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251212.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, December 12, 2025, Vol. 26, No. 248 Headlines A R G E N T I N A ARGENTINA: Negotiating Loan of Up to USD7 Billion With Banks B A H A M A S BAHAMAS: IDB OKs $80MM-Loan to to Prevent Flooding in Key Areas FTX GROUP: Customers Seek Final OK for $10M Deal With Silvergate B E R M U D A BORR DRILLING: S&P Downgrades ICR to 'B' on Higher Debt Burden C A Y M A N I S L A N D S PFS LTD: Chapter 15 Case Summary E C U A D O R ECUADOR: IDB OKs $200M-Loan to Strengthen Economic Growth Agenda J A M A I C A JAMAICA: Security Expert Warns of Increased Risks Post-Melissa NCB FINANCIAL: Posts Higher Year-End Net Profit of $36.9BB T R I N I D A D A N D T O B A G O TRINIDAD & TOBAGO: JCC Head Confirms Construction Slowdown U R U G U A Y URUGUAY: IDB OKs $20MM-Loan to Boost Investments and Exports - - - - - ================= A R G E N T I N A ================= ARGENTINA: Negotiating Loan of Up to USD7 Billion With Banks ------------------------------------------------------------ Buenos Aires Times reports that Argentina is negotiating with banks for a loan of up to US$7 billion, Economy Minister Luis Caputo said, amid dwindling international reserves and debt maturing in January. Speaking at an event attended by leading business figures, the official spoke of negotiations for between US$6 billion and US$7 billion with various private institutions, according to Buenos Aires Times. "The banks have offered us US$6 billion, US$7 billion . . . and we are seeing how much we will accept. Whether it's zero, US$1 billion, US$2 billion, US$3 billion, US$4 billion, we'll see," Caputo said at a forum in Buenos Aires, which was also streamed on YouTube, the report notes. "We want to ensure that the January coupon payments don't lower the level of reserves." According to local press reports, the debt maturities are estimated to be around US$4.2 billion, the report discloses. Argentina took on a new US$20-billion program with the International Monetary Fund in April, the report says. The Washington-based lender has asked the government for "additional efforts" in accumulating international reserves, which as of December 3 stood at US$41.9 billion, according to Argentina's Central Bank, the report says. Caputo denied that Argentina was negotiating a US$20-billion loan with private banks and the amount had later been reduced to US$5 billion, the report discloses. "There is no possibility that banks will lend Argentina US$20 billion. It was a lie," he added, notes the report. In October, US Treasury Secretary Scott Bessent had mooted the idea of a $20-billion loan after the two countries signed a separate US financing agreement for Argentina for the same amount, the report relays. "We weren't talking to banks to get a US$20-billion loan, we were talking to the United States . . . and two other countries," Caputo said, clarifying that this is what Bessent had been referring to, the report notes. Caputo did not specify which other two countries he was referring to. He went on to say that Argentina's country risk rating, tracked by JP Morgan, would fall in the coming weeks, should a deal be made, the report relays. It currently stands at 639 points at the time of writing, the report notes. Caputo's comments brought calm to investors and sparked enthusiasm for Argentine stocks trading on the New York Stock Exchange, Buenos Aires Times relates. Some shares posted gains of up to nine percent, reflecting the confidence, adds the report. Milei Speech Closing the summit, President Javier Milei reiterated the importance of fiscal balance and sought to draw a distinction between his government and that of former president Mauricio Macri (2015-2019), recounts the report. He argued that during the Cambiemos government "fiscal adjustment did not take place – it was never corrected, only corrected through indebtedness," the report notes. The President went on to suggest that "economists are part of the problem" facing Argentina, the report says. Milei said his central goal is to eliminate any rise in the cost of living. "We don't want to see any more inflation in Argentina," he said, stressing that economic decisions are designed to consolidate that path, the report relays. He also criticized sectors of economic and political power that, in his view, resist the government's program, saying he has "to report to 47.5 million Argentines," the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B A H A M A S ============= BAHAMAS: IDB OKs $80MM-Loan to to Prevent Flooding in Key Areas --------------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) approved an US$80 million loan to enhance the resilience and sustainability of transport infrastructure and mitigate socioeconomic disruptions caused by recurrent flooding in New Providence, The Bahamas. This operation will finance a Global Multiple Works (GOM) program to increase the resilience of key transport corridors by improving draining systems and optimizing the effectiveness and efficiency of road maintenance. The program is aligned with ONE Caribbean, the IDB Group's comprehensive regional approach to promoting sustainable development in the Caribbean and Small Island Developing States. It is also aligned with