260109.mbx

260109.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, January 9, 2026, Vol. 27, No. 7 Headlines B A H A M A S SCILEX HOLDING: Draws $22.6MM in First Tranche of Non-Recourse Loan B R A Z I L AZUL SA: Gets Approval for Strategic Investment Agreements AZUL SA: Judge Says Releases Proper In Ch. 11 Opinion C O L O M B I A AVIANCA GROUP: Moody's Rates New $600MM Sr. Sec. Global Notes 'B1' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Economists Cite Challenges in Country This Year J A M A I C A JAMAICA: BOJ Seeking to Remove Another $47BB via Fixed Rate CD M E X I C O DEL MONTE: Reaches Chapter 11 Deal with Parent, Creditors LEISURE INVESTMENTS: Judge Okays Sea Lion, Shark Transfer in Ch. 11 P U E R T O R I C O MAF GROUP: Seeks to Tap MPR Tax Accounting Solutions as Accountant S & D TALLER: Hires Juan Javier Llanos Benitez CPA as Accountant - - - - - ============= B A H A M A S ============= SCILEX HOLDING: Draws $22.6MM in First Tranche of Non-Recourse Loan ------------------------------------------------------------------- Scilex Holding Company previously disclosed, on December 1, 2025, that the Company entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., a corporation existing under the laws of the Bahamas, pursuant to which the Lender agreed to loan the Company an aggregate principal amount of up to $50 million in one or more tranches. On December 22, 2025, the first tranche of the Loan closed in the aggregate principal amount of approximately $22.6 million, excluding the structure fee. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. In its report dated March 31, 2025, the Company's auditor, BMP LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, Scilex Holding had $83.76 million in total assets, $332.74 million in total liabilities, and a total stockholders' deficit of $248.99 million. =========== B R A Z I L =========== AZUL SA: Gets Approval for Strategic Investment Agreements ---------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted last December the motion of Azul S.A. and its affiliates for entry of an order, pursuant to sections 105(a), 363, 503(b)(1), and 507(a)(2) of the Bankruptcy Code authorizing and approving the Debtors' (i) entry into and performance under the Strategic Investment Agreements, and (ii) incurrence, payment, and allowance of the related Investment Agreement Obligations as administrative expense claims. The Court finds the terms and conditions of the Strategic Investment Agreements, including the Investment Agreement Obligations, are fair, reasonable, and appropriate under the circumstances. The terms and conditions reflect the Debtors' exercise of sound business judgment consistent with their fiduciary duties, are based on good, sufficient, and sound business purposes and justifications, and are supported by reasonably equivalent value and consideration. The Investment Agreement Obligations, to the extent payable under the Strategic Investment Agreements, pursuant to sections 105(a), 503(b), and 507(a)(2) of the Bankruptcy Code, are allowed as an administrative expense claim against each of the Debtors. As reported by the Troubled Company Reporter, Azul S.A. and its subsidiaries, asked the U.S. Bankruptcy Court for the Southern District of New York for permission to enter into strategic investment agreements that are essential to the successful confirmation and implementation of their Chapter 11 plan. At the outset of the cases, Azul secured broad stakeholder support through a network of restructuring support agreements with key strategic partners, a majority of its secured creditors, and its largest aircraft lessor, all designed to facilitate a coordinated, value-maximizing reorganization. The Plan, built on these RSAs, will reduce Azul's funded debt by more than $2 billion and position the company's Brazil's largest airline by departures and cities served, with 226 aircraft, 16,000 employees, and 900 daily Flights for long-term operational and financial strength. American Airlines and United Airlines have each committed to invest $100 million, totaling a $200 million-Investment Commitment, at a 30% discount to plan equity value, in exchange for new equity issued at emergence through a direct allocation in the equity rights offering. This strategic capital injection is a linchpin of the entire restructuring: it provides essential liquidity, supports the Debtors' ability to confirm the Plan, and bolsters negotiations with other stakeholders, including aircraft lessors such as AerCap, whose settlement resulting in over $1 billion in fleet savings is expressly conditioned on the Strategic Partners' investment. The Investment Commitment is further required under the $650 million ERO backstop agreement, which mandates execution of binding investment agreements from the Strategic Partners prior to the disclosure statement hearing and conditions consummation of the backstop on their funding. The Debtors explained that the Strategic Investment Agreements were the product of extensive, months-long negotiations