initiatives and doesn't implement an aggressive dividend policy that could jeopardize leverage." =========== B R A Z I L =========== BRAZIL: IDB & AFD Co-Finance $324M for Digital Connection in Amazon ------------------------------------------------------------------- The Inter-American Development Bank Group (IDB Group) and the French Development Agency Group (AFD Group) announced a partnership to co-finance projects totaling up to $324 million to expand digital connectivity in the Brazilian Amazon. The projects – part of the IDB Group's Amazonia Forever program and the European Union's Global Gateway – will install submarine fiber-optic cables in the states of Maranhao and Para, bringing fast and affordable internet to about 15 million people. The initiative will expand access to online education, telemedicine, and e-commerce. In total, 350,000 students, 250 quilombola communities, 110 Indigenous villages, and 100 riverside communities will gain digital access. In addition, 2 million people will benefit from improved digital public services through a new regional data center. The agreements were formalized during a high-level ceremony at COP30, attended by IDB Group President Ilan Goldfajn and AFD Group President Remy Rioux, as well as European Union Ambassador to Brazil Marian Schuegraf; the Ambassador of France, Emmanuel Lenain; Brazil's Telecommunications Secretary, Hermano Tercius, and the Director-President of the agency Investe Maranhão, Cauê Aragão. This expanded vision goes far beyond the initial technical scope; by connecting Brazil, French Guiana, and Europe, it strengthens digital connectivity, reduces regional inequalities, and deepens the strategic partnership between France and Brazil. The total investment – up to $180 million in Maranhão and $144 million in Pará – will include 350-500 kilometers of submarine cables and a data center in Maranhão, as well as 425 kilometers of cables in Pará, connecting SalinOpolis to the EllaLink system. The IDB will finance about 47% of the investment, AFD 33%, and the state governments 20%. "In the context of our Amazonia Forever program, these new connections will allow Maranhão and Pará to offer fast and affordable internet to millions of people in the Amazon – reducing the digital divide and expanding access to education, healthcare, and new economic opportunities. The IDB Group is once again acting as a bridge between Latin America and the Caribbean and Europe through its Global Gateway initiative," said Goldfajn. "Under European leadership, this Global Gateway initiative is a concrete example of how cooperation between Brazil and France, through French Guiana, can deliver innovative solutions for people and territories. AFD is delighted to partner with the IDB to show how connectivity can be a powerful driver of social inclusion. By bringing high-speed internet to remote and vulnerable communities in the Amazon region, this project is not only bridging the digital divide; it is opening doors to education, healthcare, entrepreneurship, and early-warning systems against climate risks. These submarine cables will enable thousands of families, schools, and small businesses to access new opportunities and strengthen their capacity to adapt to the challenges of our time," said Rioux. "We are here in Belem, in the center of Amazonia, to celebrate an investment that brings together the two important pillars of our time: environmental sustainability and digital connectivity. These agreements demonstrate that international cooperation truly transforms lives," said Tercius. "On behalf of the Government of the State of Maranhão, we thank the IDB and AFD for their partnership. The investment in the submarine cable will be a watershed moment for the connectivity of our State. Technological improvements, education, health, integration of indigenous and quilombola peoples, and innovation will be the great benefits with the arrival of high connectivity. This means that Maranhão is ready for development that will add to the natural potential of our land," said Aragão. The operations – currently under review by the IDB and AFD groups, and Brazilian federal authorities – are expected to be approved in 2026. They are part of a broader trilateral effort among the IDB and AFD groups and the European Union to expand high-capacity digital connectivity throughout the Amazon Basin. The projects include 11.8 million euros ($13.7 million) in non-reimbursable resources from the European Union, provided through the EU Latin American Investment Facility (LACIF) program and channeled via AFD. This cooperation aligns with Brazil's national and state digital strategies and the EU-LAC Global Gateway Investment Agenda. During the event, the AFD Group and the EU formalized the grant by signing a delegation agreement, marking an important milestone in their collaboration. The new submarine cables in Maranhão and Pará will connect the Amazon Basin to the global internet through the EllaLink submarine cable system. Alongside the ongoing EllaLink extension to French Guiana, led by the AFD Group, these initiatives will establish the first cross-border, resilient submarine connectivity system dedicated to the Amazon Basin. The project reinforces