Ready and Resilient Americas, an IDB Group regional impact program designed to enhance and boost resilience to disasters in Latin America and the Caribbean (LAC). More than 296,000 residents of New Providence will directly benefit from improved mobility -especially under adverse weather events- as well as the millions of tourists who visit the island annually. The country´s 398,000 inhabitants will indirectly benefit from a stronger economy driven by enhanced productivity and optimized public spending on road maintenance. Flood events in New Providence often result in significant socioeconomic disruption. Roadways become inundated when the drainage systems reach capacity and stormwater accumulates, rendering roads impassable, constraining mobility, disrupting access to essential services, economic activity and accelerating road deterioration. The program will see the design and implementation of sustainable and resilient flood-mitigation and stormwater-management infrastructure in selected transport corridors, including primary urban road networks, main thoroughfares, and residential community roads. Additionally, it will support the implementation of the Ministry of Works and Family Island Affairs´ asset-management system- update quality standards and specifications for road construction and maintenance -including drainage systems; and promote universal accessibility standards for streets. The US$80 million loan has a repayment term of 25 years, a grace period of 5.5 years and an interest rate based on SOFR. FTX GROUP: Customers Seek Final OK for $10M Deal With Silvergate ---------------------------------------------------------------- Sydney Price at law360.com reports that customers of failed crypto exchange FTX asked a California federal judge to give final approval to a $10 million settlement resolving claims that Silvergate Bank and its parent company enabled the multibillion-dollar FTX fraud, saying the deal represents the best, and likely only, meaningful recovery available from the now-bankrupt lender. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. ============= B E R M U D A ============= BORR DRILLING: S&P Downgrades ICR to 'B' on Higher Debt Burden -------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on drilling company Borr Drilling Ltd. (Borr) to 'B' from 'B+'. S&P also lowered its issue rating on Borr's senior secured notes due 2028 and 2030 to 'B+' from 'BB-', with the '2' recovery rating unchanged. The recovery rating reflects our expectation of 75% recovery of principal in the event of a payment default, revised upward from its previous expectation of 70%. The stable outlook reflects our view that Borr's credit measures will remain commensurate with the ratings over the next six-to-12 months, with debt to EBITDA below 5.0x, supported by continued robust drilling activity on Borr's key markets and gradual amortization of the notes. Borr, through its subsidiary Borr IHC Ltd., intends to raise $85 million of common equity, perform a $150 million tap issuance under its existing $624 million 2030 senior secured notes, and raise $150 through seller credit, to fund the acquisition of five jack-up rigs for $360 million. S&P said, "We regard the acquisition as an opportunity for future growth, however, the uncontracted status of three of the rigs alongside the additional debt adds to Borr's already relatively high debt to EBITDA, well above the 3x we view as commensurate with a 'B+' rating. "We anticipate that Borr's debt to EBITDA will remain high at about 4.5x-5.0x over 2025-2026. With the additional debt being raised to fund the acquisition of five rigs (three currently without a contract), the company has about $2 billion of net debt on its own reported basis. This means Borr's leverage metrics are more sensitive to operational underperformance. As such, we anticipate debt to EBITDA within the 4.5x-5.0x range in 2026 and 2027, a level commensurate with a 'B' issuer credit rating. While we acknowledge that upside could arise from contracting the new units, the time required to achieve the company goals of net debt to EBITDA of below 3x in the coming years will depend on Borr's ability to navigate an uncertain macroenvironment." Borr has good coverage for the first half of 2026 and could benefit from upside, but risks remain around oil prices and capital expenditure (capex). Revenue visibility for the first six months of 2026 is robust at about 80%, but will require further successful contracting to set the path for material EBITDA generation increases and the subsequent deleveraging of the balance sheet. S&P said, "While there is limited supply overhang from newbuilds that could pressure day rates, the industry depends on the capex programs of oil and gas companies, which could see a material reduction in a negative price scenario, well below our base-case assumptions of Brent price of $60 per barrel. We will therefore monitor Borr's contracting activity over the coming quarters, and its ability to generate superior profitability and day rates, given the company's young and modern fleet." S&P said, "Our analysis considers Borr's relatively small size and limited direct increase of backlog following the acquisition of the five jack-ups from Noble Corporation PLC (BB-/Stable/--). With a current