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260203.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 Tuesday, February 3, 2026, Vol. 27, No. 24 Headlines A R G E N T I N A ARGENTINA: Business Chamber Says Consumption Up 2.5% Last Year ARGENTINA: Milei Ally Under Pressure Over Alleged Overpricing C O L O M B I A GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Negative J A M A I C A JAMAICA: Mining Input Costs Remain Flat in December M E X I C O DEL MONTE: Says Ch. 11 Creditor Deal Paves Way for Sale, Plan Path PRETIUM PACKAGING: Case Summary & 30 Largest Unsecured Creditors P E R U UNACEM CORP: S&P Affirms 'BB-' ICR & Alters Outlook to Stable V E N E Z U E L A VENEZUELA: Oil Reform Encourages Immediate Investment VENEZUELA: U.S. Control of Oil Risks Debt Restructuring Showdown - - - - - ================= A R G E N T I N A ================= ARGENTINA: Business Chamber Says Consumption Up 2.5% Last Year -------------------------------------------------------------- Buenos Aires Times reports that consumption in Argentina improved last year, despite slowing in November and December, a new business chamber report shows. Data from the Camara Argentina de Comercio y Servicios ("Argentine Chamber of Commerce and Services," CAC) shows that consumption rose by 2.5 percent in 2025 compared to the previous year, despite registering a decline in December for a second consecutive month, according to Buenos Aires Times. According to the Consumption Indicator (IC) compiled by CAC experts, household spending on goods and services fell in both November (down 2.8 percent year-on-year) and December (down 1.4 percent), the report notes. Month on month, however, spending rose in the final month of the year and increased by 1.2 percent from the preceding period, the report relays. Household spending on goods and services has shown a modest recovery since President Javier Milei took office in December 2023, following a sharp contraction in 2024, the report notes. "This evolution in consumption must be viewed in the context of price developments, given that a slight acceleration in inflation was recorded during the second half of 2025," CAC sources told the Noticias Argentinas news agency, the report discloses. Sectoral performance showed divergent trends, the report says. The "clothing and footwear" category grew by 4.9 percent year on year, offsetting the fall in the IC by contributing 0.4 percentage points (pp), the report notes. Meanwhile, transport and vehicles posted a year-on-year decline of 2.8 percent, the report relays. Following a 2025 marked by continuous growth in vehicle registrations (both cars and motorcycles), consumption in this segment now appears to be stagnating, deepening the sector's decline, said the CAC report, Buenos Aires Times discloses. The category of recreation and culture also recorded a 4.3 percent drop compared with the same month in 2024, the report says. That ended a run of recovery compared with 2024 that had extended through virtually the entire second half of 2025, the report notes. As has been the case since Milei took office and removed several subsidies, housing, rent and public utilities soared 6.8 percent year on year, contributing one percentage point to the overall index, the report says. As for the remaining categories in the CAC report, these experienced a year-on-year decline of 3.8 percent in December, the report discloses. Credit showed signs of consolidation after having fallen at the beginning of 2024, the report says. In particular, credit to households and families showed sustained growth, although after almost two years of expansion it has only recently begun to show signs of fatigue, the report relays. Vehicle registrations are following a similar trend, while property transactions continue to support overall credit growth, posting positive year-on-year variations, albeit at a slower pace than at the start of the year, the report notes. "Mass consumption recovered slightly after a marked decline in 2024, while consumption of durable goods is slowing the pace of its strong improvement. As a result, durable goods continue to gain ground in household consumption, displacing mass consumer goods, albeit less markedly," CAC concluded, the report says. Looking ahead to 2026, the organisation stated that the year begins with "prospects of greater relative stability in this area, with the composition of household consumption tending to stop changing," the report relays. Di Tella Sees Inflation Above 30% Inflation in Argentina is unlikely to drop below 30 percent in 2026, according to a new report by the Torcuato Di Tella University, Buenos Aires Times discloses. Average inflation expectations for the next 12 months in Argentina stood at 31.5 percent in a survey conducted by the Financial Research Centre (CIF) that consulted economists and experts and hundreds of other sources, the report relays. This represents a decrease of 2.5 percentage points from the 34 percent recorded in December 2025, 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. ARGENTINA: Milei Ally Under Pressure Over Alleged Overpricing ------------------------------------------------------------- AFP News reports that a close adviser to President Javier Milei is at the centre of an escalating internal and judicial dispute over alleged irregularities at Argentina's state-owned nuclear operator. Demian Reidel, president of Nucleoelectrica Argentina SA, the state-owned company that operates the country's nuclear power plants, is facing complaints related to the firm's procurement processes and alleged overpricing in contracts for services and software, according to AFP News. The report notes that Reidel, an economist and physicist who previously worked at the Central Bank during Federico Sturzenegger's tenure, has emerged as one of Milei's key economic advisers. He was appointed to lead Nucleoelectrica, also known as NA-SA, in April 2025, the report relays. Within libertarian circles he is seen as a technically influential figure with a strong ideological imprint and direct influence over strategic areas of the state, including the energy and nuclear sectors, the report notes. The most high-profile dispute centres on a tender for cleaning services in sensitive areas of the Atucha I and II plants, a contract classified as critical because it involves zones with radiological risk, the report discloses. But according to reporting by Perfil, the bidding process was marked by changes to admissibility requirements, shortened deadlines and technical criteria that sharply reduced competition, the report says. Of nine companies that initially submitted bids, only two – LX Argentina and La Mantovana Servicios Generales – passed the first technical review, the report relays. Days later, another firm, Limpiolux, was added at the financial stage despite not having been technically evaluated by the requesting department, the report discloses. That move triggered strong internal objections, with critics warning that it undermined traceability and breached basic administrative procedures. All three companies submitted offers well above prevailing price levels, the report relays. LX Argentina’s proposal was the lowest among them, positioning it as the likely winner, but still significantly higher than the existing contract, the report notes. An internal complaint states that its offer exceeded the cost of the existing contract by at least 140 percent – a gap that plaintiffs say would have caused significant financial damage to the company, the report discloses. Juan Pablo Nolasco Saenz, a plant manager at Atucha I and II, filed a submission with the company's Integrity Committee warning of internal pressure, attempts to revise technical reports that had already been approved, and requests to economically "justify" higher-priced bids, the report relays. The filing also refers to interventions by departments without direct technical responsibility and repeated urgent phone calls linked to the process, the report discloses. After the contents of the complaint became known, Nucleoelectrica's board temporarily removed general manager Marcelo Fama and administrative coordination manager Hernan Pantuso from their posts, the report says. Both had been appointed by Reidel and were regarded as part of his inner circle, exposing sharp divisions within the company’s leadership, the report notes. The Atucha case is not isolated. Before this dispute became public, another company, Distribon SRL, had already taken another Nucleoelectrica cleaning tender to federal court, alleging bid-rigging through arbitrary requirements and deadlines it said were impossible to meet for services involving high technical complexity, the report relays. Concerns over procurement practices have also extended beyond service contracts, the report discloses. Earlier in January, the Asociacion Trabajadores del Estado (ATE) state-workers’ union filed a formal complaint against Reidel’s management over a technology contract linked to the migration of the company’s SAP system to SAP S/4HANA, the report notes. According to the union filing, the cost of the project allegedly rose from an initial estimate of around US$600,000 to approximately US$7 million, a surge the union argued lacked sufficient documentation and oversight, the report discloses. ATE said the escalation lacked transparent justification, audit trails or adequate internal controls and argued that, taken together with the Atucha cleaning tender, it pointed to a broader weakening of internal controls under Reidel’s management, the report relays. Reidel has not