the IDB Group's commitment under Amazonia Forever, an umbrella program based on a holistic vision: protecting the forest requires creating opportunities for the people who live in the Amazon region. By promoting sustainable living conditions, it is possible to strengthen harmonious coexistence between communities and the forest. In this spirit, the initiative promotes sustainable infrastructure and regional integration, in line with the European Union's Global Gateway strategy – connecting Europe and Latin America through inclusive and sustainable digital transformation. The IDB Group at COP30 The IDB Group is holding more than 80 events at COP30 to present solutions aimed at closing financing gaps for resilient development through partnerships, innovation, and a focus on measurable impact in Latin America and the Caribbean. Journalists present are invited to visit our spaces, with no registration required: the IDB Group Pavilion in the Blue Zone, the IDB Group Pavilion in the Green Zone, and the AMAZONIA SEMPRE Station at the Goeldi Museum. Follow our COP30 page for all news and event schedules. The IDB Group is acting as a bridge – connecting governments and investors, the public and private sectors, people and communities – to mobilize at least $6 billion in announcements that help close financing gaps for resilient development and support national priorities. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. BRAZIL: IDB, BNDES Discloses $1BB for Small Businesses in Biomes ---------------------------------------------------------------- The Inter-American Development Bank (IDB) and the Brazilian Development Bank (BNDES) signed a letter of intent to enable $1 billion (approximately 5.3 billion reais) in financing for micro, small, and medium-sized enterprises (MSMEs) operating in four strategic biomes of the country: the Amazon, Cerrado, Caatinga, and Pantanal. The initiative, known as the PRO-BIOMAS Program, aims to expand access to competitive financing for sustainable practices among MSMEs and small, rural producers, strengthening the bioeconomy, sustainable agriculture, and value chains in renewable energy. The letter was signed by IDB Group President Ilan Goldfajn and BNDES President Aloizio Mercadante during COP30. "The PRO-BIOMAS Program is part of our Amazonia Forever program. It strengthens MSMEs operating in Brazilian biomes, simultaneously promoting sustainable regional development and environmental preservation in strategic areas of the country," said Goldfajn. "PRO-BIOMAS builds on the successful PrO-Amazonia program. This initiative adds to a series of efforts by the IDB and BNDES to foster viable, lasting, and high-impact solutions for sustainability, including support for structuring public-private partnerships for forests and creating innovative financial instruments," Goldfajn added. "Strengthening credit for MSMEs that produce and innovate in the Amazon, Cerrado, Caatinga, and Pantanal biomes means investing in the foundation of our economy and preserving our natural heritage. Every real financed is a step toward fairer, more sustainable, and regionally balanced development," Mercadante said. MSMEs account for 99% of businesses in Brazil and nearly half of formal jobs. The IDB's loan to BNDES will fund productive investments through accredited financial institutions, focusing on MSMEs in states that host strategic biomes. These regions currently face challenges such as deforestation, environmental degradation, wildfires, and water scarcity. The program will support modernization, expansion, and innovation projects for urban and rural MSMEs. Funds will be used to acquire fixed assets – such as machinery, equipment, vehicles, goods, and services – that drive technological modernization and digitalization of production chains, helping generate jobs and income and fostering more equitable regional development. About 75% of program resources will go to MSMEs in the Amazon biome, with the remaining 25% allocated to Cerrado, Caatinga, and Pantanal. Investments are expected to boost productivity and sustainable practices, increasing employment and social inclusion, particularly for small, individual producers and historically vulnerable populations. The "PRO-BIOMAS Program – IDB-BNDES Program for Credit Access and MSME Strengthening in Brazil's Strategic Biomes" aligns with Amazonia Forever, the IDB Group's umbrella program for sustainable development in the Amazon region. To implement the program, the IDB and BNDES are advancing procedures under Brazilian law, which includes BNDES's submitting a request to the External Financing Commission (Cofiex) to obtain IDB financing. Cofiex, part of the Ministry of Planning and Budget, approves preparation of externally funded projects requiring federal guarantees. PRO-BIOMAS reinforces the joint commitment of the IDB and BNDES to a productive and inclusive transition that generates jobs, innovation, and environmental conservation. On November 10, as part of their long-standing partnership, the institutions also signed a contract for PrO-Amazônia, a program allocating $750 million from the IDB and $150 million from BNDES for sustainable development in the country's Legal Amazon region. This program will expand credit access for MSMEs and promote productivity and jobs in the Amazon, helping reduce regional inequalities. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. PRIO SA: S&P Upgrades Issuer Credit Rating to 'BB', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings raised its issuer credit ratings on Prio S.A. to 'BB' from 'BB-'. At the same time, S&P upgraded the issue-level rating on Prio's senior secured notes to 'BB+' from 'BB' and maintained the recovery rating of '2' (85%). The stable outlook reflects S&P's view that Prio will deliver production comfortably above 150,000 boe/d in 2026 while maintaining controlled leverage and adequate liquidity. Prio S.A. concluded its acquisition of an additional 40% stake in the Peregrino oil field from Equinor Brasil Energia Ltda., immediately becoming the field's operator. The acquisition will add about 40,000 barrels of oil equivalent per day (boe/d) to production, bringing daily production above 150,000 boe/d. S&P said, "We expect Prio's acquisition of the remaining 20% stake in Peregrino to be concluded in mid-2026, which, combined with expected production of the Wahoo field, should bring Prio's average production in 2026 to around 190,000 boe/d. "Although we expect temporary production halts during 2025 to make metrics for the year slightly worse than we previously expected (adjusted gross debt to EBITDA of 4.4x, versus our previous estimate of 3.8x), we expect increasing EBITDA and cash generation in the coming quarters to decrease leverage to below 2.5x in 2026 and below 2.0x in 2027, while sustaining comfortable liquidity." Prio's acquisition of an additional 40% stake in the Peregrino oil field from Equinor will increase its production and reserves. With this acquisition, Prio increases its ownership to 80% of the Peregrino field, and immediately becomes the field's operator. Prio paid US$1.545 billion for the stake, an amount that does not include any compensation for the recent temporary closure of the field, which the company plans to address in the coming months. S&P said, "We expect Prio's acquisition of the remaining 20% to be concluded by mid-2026. We estimate that with the full contribution from Peregrino, the expected first oil production from the Wahoo field, and continued sound performance from existing assets, Prio's average daily production will reach approximately 190,000 boe by 2026. For 2025, we project around 106,000 boe/d, a slight revision downward from our previous forecast of 110,000 boe/d, reflecting unexpected production disruptions in the Albacora Leste and Peregrino fields during the last few quarters. "We expect Prio's EBITDA margin to remain above the industry average, despite lower Brent oil prices and a more gradual reduction in lifting costs. We project Prio will deliver an EBITDA margin around 55% in 2025, increasing to 65%-70% in the next couple of years. The weaker profitability this year mainly reflects the unexpected halt in production. We now forecast consolidated lifting cost at $15.6 per barrel in 2025, decreasing to $11.5 per barrel in 2026 due to expected synergies related to the conclusion of a gas pipeline at Peregrino by mid-2026, shifting energy supply to natural gas from diesel, and with Wahoo's first oil, which increases production with marginal additional operating expenses. In addition, overhead costs will be reduced with the operation of the field. We also believe Prio can leverage field synergies with its other assets, which are all located in the same basin, further enhancing operational efficiency. "We expect Prio to maintain adequate liquidity and to significantly reduce leverage in 2026. The company has proactively managed its capital structure through recent funding initiatives, including approximately US$400 million in bank lines, around US$540 million in debentures, and the recent issuance of US$700 million in senior notes, accompanied by a concurrent tender offer for a portion (approximately US$430 million) of the outstanding 2026 notes. In our view, these actions underscore Prio's good access to credit markets and relationships with banks. "We expect the company to gradually reduce debt, which combined with increasing EBITDA and cash generation from higher production, should allow Prio to deleverage quickly in the coming quarters, with adjusted gross debt to EBITDA potentially reaching 2.3x by the end of 2026, from close to 5.0x in the third quarter of 2025. We project annual capital expenditures of Brazilian real (R$) 3.5 billion-R$4.0 billion, which should maintain free operating cash flow (FOCF) to debt below 10% in 2025 and improve this ratio to approximately 20% in 2026. "The stable outlook reflects our view that Prio will comfortably deliver production above 150,000 boe/d in 2026 and reduce leverage. The outlook also incorporates our expectation of the acquisition of the remaining 20% of Peregrino and Wahoo's first oil production aligning with our expectations. We expect Prio will maintain adjusted gross debt to EBITDA within 1.5x-2.5x and that FOCF to debt will rise to 20% over the next two years." A negative rating action in the next 12-18 months could result from a material shortfall in Prio's production and sales relative