backlog of $1.35 billion versus $3.9 billion for Valaris, $2.5 billion for Seadrill, and $2.3 billion for Odfjell, Borr remains exposed to volatile and unpredictable end markets where capex on oil and gas is the key driver. Mid- to long-term prospects are uncertain and volatile. In that context, Borr's relatively high indebtedness compared with that of peers, with about $2.0 billion debt, is a relative weakness, despite some gradual deleveraging over the past few quarters, bolstered by a relatively steep debt amortization. Borr enjoys some key strengths, such as a market-leading age of fleet (average of about 9.3 years pro forma the transaction), however, three uncontracted rigs will add some risks to the company's current cash generation and return profile. Borr's smaller size is also mitigated by its sound geographic diversity and a versatile fleet that can work in most shallow-water oil and gas producing regions. "The stable outlook reflects our expectation that Borr Drilling will only gradually reduce its leverage amid supportive market conditions, as its relatively high debt will require higher day rates and utilization to materially strengthen the balance sheet. While we believe that Borr's young and modern fleet of rigs is attractive for customers, the supply-demand situation for jack-ups remains key to deleveraging in the near term. We anticipate the company will generate positive free operating cash flows and maintain a debt-to-EBITDA ratio within 3x-5x, which we view as commensurate with the 'B' rating. "We could lower our rating on Borr in the next six-to-12 months if its credit metrics deteriorate such that debt to EBITDA is sustainably above 5x. Alternatively EBITDA interest coverage below 2x could also lead us to downgrade Borr." This could occur if: -- Weaker commodity prices impair demand for offshore drilling services, making it more challenging for the company to re-contract its rigs at favorable day rates; and -- Borr adopts a more aggressive financial policy on leverage, dividends, and capex, notably increasing its fleet size speculatively. S&P is unlikely to take a positive rating action in the next 12 months considering Borr's relatively small size and focus on one asset class (shallow water jack-ups). A positive rating action would hinge on Borr strengthening its balance sheet such that the debt to EBITDA ratio improved to below 3x. =========================== C A Y M A N I S L A N D S =========================== PFS LTD: Chapter 15 Case Summary -------------------------------- Chapter 15 Debtor: PFS Ltd. c/o Chris Johnson Assoc. Shedden Rd Grand Cayman KY1-1104 Cayman Islands Business Description: PFS Ltd. is a Cayman Islands exempted company that serves as an investment vehicle for Erin Winczura and engages in market and off-market equity derivatives trading, with investment advisory activities handled through Westrade Capital Corporation. Its investor funds are held by Canterbury Securities Ltd., an affiliated entity. PFS is wholly owned by Winczura, a Canadian citizen who resides in the Cayman Islands. Chapter 15 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12706 Judge: Hon. Michael E. Wiles Foreign Representatives: Karen Scott and Russell Homer Shedden Road PO Box 2499 Grand Cayman KY1-1104 Cayman Islands Foreign Proceeding: Grand Court of Cayman Islands, Fin. Service Div., Case No. FSD 309 of 2024 Foreign Representatives' Counsel: John E. Jureller, Jr., Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York NY 10036 Tel: (212) 972-3000 Email: jjureller@klestadt.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PE3T3ZY/Karen_PFS_LTD_and_Karen_Scott__nysbke-25-12706__0001.0.pdf?mcid=tGE4TAMA ============= E C U A D O R ============= ECUADOR: IDB OKs $200M-Loan to Strengthen Economic Growth Agenda ---------------------------------------------------------------- Ecuador will implement economic policies to boost economic growth and strengthen the business environment by stimulating private investment in strategic sectors such as energy and tourism, supported by financing of $200 million from the Inter-American Development Bank (IDB). The economic policy reforms will improve the efficiency of the tax system, collection, compliance, and reduce tax evasion. These policy actions aim to expand the use of electronic means for tax payments and partial debit. The program supports laying the groundwork for promoting more efficient public spending through changes focused on implementing quality spending tools to strengthen the public budget, such as thematic classifiers for gender, equality, and climate change; implementing results-based management in the chronic child malnutrition program, expenditure reviews, and defining prioritization criteria for public investment. The program's financing also backs measures to strengthen strategic planning, coordination, and alignment of efforts between the public and private sectors through a national growth agenda. In addition, it will promote greater private investment in strategic sectors such as energy and tourism. The use of the Tourism Development Fund will be expanded, providing greater predictability in the budget for implementing promotion programs and stimulating private investment, thereby contributing to greater job creation. This credit constitutes