publicly responded to these accusations, and Nucleoeléctrica did not provide a public statement on these matters when approached by some outlets, the report says. The La Nacion newspaper reported that the company declined to comment on the reports of alleged overpricing or to explain the processes under review, a similar response to that given to Perfil, 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. =============== C O L O M B I A =============== GRAN TIERRA: S&P Affirms 'B' ICR & Alters Outlook to Negative ------------------------------------------------------------- S&P Global Ratings revised its outlook on Colombia-based oil and gas producer Gran Tierra Energy Inc. (GTE) to negative from positive and affirmed its 'B' issuer credit rating. At the same time, S&P affirmed its 'B' rating on the company's senior secured notes due 2029 and its 'B-' rating on its senior unsecured notes due 2027. S&P also assigned a 'B' issue rating to GTE's proposed issuance of up to $650 million senior secured notes. S&P said, "The negative outlook indicates our view that GTE's credit profile could be under pressure if the company does not reduce leverage as expected, to adjusted gross debt to EBITDA below 3.0x, while maintaining adequate liquidity amid uncertainty and volatility in the oil and gas industry. "We think potential complexities in the oil and gas sector could pose obstacles to GTE improving its cash flow. This year, the oil and gas price recovery faces headwinds stemming from macroeconomic and geopolitical factors, alongside considerable uncertainty surrounding industry supply-demand dynamics and potential volatility. This uncertainty could pose a risk to the company's cash flow generation if prices remain weak, preventing GTE from recovering the expected EBITDA and lowering leverage." Furthermore, the successful completion of a proposed exchange offer--involving the issuance of up to $650 million in senior secured notes to partly refinance the existing 2029 senior notes--is crucial. Failure to execute this exchange could tighten the company's liquidity position while it continues to deploy the necessary capital expenditure (capex) to maintain stable production. S&P said, "Although GTE's leverage didn't decline as expected following its i3 acquisition, we forecast gross debt to EBITDA at around 3.0x by the end of 2026, which remains commensurate with our 'B' issuer credit rating. GTE's acquisition of i3 Energy Canada Ltd. in October 2024 marked a milestone for the company. The deal increased GTE's asset base and industrial diversification in a low-risk jurisdiction. "While the acquisition boosted GTE's 1P reserves by doubling them to about 183 million barrels of oil equivalent, it also led to an increase in leverage. We expected leverage to ease to around 2.0x in the subsequent 12 months. However, the lower oil prices during 2025 prevented GTE from achieving higher EBITDA--prices dropped from around $80/barrels of oil equivalent (boe) by the end of 2024 to around $60/boe by the end of 2025. While absolute debt levels remained stable, the resulting lower-than-expected EBITDA led to an S&P Global Ratings-adjusted gross leverage metric above 3.0x. "While we currently expect international oil prices to remain low, we assume that GTE will now maintain stable production around 45,000 barrels of oil equivalent per day (boepd), compared with our previous expectation of 50,000 boepd, which would lead to EBITDA generation of around $300 million for the next 12 months. This should contribute to gradual deleveraging." GTE's liability management--to partly refinance its amortizing senior secured notes due 2029--should improve its debt maturity profile, upon satisfactory debt exchange acceptance. The company is planning to refinance about 80%-85% of its $716 million senior secured notes due 2029 through an exchange offer (that includes a cash consideration of about $100 million and similar terms and conditions of the current 2029 notes). The company's transaction intends to push forward upcoming amortization with the aim of having a much more comfortable payment schedule. "If the company achieves a satisfactory exchange, this would support liquidity. Otherwise, liquidity could be strained in the next 12 months if the company continues to have significant debt maturities (depending on the exchange result), coupled with estimated capital expenditure of around $140 million for 2026. Additionally, we believe that the $114 million in committed credit facilities (100% available) GTE has could support the company's needs if business conditions were to become more stressed than anticipated. "The negative outlook reflects our view that GTE's credit profile could be under pressure if the company does not lower leverage as expected, to adjusted gross debt to EBITDA