to our base-case expectations. This could be driven by delays in finalizing the remaining 20% acquisition of Peregrino or the development of Wahoo, or from a prolonged period of oil prices significantly below S&P's current assumptions that could weaken EBITDA and credit metrics. A more aggressive growth strategy that substantially increases leverage and reduces FOCF could also trigger a negative rating action. These scenarios would lead to gross debt to EBITDA above 2.5x and negative FOCF, consistently. An upgrade is unlikely in the next 12-18 months. A positive rating action could stem from significant improvement of scale and diversification, while Prio also maintains a track record of sound operations and profitability. It would also depend on the company maintaining conservative leverage, with gross debt to EBITDA around 1.5x, and a robust liquidity position. WALKER EDISON: Secures Court OK to Seek Liquidation Plan Votes -------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge, allowed online furniture seller Walker Edison to seek creditor and equity holder votes on its post-sale Chapter 11 liquidation plan, despite an objection to the plan's release provisions. The court determined that the contested issue is better addressed at the upcoming confirmation hearing rather than precluding the solicitation process. The judge's ruling grants Walker Edison the green light to distribute plan solicitation materials and gather ballots, moving the case one step closer to final resolution. The objection, which targets certain release clauses within the plan, will be considered during the hearing, ensuring essential legal issues are fully examined, according to Law360. For Walker Edison, the decision accelerates its path through bankruptcy. Having completed a sale of its assets, the retailer now focuses on finalizing its plan, securing votes, and ultimately obtaining confirmation to distribute proceeds and exit Chapter 11, the report states. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to-assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. =============== C O L O M B I A =============== MINEROS S.A.: S&P Affirms 'B+' Long-Term ICR, Outlook Stable ------------------------------------------------------------ S&P Global Ratings affirmed its 'B+' long-term issuer credit rating on Mineros S.A. At the same time, S&P withdrew its 'B+' issue level rating on Mineros Netherlands B.V.'s proposed senior unsecured notes. The outlook remains stable and reflects S&P's expectation that Mineros will benefit from favorable gold prices while maintaining healthy credit metrics and prudent financial policy toward its expansion plan. Mineros has decided that the current market conditions as insufficiently attractive to issue the proposed $400 million senior unsecured notes. Therefore, S&P revised its assessment of Mineros' financial risk profile to a stronger category, given the improved weighted average of its gross leverage metrics. Mineros judged the market conditions as unfavorable to place the proposed $400 million notes with investors. On Oct. 22, 2025, Mineros announced that it had begun meetings with investors regarding a potential offering of senior notes through its subsidiary, Mineros Netherlands. This offering, subject to market conditions, was initially planned at $400 million with a five-year tenor, along with $80 million in committed revolving credit facilities. S&P said, "Our base-case projections no longer anticipate a debt issuance prior to 2027, a credit neutral factor. Our updated financial projections, reflecting the postponement of the proposed issuance, point to improved credit metrics. We now forecast debt to EBITDA will remain at 1.0x and free operating cash flow (FOCF) to debt above 40%, compared with previous expectations of 2.0x and approximately 30%, respectively. These projections incorporate our original assumptions regarding the company's cash generation and profitability. Therefore, absent the anticipated increase in debt from the postponed issuance, financial metrics have strengthened. This reinforces our view of the company's robust cash flow, incorporated in our 'B+' rating." Mineros has posted robust operating and financial performance. For the first nine months of 2025, the company's revenue growth jumped 39%, primarily attributable to higher realized gold prices and modest operational efficiencies at the Nechí Alluvial facility. Despite significant reliance on artisanal mining, the company managed its cash costs, which increased by 29% compared with a 40% rise in gold prices. S&P anticipates continued cost efficiency initiatives will further improve margins, which were 45% during this period, up from 40% in the prior-year period. S&P said, "We anticipate Mineros will continue to adhere to prudent financial policies, maintaining adequate liquidity while evaluating potential debt-funded mergers and acquisitions (M&As). The planned debt issuance was intended to further support the company's expansion plan and fund growth initiatives, while continuing the development of the El Porvenir mine, into which the company plans to invest approximately $166 million between 2026 and 2027. Furthermore, Mineros generated strong cash through the