the first of two technically related but financially independent operations under the Programmatic Policy-Based Loan (PBP) modality, approved by the IDB's Executive Board. The loan has a 20-year amortization period, a 5.5-year grace period, and a rate based on SOFR. ============= J A M A I C A ============= JAMAICA: Security Expert Warns of Increased Risks Post-Melissa -------------------------------------------------------------- RJR News reports that security manager at JN Bank, Hopeton Thomas, is warning that the combination of storm-related instability and the upcoming Christmas season, traditionally a period of heightened criminal activity, poses serious risks across the island. He says weakened security systems, displaced residents and general disruption have created conditions that can be exploited by impersonators, scammers and organized criminal groups looking to take advantage of confusion and reduced oversight, according to RJR News. Mr. Thomas is urging Jamaicans to take extra precautions at home, work and while traveling, stressing that collective vigilance will be crucial to preventing criminals from capitalizing on both the recovery effort and the holiday period, the report notes. He is also advising the public to be especially cautious when dealing with contractors or individuals claiming to represent utility companies or government agencies, noting that all credentials, including identification and proof of authorization, must be verified, 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. NCB FINANCIAL: Posts Higher Year-End Net Profit of $36.9BB ---------------------------------------------------------- RJR News reports that NCB Financial Group has reported a strong performance for the year ended September 30, posting a net profit of $36.9 billion, up from $21.6 billion last year. The group's operating profit surged to $44.9 billion, driven by higher net interest income of over $78 billion and fee and commission income of $30.7 billion, according to RJR News. Gains from foreign currency and investment activities added nearly $21 billion while the sale of a subsidiary contributed more than $15 billion, the report relays. Insurance operations also delivered solid results with revenues climbing to $146 billion, the report notes. Customer deposits rose to $809 billion while stockholders' equity strengthened to $254 billion, the report adds. As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2025, Fitch Ratings has placed NCB Financial Group Limited (NCBFG) and National Commercial Bank of Jamaica Limited (NCBJ) on Rating Watch Negative (RWN), reflecting uncertainty about the impact that Hurricane Melissa - primarily affecting western Jamaica - will have on the entities. ===================================== T R I N I D A D A N D T O B A G O ===================================== TRINIDAD & TOBAGO: JCC Head Confirms Construction Slowdown ---------------------------------------------------------- Andrea Perez-Sobers at Trinidad and Tobago Guardian reports that Joint Consultative Council for the Construction Industry (JCC) president Fazir Khan has cautioned against framing the construction sector's current slowdown as a meltdown triggered by any single company, insisting the pressures now surfacing are the result of long-standing structural problems for which industry leaders should have anticipated and planned. Khan's response comes two days after Junior Sammy Contractors Ltd said its staff has been placed on a rotation system to keep employment stable, with some staff working "one day in, one day out" as the company has been affected by an economic slowdown, according to Trinidad and Tobago Guardian. Khan, who is the managing director of Alpha Engineering & Design (2012) Ltd, highlighted that multiple large firms have already begun scaling back operations due to tight government finances and chronic delays in payment, the report notes. The situation, he added, is neither new nor unexpected, the report relays. "Every change in government triggers a slowdown in disbursements," he explained, noting that verification exercises and budget shifts routinely extend payment cycles. That reality, he said, has defined the construction business in T&T for decades, the report says. Khan said it is well known that contractors often wait months between completing work, submitting invoices, resolving disputes, and finally receiving funds, the report discloses. This lag, he emphasised, is simply the nature of large public sector contracts, the report says. What is different today is the degree of financial strain facing the State, with the government struggling to finance ongoing commitments while managing rising expenditure, the report notes. Against this backdrop, he believes companies should have already moved to protect themselves, the report relays. He rejected the narrative that the industry is on the brink of collapse and instead argued that management must take responsibility for forward planning, diversification and innovation, the report notes. For years, he noted, Trinidadian engineering firms, consultants, architects and contractors have expanded across the Caribbean to counter domestic slowdowns, the report relays. That outward push has kept local professionals employed, brought in foreign exchange and positioned T&T companies as competitive players in multilaterally funded regional projects, the report discloses. Khan said that that trend must now accelerate, the report says. Trinidadian firms, he argued, have a strong edge when bidding for Caribbean Development Bank and World Bank projects, especially in smaller islands where engineering and technical capacity remain limited, the report rekays. "We compete against our own more than anyone else," he said, adding that local firms often beat international competitors on both price and quality, the report notes. He identified several markets, Grenada, Guyana, St Vincent and St Lucia, where construction activity is expanding, supported by climate financing and infrastructure grants, the report relays. Companies that track these funding flows, invest in bid preparation and strengthen their presence in these territories are far more likely to weather the domestic slowdown, he added. Khan also pointed to emerging opportunities in climate-smart agriculture, irrigation, water storage, and food security infrastructure, areas that Caricom has prioritised and that are supported by multilateral agencies, the report relays. As a civil engineer working regionally, he said these sectors are rich with design and construction opportunities for firms willing to broaden their scope beyond traditional building works, the report notes. Locally, he argued that public-private partnerships (PPPs) offer another path for experienced contractors with financial capacity, the report says. With the Government increasingly looking to offload upfront fiscal burdens, PPPs enable firms to bring capital and technical expertise to national projects, the report discloses. He noted that many recent expressions of interest require the private sector to finance or partially finance proposed works, an area where long standing companies may have a competitive advantage, the report relays. It is for this reason, he said, that the recent claim involving Junior Sammy Contractors Ltd must be understood within the broader national context, the report discloses. The company has categorically denied that any permanent employees were sent home, terminated or instructed to remain off the job without pay, the report relays. Instead, the firm said no such directive was issued, and no furlough notices were served, the report notes. Industry sources also indicated that the company, one of the largest in the country, is exploring rotational scheduling rather than retrenchment, the report says. Khan believes such adaptive approaches demonstrate that layoffs are not the only option. He expressed concern that some firms have already begun sending home workers or temporarily closing sections of their business, the report relays. While he acknowledged reports about other companies cutting staff, he insisted that management must take responsibility for strategic responses, particularly when the signs of an extended slowdown have been visible for years, the report adds. ============= U R U G U A Y ============= URUGUAY: IDB OKs $20MM-Loan to Boost Investments and Exports ------------------------------------------------------------ The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $20 million loan to boost Uruguay's exports and investments and increase business productivity through greater integration into global markets. The program is the second operation under the Conditional Credit Line for Investment Projects (CCLIP) "Program for Productive Development of Uruguay through Internationalization, Innovation, and Talent." The goal of this credit line is to simplify and streamline procedures for exporting and investing, and to strengthen the effectiveness of export and investment promotion instruments, ensuring their complementarity with other business support services. The program, which will be implemented by Uruguay XXI, will modernize and simplify processes for the Foreign Trade Single Window (VUCE) and the Investment Single Window (VUI), reducing time and costs for companies. It will also strengthen export and investment promotion tools, with a special focus on sectors such as life sciences, global services, audiovisual industries, and renewable energy. Additionally, the program will create a monitoring and evaluation unit, develop digital platforms for institutional interoperability, and incorporate predictive technologies and artificial intelligence. It will also promote the adoption of a green taxonomy to facilitate access to markets that require sustainability standards. The program will benefit exporting companies and MSMEs, as well as investors and public agencies, by reducing time and costs for export and investment procedures and providing integrated tools to facilitate internationalization. This plan aligns with the South Connection program by addressing bottlenecks that limit global integration and the competitiveness of Uruguay's productive sector, strengthening its integration into regional value chains and its insertion into global markets. The loan has a repayment term of 22.5 years, an eight-year grace period, and an interest rate based on SOFR. Financing will be complemented by a local counterpart of $2.6 million, for a total of $22.6 million. ********* 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 * * *