and represent customary, market-based terms, including the Debtors' obligation to reimburse reasonable professional fees and indemnify each Strategic Partner for losses arising out of the investment agreements, which will constitute allowed administrative expenses under sections 503(b) and 507. The agreements remain open for 15 months from the Petition Date, and a defaulting Strategic Partner forfeits both its reimbursement rights and any entitlement to Subscribed Securities. The Debtors asserted that without approval of these agreements, the Plan and its accompanying value-enhancing transactions including the ERO, the backstop, the AerCap fleet restructuring, and the overall recapitalization of roughly $850 million of new equity would collapse, leaving the Debtors with no viable path to emergence. The Debtors requested swift approval to preserve the stability of the restructuring, maintain momentum toward confirmation, and ensure a successful emergence with a deleveraged balance sheet, strengthened commercial partnerships, and sufficient liquidity to support sustainable operations going forward. A copy of the Court's Order is available at @ urlcurt.com/u?l=XU30S0 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: @ www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. AZUL SA: Judge Says Releases Proper In Ch. 11 Opinion ----------------------------------------------------- Vince Sullivan at law360.com reports that the New York judge who confirmed the Chapter 11 plan of Brazilian airline Azul SA last month issued an opinion explaining his decision to overrule objections lodged by the U.S. Trustee's Office, saying the releases and exculpation provisions of the plan and the payment of indenture trustee expenses were all proper under the Bankruptcy Code and relevant case law, according to law360.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. =============== C O L O M B I A =============== AVIANCA GROUP: Moody's Rates New $600MM Sr. Sec. Global Notes 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned a B1 rating to the proposed approximately $600 million backed senior secured global notes to be issued by Avianca MidCo 2 PLC, a fully owned subsidiary of Avianca Group International Limited ("Avianca"). Avianca's B1 corporate family rating and the B1 ratings on the existing backed senior secured notes issued by Avianca Midco 2 PLC remain unchanged. The outlook is stable. The proposed issuance aligns with Avianca's liability management strategy, with proceeds aimed at refinancing a portion of the $1.1 billion senior secured notes maturing in 2028 and for general corporate purposes, including transaction fees and expenses. This move will mitigate refinancing risk by extending maturities and will be largely debt neutral. Following the refinancing, the majority of Avianca's notes will share terms aligned with its existing 2030 Notes, enhancing consistency across its capital structure. Notwithstanding this partial prepayment, Avianca's 2028 Notes will remain the governing instrument within the company's capital structure The rating of the proposed notes assumes that the final transaction documents will not be materially different from draft legal documentation reviewed by us to date and assume that these agreements are legally valid, binding and enforceable. RATINGS RATIONALE The proposed notes will benefit from a first-priority lien on the assets of LifeMiles, which, along with recent appraisal value of the collateral package, result in strong collateral coverage of the rated debt. Recently performed appraisals estimate the collateral value at $6.3 billion, well above the $2.5 billion secured debt as of September 30, 2025. In a liquidation scenario, its value could be lower, given its reliance on assets that are more difficult to value, such as intangibles and LifeMiles' ties with the airline. However, liquidation risk is lower, given Avianca's strong credit profile. Avianca's B1 rating reflects its continued operational and financial improvements, robust liquidity, and successful execution of its business strategy, as well as a supportive operating environment in Colombia and the broader airline sector. The B1 ratings also reflect its leading position in the Latin American passenger airline industry and its favorable cost structure. Conversely, the ratings reflect increasing competition, which could strain airfares; the inherent volatility in the airline industry; and the macroeconomic risks in key Latin American markets: Colombia (Government of Colombia Baa3 stable), and Central America, including Costa Rica (Government of Costa Rica Ba2 stable), El Salvador (Government of El Salvador B3 stable), Ecuador (Government of Ecuador Caa3 stable) and Guatemala (Government of Guatemala Ba1 stable). Since emerging from bankruptcy, Avianca has executed its business plan effectively. The third quarter of 2025 marked its fourth consecutive record quarter. For the 12 months ended September 30, Moody's-adjusted EBITDA was $1.5 billion with a 26% margin, driving leverage down