first nine months of 2025 thanks to robust operating results and prudent capital allocation, including the completion of the acquisition of the La Pepa project for $40 million last quarter. The company has also maintained a stable dividend program, with an annual average of $30 million, and executed a one-time share buyback during the third quarter of 2025, with no current plans for further buybacks in the upcoming periods. Additionally, the company won't have significant short-term debt obligations in the next 12-18 months, maintaining its adequate liquidity. Despite the debt issuance postponement, Mineros is exploring potential M&A opportunities in the Americas to reach its goal of producing 500,000 ounces, compared with 217,000 ounces for the 12 months ended Sept. 30, 2025. Given the absence of advanced negotiations, S&P is not incorporating these M&As into its base-case scenario. S&P said, "The stable outlook reflects our expectation that Mineros, through its Nicaraguan and Colombian operations, will maintain stable gold output. This, coupled with favorable international prices, should help Mineros post solid EBITDA in the next 12 months. We think this will lead to S&P Global Ratings-adjusted gross leverage well below 2.0x and FOCF to debt of well above 40% for the next 12 months. Our stable outlook also reflects our view that the company will maintain adequate liquidity due to the expected solid cash flow for the next 12 months." S&P could lower the ratings in the next 12 months if the company's leverage rises and remains consistently above 2x while FOCF to debt remains below 15%. S&P could also lower the ratings if Mineros' liquidity position deteriorates because of the following factors: -- Gold prices slump, offsetting the expected increase in output and eroding Mineros' credit metrics; -- The company doesn't achieve expected production; or -- Its investments in El Porvenir, its other development projects, or its planned M&As require more funding than its current expectations. S&P could raise the ratings if the company bolsters its scale, geographic diversification, and cash-cost profile--which, in turn, could improve its market position within the gold mining industry, making it comparable with its higher rated peers. This could occur if Mineros increases its gold output sharply and has a clear strategy to expand its portfolio of operating assets, so that its scale broadens and the concentration risk diminishes. Additionally, an upgrade would be contingent on Mineros maintaining healthy credit metrics across industry cycles and incremental debt--with weighted average gross debt to EBITDA well below 2.0x and FOCF to debt above 10% consistently--while it also maintains a stable EBITDA margin above 40% as well as adequate liquidity in the next 12 months. These factors could also be boosted by: -- Sharply higher volumes, which would raise EBITDA above our base-case assumptions; or -- Rising gold prices, which would allow for a significant improvement in leverage metrics even if output doesn't increase above expectations. -- Moreover, an upgrade would require the company passing S&P's sovereign stress test for Nicaragua (B+/Stable/--). =============== H O N D U R A S =============== INVERSIONES ATLANTIDA: S&P Lowers ICR to 'B-', On Watch Negative ---------------------------------------------------------------- S&P Global Ratings lowered its long-term global scale issuer credit rating on Inversiones Atlantida S.A. (Invatlan) to 'B-' from 'B'. At the same time, S&P lowered its long-term issuer credit rating on Banco Atlantida to 'B+' from 'BB-'. S&P also lowered its issue-level rating on the holding company's senior secured notes to 'B-' from 'B'. Finally, S&P placed its ratings on Invatlan on CreditWatch negative. The refinancing risk for Invatlan has risen because of its inability to refinance $300 million notes due 2026. S&P revised downward its group credit profile (GCP) to 'b+' from 'bb-'. As a result, S&P lowered its long-term issuer credit rating on Banco Atlantida S.A. to 'B+' from 'BB-', given its status as Invatlan's core subsidiary and the potential pressures on its creditworthiness. Invatlan's financial position is strained due to its inability to refinance its notes. Its senior secured notes of $300 million will mature on May 19, 2026. In October 2025 (eight months prior to maturity), the company announced plans to refinance the instrument by issuing senior secured notes of up to $400 million. However, the transaction has yet to be completed, increasing the refinancing risk and potential financial pressures in the following months. Invatlan would seek to refinance the notes through an issuance in the international market in early 2026. Moreover, the group has several options to roll over the maturity and/or amortize the principal amount. Those options are credit facilities from domestic and regional banks, capital contributions from its shareholders, retained earnings from operating subsidiaries and, as a last resort, selling liquid assets of its main subsidiary, Banco Atlantida. However, as of this report's date, none of these strategies have materialized. Furthermore, to access operating subsidiaries' funds, Invatlan would need to do implement