below 3.0x on a consistent basis, while maintaining adequate liquidity amid uncertainty and potential volatility ahead in the oil and gas industry." S&P could lower the ratings in the next 12-18 months if: -- Crude oil prices sharply decline and weaken production volumes, such that GTE's revenue is lower than our expectations; Adjusted debt to EBITDA materially rises above 3.5x-4.0x on a consistent basis; -- The company's production falls well below our current estimates of at least 40,000 boe per day on a consistent basis and is similar to industry peers that have lower ratings; -- GTE's liquidity weakens because of lower-than-expected cash flow generation, unexpected cash burn, or higher-than-anticipated cash outflows for its operations. S&P could upgrade GTE if: -- Production surpasses 50,000 boe per day, -- Profitability margins recover near 60% on a consistent basis, -- The reserve base keeps increasing as a result of disciplined capex deployment oriented to business growth, -- GTE keeps cash sources well above short-term cash needs, and -- Adjusted gross debt to EBITDA falls below 2.0x. ============= J A M A I C A ============= JAMAICA: Mining Input Costs Remain Flat in December --------------------------------------------------- RJR News reports that the Statistical Institute of Jamaica (STATIN) says input costs for the mining sector were unchanged in December 2025, while costs in the manufacturing sector declined by 0.6 per cent. STATIN says mining costs remained flat as there were no price increases across the mining and quarrying industry, including bauxite mining and alumina processing, according to RJR News. The fall in manufacturing input costs was mainly driven by a four per cent decline in refined petroleum product prices, although this was partly offset by a slight increase in food and beverage costs, the report notes. Over the 12-month period from December 2024 to December 2025, input costs in the mining and quarrying sector dropped sharply by 42.8 per cent, largely due to a steep fall in costs for bauxite mining and alumina processing, the report says. In contrast, manufacturing input costs rose by 2.4 per cent over the year, mainly due to higher costs in the food, beverages and tobacco sub-sector, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== M E X I C O =========== DEL MONTE: Says Ch. 11 Creditor Deal Paves Way for Sale, Plan Path ------------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that in the Chapter 11 proceedings of Del Monte Foods, it urged a New Jersey bankruptcy court Wednesday, January 28, 20256 to approve a settlement with secured and unsecured creditor groups, saying the compromise offers the most viable route for the company's restructuring. According to court filings, the deal sets the framework for advancing both asset sales and plan negotiations in the case. Del Monte told the judge that the agreement reflects input from key creditor constituencies and will help reduce litigation risk and uncertainty that could hamper the business during the sale process. The company said the settlement aligns stakeholders around a shared path toward confirmation of a Chapter 11 plan, according to report. 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. PRETIUM PACKAGING: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Pretium Packaging, L.L.C. 1555 Page Industrial Blvd St. Louis MO 63132 Business Description: Pretium Packaging, L.L.C. designs and manufactures rigid plastic packaging, including bottles, jars, closures, and trays, serving customers in food and beverage, nutrition and wellness, household and commercial chemicals, healthcare, and personal care industries, with operations across the United States, Canada, Mexico, Ireland, and the Netherlands. Chapter 11 Petition Date: January 28, 2026 Court: United States Bankruptcy Court District of New Jersey Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pretium Packaging, L.L.C. (Lead Case) 26-10896 Alpha Consolidated Holdings, LLC 26-10897 Mont Royal, L.L.C. 26-10898 Olcott Plastics, LLC 26-10899 Poseidon Investment Intermediate, Inc. 26-10900 Pretium Canada Packaging ULC 26-10901 Poseidon Parent, L.P. 26-10902 Pretium Holding, LLC 26-10903 Pretium PKG Holdings, Inc. 26-10904 Starplex Scientific Corp. 26-10905 Judge: Hon. Christine M Gravelle Debtors' Local Bankruptcy Counsel: Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com Debtors' General Bankruptcy Counsel: Steven N. Serajeddini, P.C. Jordan E. Elkin, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: steven.serajeddini@kirkland.com jordan.elkin@kirkland.com AND Anup Sathy, P.C. Yusuf Salloum, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: anup.sathy@kirkland.com yusuf.salloum@kirkland.com Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Investment Banker: EVERCORE GROUP L.L.C. Debtors' Claims, Noticing & Solicitation Agent and Administrative Advisor: STRETTO, INC. Estimated Assets (on a consolidated basis): $1 billion to $10 billion Estimated Liabilities (on a consolidated basis): $1 billion to $10 billion J. Federico Barreto signed the petitions as chief financial officer, secretary, and treasurer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OMAVV2A/Pretium_Packaging_LLC__njbke-26-10896__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Polymers Sales & Logistic Trade Claim $2,841,385 PO Box 7886 The Woodlands, TX 77387 Attn: Sol Gonzalez Phone: 877-738-2878 Email: sol.gonzalez@mgpolimeros.com 2. Equistar Chemicals, L.P. Trade Claim $1,799,387 PO Box 301673 Dallas, TX 75303-1673 Attn: Matt Bridgeman Phone: 888-777-0232 x2843 Email: matt.bridgeman@lyb.com 3. Alpek Polyester Trade Claim $1,560,904 7621 Little Avenue Suite 500 Charlotte, NC 28226 Attn: James Davis Phone: 704-940-7500 Email: james.davis@alpekpolyester.com 4. Shell Chemical LP Trade Claim $959,914 PO Box 7247-6189 Philadelphia, PA 19170 Attn: Jasmine Okoli Phone: 832-337-2013 Email: jasmine.okoli@shell.com 5. St Louis County Dept of Revenue Tax Claim $839,393 St. Louis County Government 41 S Central Ave St. Louis, MO 63105 Attn: Collector of Revenue Phone: 314-615-2555 Email: collector@stlouiscountymo.gov 6. First Nations Pallet Trade Claim $759,423 Solutions, LLC 300 Colonial Center Parkway Suite 100N Roswell, GA 30076 Attn: Jessica Meyer Phone: 800-810-7109 Email: accounting@firstnationspalletsolutions.com 7. International Paper Trade Claim $716,072 1689 Solutions Center Chicago, IL 60677-1006 Attn: Paige Craig Phone: 901-419-1826 Email: Paige.Craig@ipaper.com 8. Polyquest Inc Trade Claim $468,311 1979 Eastwood Rd Suite 201 Wilmington, NC 28403 Attn: Ryan Huckaby Phone: 843-393-3465 ext 345 Email: ryanhuckaby@polyquest.com 9. Koksan Pet Packaging Ltd Trade Claim $407,414 7350 Fairfield Lakes Dr Powell, OH 43065 Attn: Miyesser Erdogan Phone: 614-535-7008 Email: miyesser.erdogan@koksan.com 10. Christienne Black Trade Claim $365,256 c/o Greenberg Gross LLC 650 Town Center Drive, Suite 1700 Costa Mesa, CA 92626 Attn: Donna Bustos Phone: 949-383-2800 Email: dbustos@ggtriallaw.com 11. Nan Ya Plastics Corp Trade Claim $363,435 PO Box 939 Lake City, SC 29560 Attn: Jessica Wilkes Phone: 843-319-0378 Email: sales@nalc.npc.com 12. National Plastics Color Inc. Trade Claim $362,985 100 W. Industrial Valley Center Kansas City, KS 67147 Attn: Ashley Ree Phone: 316-755-1273 ext 3040 Email: aree@nationalplasticscolor.com 13. Preform Solutions, Inc. Trade Claim $359,735 3801 N 4th Ave Sioux Falls, SD 57104 Attn: Stacy Hanson Phone: 605-335-6478 Email: stacyh@preformsolutions.com 14. CNA Risk Management Trade Claim $354,659 23453 Network Place Chicago, IL 60673-1234 Attn: Pamela Deaton Phone: 866-958-2455 Email: chicagocollections@cna.com 15. Rocky Mountain Power Trade Claim $340,289 PO Box 26000 Portland, OR 97256 Attn: Dick Garlish Phone: 866-870-3419 Email: accountnotices@rockymountainpower.net 16. C.H. Robinson Trade Claim $264,539 PO Box 9121 Minneapolis, MN 55480 Attn: Winston Ashford Phone: 216-643-3275 Email: winston.ashford@chrobinson.com 17. Selig Sealing Products, Inc Trade Claim $219,487 342 E. Wabach Ave Forrest, IL 61741 Attn: Paula Schilling Phone: 630-240-6740 Email: ar@seligsealing.com 18. INEOS Olefins & Polymers USA Trade Claim $216,978 2600 South Shore Blvd Suite 500 League City, TX 77573 Attn: Katherine Kennington Phone: 281-535-6888 Email: katherine.kennington@ineos.com 19. Tricorbraun Inc Trade Claim $212,950 3923 Shutterfly Rd Suite 300 Charlotte, NC 28273 Attn: Kelley Kriens Phone: 704-697-6700 Email: kelley.kriens@tricorbraun.com 20. Nexeo Plastics Trade Claim $207,158 1780 Hughes Landing Blvd Suite 1000 The Woodlands, TX 77380 Attn: Tonie D'Addario Phone: 514-863-2589 Email: adaddario@nexeoplastics.com 21. Penn Color Inc Trade Claim $187,981 2755 Bergey Road Hatfield, PA 19440 Attn: Karen Danner Phone: 215-997-2221 Email: accountsreceivable@penncolor.com 22. Palm Tree De LLC Professional $172,339 11755 Wilshire Blvd Services Suite 2300 Los Angeles, CA 90025 Attn: Joseph Wade Phone: 310-636-2050 Email: ar@palmtree.com 23. Husky Injection Molding Trade Claim $131,228 288 North Road Milton, VT 5468 Attn: Josh E Phone: 800-465-4875 Email: creditgroup@husky.ca 24. Cintas Corporation Trade Claim $124,799 PO Box 636525 Cincinatti, OH 45263-6525 Attn: Stephanie Tulodziecki Phone: 812-877-9115 Email: TulodzieckiS@cintas.com 25. Versum Materials US Trade Claim $121,110 8555 South River Parkway Tempe, AZ 85284-2601 Attn: Online Portal Phone: 314-300-7528 Email: vmnabilling@emdgroup.com 26. DCT White Oak Circle LLC Trade Claim $116,897 6250 N. River Road Suite 1000 Rosemount, IL 60018 Attn: Kathy Eoff Phone: 317-228-5232 Email: keoff@prologis.com 27. Opensesame Inc Trade Claim $109,800 1606 Headway Cir Suite 9405 Austin, TX 78754 Attn: Don Spear Phone: 503-808-1268 Email: ar@opensesame.com 28. Great Lakes Transport Solution Trade Claim $109,713 207 Commerce Drive Suite 102 Amherst, NY 14228 Attn: Victoria Berroth Phone: 855-968-0668 Email: victoria@greatlakestransport.com 29. A-PAC Manufacturing Co. Trade Claim $104,943 2719 Courier Nw Grand Rapids, MI 49534 Attn: Meriah Foxworthy Phone: 616-791-7222 Email: info@polybags.com 30. Holland Colours Americas Trade Claim $104,731 1501 Progress Drive Richmond, IN 47374 Attn: Annamaria Vagasi Phone: 765-935-0329 Email: ir@hollandcolours.com ======= P E R U ======= UNACEM CORP: S&P Affirms 'BB-' ICR & Alters Outlook to Stable ------------------------------------------------------------- S&P Global Ratings revised its outlook on Peru-based building materials company UNACEM Corp. S.A.A. to stable from negative and affirmed its 'BB-' issuer credit rating. S&P said, "The stable outlook indicates our expectation that UNACEM will post adjusted net debt to EBITDA close to 3.0x and free operating cash flow to debt of about 4% by year-end 2026. We also expect UNACEM will keep rolling over short-term debt maturities thanks to its established bank relationships." UNACEM recently refinanced the debt it used to fund the acquisition of Tehachapi's assets, which, in S&P's view, alleviates liquidity pressures for the next 12 months. S&P said, "We expect UNACEM to post adjusted EBITDA above Peruvian nuevo sol (PEN) 1.8 billion in 2026, which should help maintain credit metrics commensurate with the rating, despite its substantial capital expenditure plan. "The outlook revision on UNACEM reflects our expectation that liquidity strains will ease over the next 12 months. Recently, UNACEM completed the refinancing of the bank loan used to acquire Tehachapi's assets by issuing two series of municipal bonds for $360 million with a maturity of 20 years. In our view, this has helped UNACEM to alleviate liquidity pressures as Tehachapi's loan had a bullet maturity in October 2026. We now expect UNACEM to benefit from a more comfortable debt maturity profile, with an average life of about six years, from about 3.5 years previously. "Nevertheless, in our view, the company's upcoming debt maturities and capital expenditure (capex) investment plan are high in relation to its cash balance and expected funds from operation. This limits the company's ability to absorb high-impact, low-probability events without refinancing, even with its ability to reduce capital spending and postpone dividend payments if necessary. "On the other hand, we continue to believe that UNACEM maintains a solid credit standing in capital markets and sound relationships with banks, as evidenced by its access to financing from several creditors. To consider revising our liquidity assessment to a stronger category, we would look for the company to sustain liquidity sources exceeding uses by more than 1.2x, even with long-lead time committed capital expenditures. "We expect UNACEM to keep steady operating and financial performance over the next 12 months. Modest economic growth, easing financing conditions, and steady infrastructure projects across UNACEM's markets should support revenue growth above 4% over the next 12 months. We expect the Latin American market to continue accounting for about 80% of the company's earnings--in particular, 64%-65% from the Peruvian market--and the remaining 20% from the U.S. Moreover, sales volume growth, stable inflation, and average price increases should help the company to modestly increase EBITDA margins to about 25% in 2026. "Risks to our base-case scenario include domestic political risks in Peru, elevated construction costs across the company's markets, and global geopolitical tensions. In our view, these factors could undermine investments and economic activity, which, in turn, could result in lower demand for building materials and ultimately weaken UNACEM's financial and liquidity positions. "We expect UNACEM to modestly reduce leverage and maintain credit metrics consistent with the current rating over the next 12 months. We expect capital expenditure (capex) to remain elevated in 2026, at approximately PEN900 million-PEN1.0 billion, as the company continues to make investments supporting its long-term sustainability targets and some asset investments, such as the new lime plant. We expect UNACEM to primarily fund these investments with internally generated cash flow. "Consequently, we believe the company has the flexibility to postpone or reduce investments, if necessary, aligning with cash flow generation. We forecast adjusted net debt to EBITDA, free operating cash flow to debt, and EBITDA interest coverage of approximately 3.0x, 4%, and 5.6x, respectively, by year-end 2026. "The stable outlook reflects our view that UNACEM will keep steady operating and financial performance in the next 12 months. We forecast the company's consolidated revenue will rise nearly 5% and profitability will gradually improve considering stable inflation and sales volume growth. We estimate UNACEM's adjusted net debt to EBITDA will be close to 3.0x by year-end 2026, while its free operating cash flow to debt will remain close to 4% owing to its significant capex plan. "Additionally, we expect UNACEM to keep rolling over its upcoming debt maturities thanks to its established relationships with banks. "We could downgrade UNACEM in the next 12 months if the company's financial performance deteriorates or if it faces significant liquidity strains. The latter could result from an unexpected decline in construction activity across its markets, or its capex plan and shareholder compensation requiring substantial use of debt or cash." S&P would lower the rating if: -- Although unlikely in the next 12 months, its adjusted net debt to EBITDA is above 3.0x and its EBITDA interest coverage is below 3.0x, or if its adjusted net debt to EBITDA is above 4.0x; or -- Upcoming debt maturities or weaker cash flow generation pressures its liquidity, and the company does not show a clear remediation plan. S&P could upgrade UNACEM in the next 12-18 months if: -- UNACEM's liquidity improves materially, with sources exceeding uses by more than 1.2x on a consistent basis, even with long-lead time committed capital expenditures; or -- The company's adjusted net debt to EBITDA quickly decreases and stays well below 3.0x and its free operating cash flow to debt is well above 15% on a consistent basis. ================= V E N E Z U E L A ================= VENEZUELA: Oil Reform Encourages Immediate Investment ----------------------------------------------------- globalinsolvency.com, citing Reuters, reports that a proposed reform of Venezuela's oil law is enough to encourage companies working in the country to expand and for some new entrants to begin investing, but deeper reforms would be necessary to attract the $100 billion the U.S. says is required to revamp the nation's energy sector, foreign and local executives and lawyers said. The U.S. has taken control of Venezuela's oil exports and revenue following a military incursion to capture President Nicolas Maduro earlier this month, and a naval blockade to stop oil shipments on sanctioned vessels since December, according to globalinsolvency.com. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. VENEZUELA: U.S. Control of Oil Risks Debt Restructuring Showdown ---------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that U.S. control of Venezuela's oil exports has ensnared barrels that had been servicing debt to China, lining up another potential showdown between the two superpowers that could further complicate the South American country's path out of default. Around a tenth of Venezuela's $150 billion foreign debt pile is estimated to be loans from China that the OPEC member was paying in oil cargoes — until the U.S. seized Venezuelan President Nicolas Maduro earlier this ‌month. Debt experts said the ramifications of China's claim on the cargoes and any clash with the U.S, according to globalinsolvency.com. About Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and a large number of small islands and islets in the Caribbean sea. The capital is the city of Caracas. Hugo Chavez was president to Venezuela from 1999 to 2013. The Chavez presidency was plagued with challenges, which included a 2002 coup d'etat, a 2002 national strike and a 2004 recall referendum. Nicolas Maduro was elected president in 2013 after the death of Chavez. Maduro won a second term at the May 2018 Venezuela elections, but this result has been challenged by countries including Argentina, Chile, Colombia, Brazil, Canada, Germany, France and the United States who deemed it fraudulent and moved to recognize Juan Guaido as president. The presidencies of Chavez and Maduro have challenged Venezuela with a socioeconomic and political crisis. It is marked by hyperinflation, climbing hunger, poverty, disease, crime and death rates, social unrest, corruption and emigration from the country. Moody's has withdrawn its 'C' local currency and foreign currency ceilings for Venezuela in September 2022. Standard & Poors has also withdrawn its 'SD/D' foreign currency sovereign credit ratings and 'CCC-/C' local currency ratings on Venezuela in September 2021 due to lack of sufficient information. Fitch withdrew its own 'RD/C' Issuer Default Ratings on Venezuela in June 2019 due to the imposition of U.S. sanctions on the country's government. ********* 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 * * *