to 3.6x. With 2025 as the first full year under expanded capacity, Moody's expects leverage to decline further to about 3.5x by year-end. Capacity deployment has restored load factor to 83%, up from 76% in Q1. Combined with a competitive cost structure from fleet modernization and cost controls, Avianca should sustain strong profitability. Moody's projects EBIT margin (Moody's-adjusted) to remain in the 10–15% range with positive cash flow through 2027. The proposed transaction is largely debt-neutral, supporting continued leverage improvement below 3.5x over the next two years. The stable outlook reflects Moody's views that Avianca's financial flexibility will continue to support its business strategy, allowing for further improvements to its credit profile through 2027. The company is likely to maintain adequate financial policies and strong liquidity, with internal sources and cash generation comfortably covering requirements through 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING An upgrade of Avianca's rating would result from a sustained increase in passenger demand, allowing the company to maintain revenue growth and improve credit metrics as planned. Quantitatively, an upgrade would require adjusted leverage (measured by total debt/EBITDA) to remain below 3.5x and interest coverage — measured by (funds from operations [FFO] + interest expense)/interest expense — to remain above 3.5x, both on a sustained basis. The maintenance of an adequate liquidity profile would also be required for an upgrade. The rating could be downgraded if recovery in credit metrics falls behind Moody's expectations, with adjusted leverage remaining above 4.5x and interest coverage (FFO + interest/interest) remaining below 2.5x on a sustained basis. A deterioration in the company's liquidity, or additional shocks to demand or profitability that lead to cash burn could also result in a rating downgrade. The principal methodology used in this rating was Passenger Airlines published in December 2025. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Economists Cite Challenges in Country This Year ------------------------------------------------------------------- Dominican Today reports that Economists Rafael Espinal and Antonio Ciriaco Cruz listed the challenges facing the Dominican economy for this year. The main challenge for the Dominican economy in 2026 is to make a progressive, inclusive and well-structured fiscal reform, Espinal said, according to Dominican Today. The research professor at the Technological Institute of Santo Dominto (Intec), said that a second challenge is to reactivate public investment and the construction sector, the report notes. The third is to maintain a monetary policy with competitive interest rates and the fourth is to rebuild confidence in honest and efficient public administration, the report relays. The report notes that for his part, Ciriaco Cruz, dean of Economic and Social Sciences at the Autonomous University of Santo Domingo (UASD), said that a challenge for 2026 is to increase public investment and keep it around 3% of gross domestic product (GDP), the report discloses. He understands that by 2026 the authorities will have to boost domestic credit to increase private consumption and private investment, which are fundamental variables to achieve the growth target in 2026, the report says. He added that by 2026, the government must contain the increase in spending on interest payments on the public debt and excessive transfers to the electricity sector, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, “we'll face difficulties in meeting international commitments. An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic was raised to 'BB' in December 2022 with stable outlook. Moody's credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Seeking to Remove Another $47BB via Fixed Rate CD -------------------------------------------------------------- RJR News reports that the Bank of Jamaica said it will be removing another $47 billion from the financial system with a 6% per annum fixed rate certificate of deposit (CD). This is in order to prevent money from being used to buy the US dollar, leading to devaluation and higher levels of inflation, according to RJR News. A total of $44.65 billion will be allocated to private financial institutions and their clients on a competitive basis, the report notes. Another $2.35 billion will be allocated to public sector institutions such as the National Housing Trust, the National Insurance Fund, the Jamaica Mortgage Bank and the Urban Development Corporation, the report adds. The instrument will mature on February 6, 2026 when interest will be paid minus the 25% withholding tax, the report discloses. 