mechanisms, such as selling positions and declaring extraordinary dividends, which could hinder their financial performances. The GCP revision reflects the potential pressure on the group's creditworthiness if doesn't refinance the notes in a timely manner and under favorable conditions. S&P said, "In our view, the risk associated with the group's inability to complete its refinancing strategy, whether by failing to access international markets or experiencing delays in other refinancing efforts, could increase borrowing costs, denting margins and profitability. Moreover, liquidity constraints could limit the group's capacity for business expansion, both organic and inorganic. Lastly, if the group uses resources from its subsidiaries, their capital positions and operational flexibility could dwindle. Consequently, we applied a negative comparable ratings analysis (CRA) adjustment, triggering the revision of the GCP to 'b+' from 'bb-'." As of September 2025, Banco Atlantida had sufficient resources to cover the upcoming debt maturity at the group level. The bank reported about $200 million of unrestricted cash (retained earnings) and nearly $700 million in available-for-sale Honduran government securities. However, as mentioned before, using these resources could weaken the bank's margins, profitability, capitalization metrics, and potentially, its currently healthy liquidity. S&P said, "Our rating on Invatlan remains two notches below the GCP. We deduct one notch of subordination to reflect Invatlan's dependence on dividends from its subsidiaries, needed to service debt and other financial obligations. The second notch reflects Invatlan's high double-leverage ratio, which in recent years has remained consistently above 120%--our trigger for an additional notch of subordination. In our view, the deterioration of this indicator reflects recent aggressive expansion strategies resulting in greater dependence on subsidiaries' liquidity. "Currently, we don't forecast regulatory restrictions on Banco Atlantida's ability to distribute retained earnings, as its capital ratio is above the regulatory requirement. During 2025, the bank received a capital injection of HNL1 billion (about $40 million) to enhance its regulatory capital metrics. Moreover, Invatlan announced a $200 million capital injection aimed at strengthening its consolidated capital base. However, as of this report's date, this has not yet occurred. Furthermore, an extraordinary dividend could reduce the bank's regulatory capital metrics and risk-adjusted capital ratio, which is currently just above 3% on a consolidated basis. "Banco Atlantida's downgrade reflects its status as a core subsidiary. We believe that the bank's performance could take a hit if it were to provide an extraordinary dividend to its parent to cover the upcoming maturity. Cash constraints could reduce the bank's capacity for business growth, weaken its capitalization and liquidity metrics, potentially resulting in lower coverage levels. As a result, we applied a negative CRA adjustment to its stand-alone credit profile, triggering its revision to 'b+' from 'bb-'. "As of September 2025, Banco Atlantida's performance was stable, with operating revenue growth supported by a 9% year-on-year increase in lending and net interest margin of 4.7%, consistent with the forecast of 4.5%-5.0%. In our view, the bank's competitive advantage in funding, primarily from its retail deposit base, contributes to margin stability." Moreover, its asset quality metrics remain manageable, with nonperforming assets at 2.15%, reflecting prudent underwriting practices and significant exposure to large corporations with strong payment capabilities. Finally, its funding structure remains stable, with about 85% of total funding coming from a large and diverse retail deposit base. The CreditWatch negative listing reflects a potential downgrade of Invatlan and Banco Atlantida in the next 90 days if the group fails to refinance the notes and/or amortize the principal amount, intensifying liquidity pressures. This would likely increase borrowing costs and further erode the group's financial position, undermining counterparty confidence and resulting in operational constraints amid financial distress. S&P could remove the ratings from CreditWatch and affirm them if the group successfully refinances the upcoming debt maturity through a bond issuance, or if it secures additional liquidity through credit facilities, capital injections, or extraordinary dividends from its subsidiaries to meet the upcoming debt maturity. ============= J A M A I C A ============= JAMAICA: BOJ Reports Net Profits of $22.5 Billion up to October 25 ------------------------------------------------------------------ RJR News reports that the Bank of Jamaica is reporting net profits of $22.5 billion for the year-to-date up to October 25. These profits were generated on total assets of $1.24 trillion compared with $1.17 trillion during the year to October 23, 2024, according to RJR News. The central bank says the improvement was mainly due to higher earnings from its foreign assets, which increased compared to last year, the report notes. However, its local assets declined slightly over the