260128.mbx

260128.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 Wednesday, January 28, 2026, Vol. 27, No. 20 Headlines A R G E N T I N A ARGENTINA: Economy Dip More Than Expected After Midterms, INDEC Say B A H A M A S FTX GROUP: To Appeal Loss on Ch. 11 Charity Claim Dispute B R A Z I L BANCO BTG: Fitch Gives 'BB+(EXP)' Rating on New Sr. Unsecured Notes SABESP 2026-1: Fitch Rates Up to USD1.3BB Secured Notes 'BB+(EXP)' E C U A D O R FIMEPCH 5: Fitch Affirms 'CCC+sf' Rating on Class A4 Debt J A M A I C A JAMAICA: To Develop Factoring Framework for Contractors P U E R T O R I C O GOLDEN TRIANGLE: Taps Izquierdo San Miguel Law as Special Counsel VILLA DEL MAR: Seeks to Hire Alberto Torrado CPA as Accountant T R I N I D A D A N D T O B A G O RIK SERVICES: Closes Branch Less Than 7 Months After Reopening V E N E Z U E L A VENEZUELA: Looks to Woo US Oil Majors With New Investment Czar - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economy Dip More Than Expected After Midterms, INDEC Say ------------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that Argentina's economy contracted for a second consecutive month in November on the heels of a crunch midterm election that had precipitated a sharp market sell-off. Economic activity fell 0.3 percent from October, the INDEC national statistics bureau said on January 21, after a 0.4 percent decline in October, according to Bloomberg News. Economic activity also shrank 0.3 percent compared with the same month of the previous year, far below the median estimate of two-percent growth from economists surveyed by Bloomberg. Fishing, manufacturing and retail led the year-on-year decline, while agriculture, mining, finance posted annual growth, Bloomberg News notes. Bloomberg News says that President Javier Milei's libertarian party recovered from a devastating setback in September's Buenos Aires Province balloting to score a landslide victory in the midterms. Argentine assets plunged in the seven weeks leading up to the October 26 ballot as traders bet voters would again hand Milei a crushing loss, Bloomberg News notes. A key element to the turnaround was a financial lifeline from the US, which stepped in to shore up the peso with a currency swap that Argentina paid down earlier this month, Bloomberg News relays. "Along with recent inflation data, the activity prints suggest stagflation risks are clouding what we have expected to be a bright 2026. That's bad news, but not catastrophic. Somewhat slower activity and faster price gains are unlikely, on their own, to derail the country's path toward a stable macro and more sustainable growth. But the more important risk is that they could erode public confidence in the government and raise doubt over the political sustainability of Milei's program," said Jimena Zuniga, Argentina economist for Bloomberg Economics. Bloomberg News relays that data posted suggests that the pre-vote volatility continued to drag on South America's second-biggest economy the following month. Argentina's construction sector posted its largest monthly decline of last year in November, while the country's manufacturing industry also saw activity slow, Bloomberg News notes. Those and other sectors sped up in September and October to get ahead of a possible devaluation after the vote, leaving November dry, Bloomberg News discloses. "This was in line with what we expected, November was a bad month in terms of activity," Federico González Rouco, senior economist at Empiria consulting group in Buenos Aires, said, Bloomberg News relays. "But I also think this is more long-term. The economy was stagnant all year. If 2025 ends up showing growth, it will have been due to carryover effects, and that’s becoming clear," he added. Bloomberg News notes that Argentina's economy posted month-on-month contractions in five of the last 11 months, and no growth in two others. Monthly inflation accelerated more than expected in December to 2.8 percent, led by beef, bus fares and electric bills, Bloomberg News says. Inflation is expected to cool to 20.1 percent in 2026, while the economy is set to grow 3.5 percent, according to economists surveyed by the Central Bank, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ============= B A H A M A S ============= FTX GROUP: To Appeal Loss on Ch. 11 Charity Claim Dispute --------------------------------------------------------- Emily Lever at law360.com reports that FTX Recovery Trust said it will appeal after losing its bid to claw back a $650,000 bonus given to an employee of the defunct cryptocurrency exchange that was earmarked for charitable purposes. About FTX 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 R A Z I L =========== BANCO BTG: Fitch Gives 'BB+(EXP)' Rating on New Sr. Unsecured Notes ------------------------------------------------------------------- Fitch Ratings has assigned an expected 'BB+(EXP)' long-term rating to Banco BTG Pactual S.A.'s proposed senior unsecured notes with an indicative tenor of five years. The net proceeds will be used for general corporate purposes. The final rating is contingent upon the receipt of final documents conforming to the information already received. Key Rating Drivers The notes' expected rating corresponds to BTG Pactual's Long-Term Foreign Currency Issuer Default Rating (IDR) of 'BB+'/Stable and is equal with its other senior unsecured debt, as the default on the notes would equal default of the bank. BTG Pactual's ratings reflect its standalone creditworthiness, as measured by its 'bb+' Viability Rating (VR). Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The rating of the notes could be downgraded in the event of a downgrade of BTG Pactual's VR and IDR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating of the notes could be upgraded in the event of an upgrade of BTG Pactual's VR and IDR. SABESP 2026-1: Fitch Rates Up to USD1.3BB Secured Notes 'BB+(EXP)' ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB+(EXP)sf' expected rating to up to USD1.35 billion of Sabesp Blue Senior Secured Notes, to be issued in two tranches. The Rating Outlook is Stable. NOVA Securitisation S.à r.l., a special purpose vehicle (SPV) incorporated under the laws of Luxemburg, will issue the notes under New York State law. RATING ACTIONS Entity / Debt Rating ------------- ------ Sabesp Blue Senior Secured Notes Blue Senior Secured 2026-1 LT BB+(EXP)sf Expected Rating Blue Senior Secured 2026-2 LT BB+(EXP)sf Expected Rating Transaction Summary The notes will be backed by a 100% participation interest in a Term Loan B under a newly established A/B facility arranged by Inter-American Investment Corporation (IDB Invest; AAA/Stable), with payments of debt service and other amounts under the B-Facility passed through to the issuer. The borrower is Companhia de Saneamento Básico do Estado de São Paulo (SABESP; BB+/Stable). The transaction is a securitization of a single debt obligation and rated as a single-name credit-linked note. Fitch's expected ratings address the timely payment of semi-annual interest and the ultimate payment of principal, in accordance with the transaction terms. KEY RATING DRIVERS Repayment of Notes Reliant on Loan Payment: The notes will be backed by 100% participation rights in the Term Loan B of a newly established A/B purchase facility arranged by Inter-American Investment Corporation (IDB Invest; AAA/Stable). Payments of debt service and other amounts received in respect of the Term Loan B under the loan agreement received by IDB Invest under the B-Facility will be passed-through to the issuer under the participation agreement. Expected Ratings Linked to Sabesp Credit Quality: The rating assigned to the notes is commensurate with the credit quality of Sabesp as the sole risk-presenting entity. On April 7, 2025, Fitch affirmed Sabesp's Long-Term Foreign Currency (FC) and Local Currency (LC) Issuer Default Ratings (IDRs) at 'BB+' with Stable Rating Outlooks. Sabesp's ratings reflect its solid business profile in Brazil's water/wastewater industry and the benefits from its large-scale operations and predictable demand. Blue Bond Issuance: NOVA Securitisation S.à r.l. is a special-purpose vehicle that will place two tranches of senior secured blue bonds. Proceeds from the Term Loan B will be used in accordance with Sabesp's sustainable finance framework. The framework includes expanding access to water and sewage services, environmental conservation and projects that enhance water system resilience across the State of São Paulo. Costs and ongoing expenses from the issuance will be paid by Sabesp, as the risk presenting entity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- The notes' ratings are linked to the Long-Term Foreign Currency IDR of SABESP, as borrower of the Term Loan B and Risk Presenting Entity. If SABESP is downgraded, the notes will be downgraded to the same level. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- If SABESP is upgraded, the notes will be upgraded to the same level. ============= E C U A D O R ============= FIMEPCH 5: Fitch Affirms 'CCC+sf' Rating on Class A4 Debt --------------------------------------------------------- Fitch Ratings has affirmed IMS Ecuadorian Mortgage 2021-1 Trust certificates at 'AA+sf'. The Rating Outlook is Stable. Fitch has also affirmed the series A notes issued by Fideicomiso Mercantil Titularizacion Hipotecaria de Banco Pichincha 5 (FIMEPCH 5) at 'CCC+sf'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- IMS Ecuadorian Mortgage 2021-1 Trust 2021-1 44970EAA1 LT AA+sf Affirmed AA+sf Fideicomiso Mercantil Titularizacion Hipotecaria de Banco Pichincha 5 A4 LT CCC+sf Affirmed CCC+sf KEY RATING DRIVERS FIMEPCH 5 Rating Capped at Transaction Account Bank: The series A notes are capped at the rating of the Transaction Account Bank provider (currently Banco Pichincha CCC+). For the 'Bsf' rating, the Transaction Account Bank must have at least the same rating as the notes, according to Fitch's "Structured Finance and Covered Bonds Rating Criteria". However, in this case, the eligible bank has been defined as an entity with a rating equal to or maximum one notch below Ecuador's 'CCC+' sovereign rating, which constrains the ratings. Stable Pool Characteristics: Pool characteristics remained similar since issuance. As of November 2025, Fitch updated the weighted-average foreclosure frequency at base case to 8.7% from 10.0% at the last review due to a lower performance adjustment of 0.8, reflecting positive historical performance relative to the current originator's assumptions, and removal of defaulted loans from the consolidated metric. Fitch also revised the weighted-average loss given default to 11.7% from 13.8%. These assumptions consider the stability of the assets' main characteristics: average original loan-to-value of 62.5%, average original term of 18 years, average remaining term of 11 years, and 30.4% of the performing portfolio concentrated in properties valued at or below 300 minimum wages at origin. As of November 25, on a cumulative basis, 2.75% of loans have reached 180 days past due (dpd), while Fitch's initial assumption for the same period was 5.1%. Twenty-four loans (0.9%) have been restructured. Adequate Capital Structure Supports Ratings: The series A notes benefit from a sequential pay structure, where their target amortization payments are senior to interest and principal payments on the series B notes. Series A also benefits from credit enhancement (CE) of 28.72% as of November 2025, higher than the 23.9% observed in December 2024, and an interest reserve account equivalent to 3x their next interest payment. In addition, although they benefit from excess spread, due to their net weighted average coupon feature, Fitch does not consider this variable. Operational Risk Mitigated: Pursuant to the servicer agreement, Banco Pichincha performs the role of primary servicer. Fitch has reviewed Banco Pichincha's systems and procedures and is satisfied with its servicing capabilities. Additionally, Corporacion de Desarrollo de Mercado Secundario de Hipotecas CTH S.A. (CTH) has been designated as master and back-up servicer, mitigating the exposure to operational risk. IMS Ecuadorian Mortgage 2021-1 Trust DFC Credit Quality Supports Rating: The rating assigned to the 2021-1 certificates is commensurate with the guarantee provider's credit quality. The DFC's credit quality is directly linked to the U.S. sovereign rating (AA+/F1+/Stable), as guarantees issued by, and obligations of, the DFC are backed by the full faith and credit of the U.S. government, pursuant to the Foreign Assistance Act of 1969. Reliance on DFC Guaranty: Fitch assumes the payment on the notes will rely on the DFC guaranty. Through this guaranty the DFC will unconditionally and irrevocably guarantee the receipt of proceeds from the underlying notes in an amount sufficient to cover timely scheduled interest amounts (currently A4 interest rate minus trust expenses and 3.4%) and the ultimate principal amount on the certificates. The DFC guaranty effectively protects noteholders, taking into consideration the scope of the guaranty, the claim process and the timing required for the guarantor to disburse the funds to the issuer. Ample Liquidity: The transaction benefits from liquidity, in the form of a five-day buffer between payment dates on the underlying notes and payment dates on the certificates. Additionally, the certificates benefit from a three-month debt service reserve account at the underlying note level and a guaranty fee reserve account that was funded at transaction closing. This will be utilized throughout the life of the certificates to ensure the guaranty fee due to the guarantor is paid in a timely manner. Fitch considers this sufficient to keep debt service current on the guaranteed certificates until funds are received under a DFC Guaranty claim and that the guaranty will not terminate as a result of a failure to pay the guaranty fee. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For the RMBS transaction, the ratings are sensitive to the Ecuadorian sovereign's country ceiling, as well as Banco Pichincha's (acting as the transaction account bank holder) credit quality. A downgrade of Ecuador's Country Ceiling to levels below the transaction current rating or a downgrade of Banco Pichincha would result in a downgrade of the series A notes. Considering the performance of the collateral and higher OC levels, Fitch does not expect negative rating actions based on asset performance. For IMS Ecuadorian Mortgage 2021-1 Trust, the certificates' rating is directly linked to the DFC's credit quality, the guaranty provider. The DFC's credit quality is directly linked to the U.S. sovereign rating, as guarantees issued by, and obligations of, DFC are backed by the full faith and credit of the U.S. government, pursuant to the Foreign Assistance Act of 1969. The rating could be downgraded if the U.S. sovereign rating is downgraded. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The ratings assigned to the class A notes issued by FIMEPCH 5 are sensitive to the credit quality of the Ecuadorian sovereign, as well as to the credit quality of Banco Pichincha (acting as the transaction account bank holder). An upgrade of Banco Pichincha, or the replacement by another entity with a higher rating, could result in an upgrade of the series A notes. For IMS Ecuadorian Mortgage 2021-1 Trust, the certificates could be upgraded in the case of an upgrade on the U.S. sovereign rating, as it could affect the credit quality of DFC. ============= J A M A I C A ============= JAMAICA: To Develop Factoring Framework for Contractors ------------------------------------------------------- RJR News reports that Finance Minister Fayval Williams said the government will be working with the private sector to develop a factoring framework that will allow contractors owed by the state to sell their invoice to a third party at a discount in exchange for immediate cash. The move she says will help contractors avoid having to halt projects or borrow funds to complete work on time, according to RJR News. However, the finance minister did not indicate how contractors would be compensated for the discount they would have to accept in order to access quick cash, the report notes. Ms. Williams noted that delays in government payments to contractors often result in long setbacks in project execution, limit contractors' ability to take on new work, slow economic growth and increase the country's infrastructural vulnerability, the report relays. Meanwhile, Angus Young, Chief Executive Officer and Vice President in charge of corporate banking at NCB Capital Markets, said the company will assist the government in developing the framework and formalising the rules that will govern the system, the report notes. Both Williams and Young were speaking at the 21st Regional Investments and Capital Markets Conference hosted by the Jamaica Stock Exchange at the Pegasus Hotel earlier, 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. ===================== P U E R T O R I C O ===================== GOLDEN TRIANGLE: Taps Izquierdo San Miguel Law as Special Counsel ----------------------------------------------------------------- Golden Triangle Realty, SE seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Izquierdo San Miguel Law, P.S.C. as its special counsel. The firm will be filing an injunction against a third party who has occupied a portion of the real estate owned by Debtor. The firm will charge $125 per hour for its services. The firm received a port-petition retainer in the amount of $500. As disclosed in the court filings, Izquierdo San Miguel Law, P.S.C. is a "disinterested person," as defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Jorge M. Izquierdo San Miguel, Esq. IZQUIERDO-SAN MIGUEL LAW, P.S.C. Capital Center South Tower 239 Arterial Hostos Avenue, Suite 1005 San Juan, PR 00918-0918 Telephone: (787) 723-7767 Facsimile: (787) 723-6964 Email: jizquierdo@izquierdosanmiguel.com About Golden Triangle Realty Golden Triangle Realty S.E. is engaged in activities related to real estate. Golden Triangle Realty, S.E. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04514) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $19,811,659 in assets and $47,255,382 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. VILLA DEL MAR: Seeks to Hire Alberto Torrado CPA as Accountant -------------------------------------------------------------- Villa Del Mar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Alberto Torrado, CPA 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 the Debtor in preparing the cash flow projections and or any other projection needed for the disclosure statement; d. assist the Debtor in any/all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist the Debtor in the preparation and filing of federal, state and municipal tax returns; and f. assist the Debtor in any other assignment that might be properly delegated. The accountant's hourly rates are: a. $750 monthly fee for accounting b. $125 per hour for bankruptcy related matters As disclosed in the court filings, the accountant is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The accountant can be reached through: Alberto J. Torrado Delgado CPA 7714 PO Box 1329 Hatillo, PR 00659-1329 Tel: (787) 262-5138 Email: cpatorradodelgado@gmail.com About Villa Del Mar, LLC Villa Del Mar, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No, 25-05526) on December 5, 2025, listing $500,001 to $1 million in both assets and liabilities. Homel A. Mercado-Justiniano, Esq. serves as the Debtor's counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== RIK SERVICES: Closes Branch Less Than 7 Months After Reopening -------------------------------------------------------------- Trinidad Express reports that less than seven months after reopening its branch on Queen Janelle Commissiong Street in Port of Spain following a five-year closure, RIK Services Ltd (Trinidad Bookworld) has announced that the location has been closed as a permanent outlet. The company said the outlet will instead be used as a seasonal pop-up location during the Back-to-School period and the Christmas season, according to Trinidad Express. The branch was officially reopened last June, when the company's matriarch, Jean Khan, cut the ribbon at a ceremony attended by Port of Spain South MP Keith Scotland, Downtown Owners and Merchants Association president Gregory Aboud and Port of Spain Mayor Chinua Alleyne, the report notes. RIK closed the Queen Street branch in 2020 as the Covid-19 pandemic disrupted operations, the report says. However, a social media post on Tuesday confirmed that the branch will no longer operate as a permanent location, the report relays. "Please be advised that our Queen Street, Port of Spain location will be closing as one of our permanent locations with immediate effect," the statement said, the report notes. "We are pleased to share that we will continue to operate seasonally, returning as a pop-up location for the Back-to-School holidays as well as the Christmas season," the report discloses. The company thanked customers for their support and encouraged them to visit its other outlets at Long Circular Mall in St James and Grand Bazaar in Valsayn, the report notes. The location has been closed since January 5, following an initial closure for stocktaking, the report adds. ================= V E N E Z U E L A ================= VENEZUELA: Looks to Woo US Oil Majors With New Investment Czar -------------------------------------------------------------- Buenos Aires Times reports that Venezuela's interim president Delcy Rodriguez appointed a US-educated banker to head the country's main investment agency, in an apparent overture to US investors following the ouster of Nicolas Maduro. Rodriguez sacked a close ally of her ousted predecessor to make way for Calixto Ortega Sanchez, the former head of the country's central bank, as head of the International Centre for Productive Investment, according to Buenos Aires Times. Ortega had also been previously posted to Houston, the Texas city at the centre of the US oil refining industry, as part of Venezuela's diplomatic mission, the report notes. Analysts described the move as yet another signal to US President Donald Trump that Venezuela is prepared to give US oil companies prime access to its energy sector, the report relays. Writing on X, Rodriguez said Ortega's appointment would allow for "the continued attraction of national and international investment" to spur an economic recovery, the report notes. Ortega replaces Alex Saab, a Colombian-born Venezuelan seen as a frontman for Maduro, the report says. The writing had been on the wall for Saab since last week when Rodríguez sacked him as industry minister, the report discloses. Washington had accused him of money-laundering, the report relays. The report discloses that Phil Flynn, an analyst at Price Futures Group, told AFP he saw Ortega's appointment as "a signal to the Trump administration that Venezuela wants to play by the rules." "It demonstrates proactive efforts to attract major international players like Chevron and ExxonMobil" and thereby "significantly increase crude oil production," he said, the report says. Oil Firms 'Require Stability' Trump claims that Washington effectively runs Venezuela since January 3, when US forces captured Maduro at a military compound in Caracas and whisked him to a New York jail, the report notes. He backed Rodriguez to replace Maduro, while warning she would pay a "very big price, probably bigger than Maduro" if she did not toe Washington's line, the report relays. He says oil companies are prepared to invest at least US$100 billion in Venezuela, the report notes. "The experience and investment of many American companies will be necessary to revitalize the country's oil and gas production," Rob Thummel, senior portfolio manager at Tortoise Capital, told AFP, the report discloses. But those companies would "require stability and political clarity" before committing huge sums to the effort, he added. Nod to Machado Watching the transition unfold from the sidelines is popular opposition leader, Nobel Peace Prize laureate Maria Corina Machado, the report relays. Trump dismayed many Venezuelans by cutting her out of the process, the report says. Trump said he was still talking to Machado, who presented him with her Nobel medal, which he openly coveted, at the White House, the report relays. "Maybe we can get her involved in some way. I'd love to be able to do that," the Republican leader told reporters in Washington, the report notes. Machado, who is still touring the US capital, said Tuesday there could be no real change in Venezuela until all political prisoners are released, the report relays. The report relays that Rodriguez has begun to slowly release some of the estimated 800 political prisoners languishing in the country's penitentiaries. Several key Maduro opponents still remain behind bars, however, the report notes. The families of 200 prisoners demonstrated outside the prosecutor's office in Caracas to demand proof of life of their loved ones, the report says. "Where are they?" one of the placards waved by the demonstrators read. Nancy Quinones told AFP she had gone without news of her son, serving a 24-year sentence for his alleged role in a coup attempt, for five months and 18 days, the report adds. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 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 * * *