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. In December 2025, Moody's Ratings upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to Ba3 from B1, and the senior unsecured shelf rating to (P)Ba3 from (P)B1. The outlook has been changed to stable from positive. Also in December 2025, S&P revised its outlook on Jamaica to stable from positive. At the same time, S&P affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. S&P's transfer and convertibility assessment remains 'BB+'. Fitch Ratings in November 2025, affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. =========== M E X I C O =========== DEL MONTE: Reaches Chapter 11 Deal with Parent, Creditors --------------------------------------------------------- Rick Archer of Law360 reports that a court-appointed mediator informed a New Jersey bankruptcy judge on Friday, December 19, 2025, that talks between Del Monte Foods and its creditors have produced a tentative deal in which the company's buyers would provide $8 million to unsecured creditors. As part of the proposal, Del Monte's parent has also agreed to subordinate $164 million in claims, a move the mediator said could help resolve remaining plan objections in the Chapter 11 case. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. LEISURE INVESTMENTS: Judge Okays Sea Lion, Shark Transfer in Ch. 11 ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Leisure Investments Holdings LLC on Tuesday, January 6, 2025, received approval from a Delaware bankruptcy judge to sell and transfer dolphins, sea lions, sharks and other animals in its Chapter 11 proceedings. The decision clears a major hurdle in the company's effort to restructure and wind down certain operations. The debtor said the approved sales are designed to preserve value for the estate while addressing the specialized care needs of the animals. The court found the transactions appropriate and consistent with the goals of the bankruptcy case. 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. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. ===================== P U E R T O R I C O ===================== MAF GROUP: Seeks to Tap MPR Tax Accounting Solutions as Accountant ------------------------------------------------------------------ MAF Group LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire MPR Tax Accounting Solutions as accountant. The firm will render these services: a. provide assistance to the debtor in preparing the Monthly Reports of Operation; b. prepare the necessary financial statements; c. assist debtor in preparing the cash flow projections and or any other projection needed for the Disclosure Statement; d. assist debtor in any/ all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist debtor in the preparation and filing of federal, state and municipal tax returns; f. assist the Debtor in any other assignment that might be properly delegated; and g. assist the Debtor in general accounting services, tax returns preparations and making deposits for taxes. The firm will be paid a flat fee of $650 per month for all related work. As disclosed in the court filings, MPR Tax Accounting Solutions is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Mileysha Perez Ramos, MBA MPR Tax Accounting Solutions 42 Juan Hernández Ortiz Ave, Marisol Building, Second Floor, Suite 2 Isabela, PR 00662 Office: (939) 699-6437 WhatsApp: (787) 207-3325 Email: mprtaxsolution@outlook.com About MAF Group LLC MAF Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04147) on September 16, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Homel A. Mercado-Justiniano, Esq. represents the Debtor. S & D TALLER: Hires Juan Javier Llanos Benitez CPA as Accountant ---------------------------------------------------------------- S & D Taller Del Maestro LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan Javier Llanos Benitez, CPA as accountant. The firm will render these services: a. close out the Debtor's books as of the date of the filing of this case, and open new books as of the next day thereafter; b. establish a new bookkeeping system; c. prepare the periodic statements of the operations as required by the rules of this court; d. prepare and file the Debtor's state and federal tax return for the fiscal year which ended in the semester prior to the date of the filing of this case; e. prepare general ledger as disbursement register; f. reconcile the account; g. prepare Certified Interim Financial Statements as needed; h. prepare annual Financial Statements and Returns; i. provide tac and management counseling; and j. represent in tax investigations. The accountant will be paid $75 per hour for its services. As disclosed in the court filings, Juan Javier Llanos Benitez, CPA is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Juan Javier Llanos Benitez, CPA Ext. Villa Capri 18 Calle Perugia San Juan, PR 00924-5060 Phone: (787) 362-8320 Email: jjllanos@cpablc.com About S & D Taller Del Maestro LLC S & D Taller Del Maestro LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-04152) on September 16, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Mildred Caban Flores presides over the case. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as counsel. ********* 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 2026. 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 * * *