same period, the report relays. The BOJ's liabilities also rose, reflecting growth in both demand deposits and other obligations, while its total capital increased modestly, showing continued financial stability, the report notes. Overall, the central bank says its balance sheet remains strong, supported by higher foreign holdings and steady profit growth, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Producer Prices Rise in Manufacturing, Mining & Quarrying ------------------------------------------------------------------ RJR News reports that the Statistical Institute of Jamaica (STATIN) says producer prices in both the mining and quarrying and manufacturing sectors recorded slight increases in September. STATIN reports that the producer price index for mining and quarrying inched up by 0.1 per cent, driven entirely by a 0.1 per cent rise in the bauxite mining and aluminum processing group, according to RJR News. The manufacturing sector recorded a 0.3 per cent increase, supported by a 0.7 per cent rise in the food beverages and tobacco group, the report notes. This was partly offset by a 0.3 per cent decline in refined petroleum products, the report relays. Year over year, producer prices for the mining and quarrying industry declined by 7 per cent between September 2024 and September 2025, largely due to a 7.9 per cent drop in bauxite and aluminum processing prices, the report notes. In contrast, manufacturing producer prices rose by 2.9 per cent over the same period, driven by a 3.6 per cent increase in input prices for the food and beverages category, the report discloses. This was moderated by a 1.5 per cent decline in input costs for refined petroleum products, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== LEISURE INVESTMENTS: Court OKs Sale of Marineland to #1 Apex ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has approved Leisure Investments Holdings LLC and its affiliates, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors and their affiliates operate more than 30 attractions dolphin habitats, marinas and water, theme, and adventure parks in eight countries across three continents, with primary operations in Mexico, the United States, and the Caribbean, including Jamaica, Cayman Islands, Dominican Republic and St. Kitts. The Company also has locations in Italy and Argentina. The Company's parks are home to approximately 2,400 animals from more than 80 species of marine life, including hundreds of marine mammals (such as dolphins, sea lions, manatees and seals), birds, and reptiles. The Company's new management and their advisors continue to diligence the Assets and Properties. The Court has authorized the Debtor to sell substantially all of the Debtors' assets associated with Marineland Dolphin Adventure, located at 9600 N. Oceanshore Boulevard, Flagler County, Florida to #1 Apex Association, LLC and/or its permitted assignee in the purchase price of $6,500,000.00. The Debtors have demonstrated compelling circumstances and a good, sufficient, and sound business purpose and justification for entering into the Purchase Agreement, which provides for, among other things, the sale of the Purchased Assets to the Purchaser. The Debtors have afforded potential purchasers a full and fair opportunity to participate in the bidding process for the Purchased Assets and to make higher or otherwise better offers. The Debtors determined, in their reasonable business judgment, in a manner consistent with their fiduciary duties and after consultation with the Committee and the Lenders that the Purchaser's Qualified Bid, as documented in the Purchase Agreement, was the highest or otherwise best Qualified Bid for the Purchased Assets. The Debtors and the Purchaser, and their respective counsel and other advisors, have not engaged in any conduct that would cause or permit the Purchase Agreement or the consummation of the Sale to be avoided, or costs or damages to be imposed. None of the Debtors or the Purchaser has engaged in any conduct that would prevent the application of section 363(m) of the Bankruptcy Code. The Purchaser is purchasing the Purchased Assets in good faith and for fair and reasonable consideration, and the Purchaser is a good-faith purchaser. The Purchaser is not a "successor" to, a mere continuation of, or an alter ego of the Debtors or their estates, and there is no continuity of enterprise or common identity between the Purchaser and the Debtors by reason of any theory of law or equity. The transfer of the Purchased Assets to the Purchaser will be a legal, valid, and effective transfer of the Purchased Assets, and will vest the Purchaser with all right, title, and interest of the Debtors to the Purchased Assets free and clear, to the fullest extent permitted by law. The Debtors may sell the Purchased Assets free and clear of all Interests (other than the Permitted Encumbrances and the Assumed Liabilities) because, in each case, one or more of the standards. About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as counsel; Riveron Management Services, LLC as restructuring advisor; and Kurtzman Carson Consultants, LLC d/b/a Verita Global, as claims & noticing agent. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *