260407.mbx

260407.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, April 7, 2026, Vol. 27, No. 69 Headlines A R G E N T I N A VISTA ENERGY: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes B R A Z I L BRF S.A: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable MAFRIG GLOBAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable RELIZ TECHNOLOGY: U.S. Trustee Appoints Creditors' Committee STATE OF SERGIPE: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable C A Y M A N I S L A N D S DEER INVESTMENT: Moody's Affirms Caa1 CFR, Outlook Remains Stable J A M A I C A JAMAICA: BOJ Reports Strong Demand for Certificate of Deposit JAMAICA: STATIN Reports Exodus of Workers From Tourism Sector M E X I C O DEL MONTE: Minority Lenders Lose 3rd Cir. Appeal Bid P U E R T O R I C O B-YOU ACADEMY: Seeks to Hire Xavier Flores Rios as Accountant - - - - - ================= A R G E N T I N A ================= VISTA ENERGY: Fitch Assigns 'BB-' Rating to Senior Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB-' rating to Vista Energy Argentina S.A.U.'s proposed benchmark-size unsecured bonds. Proceeds will fund the acquisition of Equinor Argentina A.S.'s assets. Should the deal not close, proceeds will support acquisitions, capex, and other general corporate purposes tied to the growth of Vista Argentina's oil and gas business. Vista Argentina's Long-Term Foreign and Local Currency IDRs are rated 'BB-' with a Stable Rating Outlook. The ratings reflect Vista Argentina's strong business and financial profiles. Following the Equinor acquisition, production is expected to reach about 150,000 boe/d, with proven reserves of at least 700 mmboe in fiscal 2026. Fitch also expects leverage to remain below 2.5x. The main ratings constraint is the company's concentration in Argentina. Vista Argentina's 'BB-' Foreign Currency IDR is three notches above Argentina's Country Ceiling of 'B-', supported by offshore cash and expected export receipts covering more than 1.5x hard-currency debt service over the next three years. Key Rating Drivers Growing Production and Reserve Base: Fitch expects Vista Argentina's production to reach 150,000 boe/d by fiscal 2026, 1P reserves of close to 700mmboe, and the 1P reserve life index (RLI) about 13 years, aligning Vista Argentina's operating profile closer to the midpoint of the 'BB' category. These expectations assume the successful closing of the acquisition of the Bandurria Sur and Bajo del Toro unconventional assets from Equinor Argentina A.S. Vista Argentina's production increased 73% YoY in 2025, supported by the La Amarga Chica acquisition. The company plans to deploy about USD4.8 billion in capex over the next three years, primarily to support production growth. The recent increase in international oil prices can improve the company's hard-currency cash flows through exports. Adequate Leverage: Fitch projects EBITDA leverage will remain below 2.0x over the rating horizon. On a boe basis, Fitch estimates debt-to-1P at about USD5/boe in fiscal 2026. Management has demonstrated an acquisitive growth strategy and remains open to further acquisitions. Fitch expects any incremental growth to be executed while Vista maintains leverage within its rating sensitivities. Vista Argentina has some financial flexibility in mitigating risks associated with its high-risk operating environment. However, addressing upcoming material debt maturities and associated refinancing risk remains an important credit focus. Operating Environment: Vista Argentina's operations are concentrated in Argentina, which continues to face challenging economic conditions and remains a crucial rating constraint. Fitch revised Vista Argentina's Operating Environment (OE) assessment to 'b+' from 'b', reflecting an increase in export revenue, which accounted for nearly 61% of total revenue as of fiscal 2025. The OE assessment results in a one-notch negative adjustment to the pre-OE Standalone Credit Profile (SCP). Fitch expects Vista to maintain an adequate financial profile through the rating horizon, supported by higher export-related cash flows, which are a key credit consideration and help mitigate OE volatility. Lowest Cost Producer: Fitch estimates operating cost (COGS) per boe of $30/boe and EBITDA of USD2.0 billion ($38/boe) in fiscal 2026. Vista Argentina is the independent O&G producer with the lowest production costs among Fitch's rated portfolio in Latin America. Fitch estimates its half-cycle and full-cycle costs at $17/boe and $27/boe, respectively, as of fiscal 2024. These low costs are driven by economies of scale and the company's focus on shale O&G, which compares favorably to other Latin American peers. Peer Analysis Vista Argentina is the independent O&G producer with the lowest production costs among those rated by Fitch in Latin America, making this a key differentiator among its peers. Vista Argentina's fiscal 2024 half-cycle cost estimated at $17/boe is lower than Brava Energia S.A.'s (BB-/Positive) $38/boe and Prio S.A.'s (BB+/Stable) $20/boe. In terms of operational scale and 1P reserves, Fitch projects Vista Argentina will reach a total production of approximately 150,000 boe/d and 1P reserves of at least 700 mmboe by fiscal 2026, placing Vista Argentina at the midpoint of the 'BB' category. Vista Argentina's operations are concentrated in Argentina, which is a limiting rating factor. This is the same case for Pan American Energy S.L. (BB-/Stable), whose rating is also constrained by the Argentine operating environment. However, its medium production size of 222kboed and strong 1P reserve life of close to 19 years compare favorably to other 'BB' rated O&G exploration and production (E&P) companies. Fitch expects Vista Argentina's EBITDA leverage to remain below 2.0x throughout the rating cycle. Compared to peers, Fitch expects the average leverage for these E&P companies to be below 2.0x over the next three years. On a boe basis, Vista Argentina's fiscal 2025 total debt to 1P was $6/boe. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb+, Moderate), Financial Structure (a, Lower), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'b+' results in an adjustment of -1 notch. - The SCP is 'bb-'. To derive the IDR: Fitch made no adjustments to the SCP, resulting in a Local Currency IDR of 'BB-'. - Country ceiling considerations apply and result in no adjustment in the FC IDR as per Corporate Criteria, Vista Argentina's FC IDR can be rated up to 3 notches of Argentina's country ceiling of B-. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Material decline in export revenue; - Downgrade of Argentina's Country Ceiling; - Debt/EBITDA and net debt/EBITDA ratios above 3.5x and 3.0x, respectively, on a sustained basis; - Major operational disruptions at key assets, resulting in a significant reduction in production. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - For the IDRS: Upgrade of Argentina's Country Ceiling; - The SCP could be upgraded with a combination of the following: sustained access to hard currency committed credit lines from highly rated international banks, export revenue contribution above 70% on a sustained basis and increasing production to more than 175 kboe/d, while maintaining 1P reserve life of at least seven years. Liquidity and Debt Structure Vista Argentina has a track record of holding adequate cash position. Fitch expects it to proactively manage exposure to refinancing risks while funding growth. The company reported consolidated cash and equivalents of around USD377 million at fiscal 2025, which contrasts with short-term debt of USD361 million. Total debt was USD3.1 billion as of fiscal 2025 and was mainly composed by senior notes and bank loans. Vista Argentina's interest expense coverage should average 10.0x over the rating horizon. The company's debt and interest expense are predominately in U.S. dollars, and Fitch's rating case assumes it will continue to access the official exchange to service its debt. Issuer Profile Vista Argentina is a midsize O&G producer with average production of 115,000 boe/d as of fiscal 2025. Its main assets are in the Neuquina basin (Vaca Muerta) in Argentina. The company is the second-largest unconventional oil producer in Argentina. Summary of Financial Adjustments Debt balance incorporates M&A payables. Date of Relevant Committee 19-Mar-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS at 2035 for Vista Argentina is 55. While elevated, this score does not affect the current ratings, given the long-time horizon over which the transition is expected to occur. Any potential future rating impact may change over time, reflecting developments in Fitch's assessment of these risks. ESG Considerations Vista Energy Argentina S.A.U. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to the growing importance of policies designed to limit the greenhouse gas (GHG) emissions from the production of O&G and potentially lessening demand, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors.. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Vista Energy Argentina S.A.U. senior unsecured LT BB- New Rating =========== B R A Z I L =========== BRF S.A: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed BRF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) and the senior unsecured notes issued by BRF and by BRF GmbH (guaranteed by BRF) at 'BB+'. Fitch has also affirmed the company's National Scale Long-Term Rating and local bonds at 'AAA(bra)'. The Rating Outlook for all ratings is Stable. Fitch assesses that BRF's Standalone Credit Profile (SCP) is stronger than that of its parent Marfrig Global Foods S.A. (BB+/Stable). However, considering the new structure, reflecting open legal ring-fencing and the parent's open access to and control of subsidiary resources, BRF's ratings are determined by Marfrig's consolidated credit profile. Key Rating Drivers Parent-Subsidiary Linkages: Fitch's assessment considers BRF's stronger SCP versus Marfrig, its parent and consolidating entity. Under the new structure, Fitch assesses legal ring-fencing and access and control as open, so BRF's ratings are aligned with the parent's consolidated profile. Strong Market Positions: BRF is a leading global poultry exporter with a prominent processed foods business in Brazil. Its extensive distribution network and strong brands provide significant market scale and diversification, setting it apart from competitors. BRF's diverse sales, including substantial international operations, reduce exposure to domestic risks and enhances its business strategy compared to competitors in the Brazilian market. Positive Chicken Meat Demand: Fitch expects the long-term outlook for the protein sector to be positive, driven by increasing demand for chicken meat which is more affordable than other proteins like beef or pork, and solid export market demand. The U.S. Department of Agriculture projects stable domestic chicken meat consumption in Brazil and export growth of approximately 5.0% yoy in 2026. Stable Grains Prices: Conab (National Supply Company in Brazil) forecasts Brazil's soybean and corn production to reach 178 million and 138 million tons, respectively, in 2026 (177 million and 141 million, respectively, produced in 2025). It also expects increased grain output to benefit pork and poultry industries by keeping costs under control, as grains constitute a significant portion of animal protein processing costs. Conflict in the Middle East: BRF has operations in the Middle East in the form of local markets and exports. ABRF has industrial plants in Saudi Arabia and in the United Arab Emirates and exports to the region from Brazil. Until now, the Iran conflict has not negatively impacted their margins; in fact, margins improved as the companies are still accessing the region via alternative routes and their product prices increased more than the freight costs. However, this scenario could change and will require monitoring. Processed Food Provides Stable Margins: BRF's strong brands and participation in the Brazilian processed food domestic market with more stable margins help reduce volatility in the poultry business. The poultry and pork industries are subject to cyclicality and volatility in commodity and animal protein prices and demand. These are influenced by global trading dynamics, weather conditions, disease outbreaks, supply chain disruptions, regulatory changes, and FX rates. Peer Analysis BRF's ratings are below those of other large food processors such as Grupo Bimbo S.A.B de C.V. (BBB+/Stable), Sigma Alimentos, S.A. de C.V. (BBB/Stable), and The Kraft Heinz Company (BBB/Outlook Negative). Despite the level of exports, most of BRF's industrial plants and revenues are in Brazil. The weaker operational environment of Brazil in relation to Mexico and the U.S. should be considered when comparing BRF with these other issuers. Fitch’s Key Rating-Case Assumptions - Single-digit revenue growth driven by volume and price growth; - Capex around BRL4 billion in 2026 and 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Higher), Financial Structure (a+, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a consolidated approach (BB+). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade of Marfrig's ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Marfrig's ratings. Liquidity and Debt Structure BRF's liquidity has improved compared to previous years. BRF had BRL15 billion in cash and cash equivalents as of December 2025 and BRL2 billion in short-term debt, composed mainly of trade finance and working capital lines, and excluding non-recourse factoring of receivables. However, it is important to consider that dividends which flow to Marfrig could increase depending on the group's consolidated policy. Issuer Profile BRF is one of the world's largest food companies, with brands such as Sadia, Perdigao, Qualy, Banvit and Perdix. Its products are sold in more than 120 countries in the Americas, Africa, Asia, Europe, Eurasia and the Middle East. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for BRF S.A. ESG Considerations BRF S.A. has an ESG Relevance Score of '4' for Governance Structure due to the Molina family's control of Marfrig and BRF and the lack of a detailed succession plan. The company has pursued multiple strategies in the past decade, buying and selling companies, which remains a key credit consideration. Shareholders' strong influence on management could result in decisions that are made to the company's detriment, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- BRF S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(bra) Affirmed AAA(bra) senior unsecured LT BB+ Affirmed BB+ senior unsecured Natl LT AAA(bra) Affirmed AAA(bra) BRF GmbH senior unsecured LT BB+ Affirmed BB+ MAFRIG GLOBAL: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Marfrig Global Foods S.A.'s Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed MARB BondCo PLC and NBM US Holdings, Inc.'s senior unsecured notes at 'BB+'. Fitch has also affirmed Marfrig's National Scale rating at 'AAA (bra)'. The Rating Outlook is Stable. Marfrig's ratings reflect its strong business profile as a global animal protein producer, with well-established assets in Brazil and in the U.S. It operates in beef, poultry and processed food through its controlling stake in National Beef and full ownership of BRF S.A. (BRF), and its beef operation in South America. The affirmation and Stable Outlook reflect Fitch's expectation of deleveraging over the rating horizon after the merging with BRF, which involved an extraordinary payment of dividends during 2025. The deleveraging will be supported by the strong operating cash flow from BRF, synergies from the merging entities, and expected recovery of the U.S. beef sector in 2027 and 2028. Key Rating Drivers Merging BRF Positive to Credit Profile: The merging with BRF was positive for Marfrig, which will be able to capture synergies, especially in SG&A. Management expects to capture around BRL600 million in 2026 and BRL400 million in 2027 in synergies. Besides the synergies, the transaction has allowed Marfrig to access all the cash generation and dividends from BRF, which is currently in a more positive business cycle. Deleverage After the Merger of BRF: Marfrig's consolidated net leverage reached a peak of 3.9x due to the merger. Fitch expects the company to deleverage going forward, supported by some efficiencies gains and the continuity of BRF's strong performance. BRF's performance is driven by operating efficiency, low feed costs and positive chicken demand. However, the company is exposed to some uncertainty related to the recovery of margins at National Beef margins in 2027 and 2028. Strong Business Profile: Marfrig is an important global animal protein producer. It operates as a beef producer in south America, mainly in Brazil, and controls National Beef, the fourth-largest beef processor in the U.S., and BRF, the leading poultry exporter and processed food producer in Brazil. Together, these three operations provide adequate diversification in terms of proteins, industrial plant locations, products, brands and markets. Animal Protein Perspectives: U.S. beef market fundamentals remain challenging for 2026, resulting in compressed processing spreads due to high live cattle prices and multi-decade low beef inventories from herd liquidation. In contrast, Brazilian beef processors benefit from a favorable cattle cycle due to increasing production, rising consumption and increasing exports. The poultry market fundamentals remain healthy in 2026, supported by stable grain prices and continued consumption growth in key regions such as the U.S. and Brazil. Conflict in the Middle East: Marfrig has operations in the Middle East. The region represents around 7% of the company's consolidated net revenues from local sales and exports. BRF also has industrial plants in Saudi Arabia and in the United Arab Emirates. Marfrig and BRF export to the region from Brazil. To date, the Iran conflict has not hurt margins. In fact, margins have improved as Marfrig is still accessing the region via alternative routes and has raised product prices more than freight costs increased. However, conditions could change and Fitch will continue to monitor the situation. Peer Analysis Marfrig's ratings (BB+/Stable) reflect its solid business profile and geographic diversification in the beef industry. They also reflect its significant presence in South America (notably in Brazil) and the U.S. through National Beef and in the poultry and processed food business through BRF. Its size compares favorably with regional peer Minerva S.A. (BB/Stable), which became a larger beef processor in South America, but does not have poultry and access the U.S. market by exports. JBS N.V. (BBB-/Stable) and Tyson Foods, Inc (BBB/Stable) enjoy a larger scale of operations, and higher product and geographical diversification than Marfrig. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb+'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative FCF on a sustained basis; - Net leverage above 3.5x and gross leverage above 4.5x. on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net leverage below 2.5x and gross leverage below 3.5x, on a sustained basis. - (CFO-capex)/debt above 7.5%. Liquidity and Debt Structure On consolidated basis, Marfrig had BRL25 billion of cash and cash equivalents as of fiscal YE 2025, compared with BRL13 billion and BRL10 billion due in 2026 and 2027, respectively. Issuer Profile Marfrig Global Foods S.A. is a multinational animal protein company. It operates as a beef processor in South America and controls National Beef, the fourth-largest U.S. beef processor, and BRF, a leading Brazilian poultry exporter and processed food company. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Marfrig. ESG Considerations Marfrig Global Foods S.A. has an ESG Relevance Score of '4' for Waste & Hazardous Materials Management; Ecological Impacts due to supply chain management and its exposure to cattle sourcing from the Amazon biome. The company's exposure to land use and ecological impact could result in decisions being made that are detrimental to the company, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. Marfrig Global Foods S.A. has an ESG Relevance Score of '4' for Governance Structure due to the Molina family's control of the company and the lack of a detailed succession plan. The company has pursued multiple strategies in the past decade, buying and selling companies, which remains a key credit consideration. The shareholder's strong influence on management could result in decisions that are made to the company's detriment, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- NBM US Holdings, Inc. senior unsecured LT BB+ Affirmed BB+ MARB BondCo PLC senior unsecured LT BB+ Affirmed BB+ Marfrig Global Foods S.A. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ Natl LT AAA(bra) Affirmed AAA(bra RELIZ TECHNOLOGY: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Reliz Technology Group Holdings, Inc. The committee members are: 1. SBI VC Trade Co., Ltd. Izumi Garden Tower 19F 1-6-1 Roppongi, Minato-ku Tokyo, 106-6019 Japan Phone: +81-3-6299-1166 Email: dl.biz.marketoperations@sbivc.co.jp 2. Dominion Capital LLC Attn: Mikhail Gurevich 256 West 38th Street, 15th Floor New York, NY 10018 Phone: (203) 293-8313 Email: mikhail@domcapllc.com 3. Karol Przybytkowski 4. Jeffrey Brandt 5. Tod Skarecky 6. Energy Conversion Group Attn: Benjamin Stroh 401 Main Street Suite 218 Cedar Falls, IA 50613 Phone: (319) 504-1616 Email: ben@strohholdings.com 7. Fuel Labs Inc. Attn: Mo Yang Craigmuir Chambers, Town Road Tortola VG1110 British Virgin Islands Phone: (416) 668-3812 Email: mo.yang@fuel.sh Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc. together with affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, it also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. STATE OF SERGIPE: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Brazilian State of Sergipe's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook is Stable. In addition, Fitch has affirmed Sergipe's Short-Term Foreign and Local Currency IDRs at 'B', its National Long-Term Rating at 'AAA(bra)'/Stable, and its National Short-Term Rating at 'F1+(bra)'. Sergipe's Standalone Credit Profile (SCP) is assessed at 'bb', and no other factors affect its rating. Sergipe has posted strong operating revenue growth in recent years — outpacing national nominal GDP — supported by robust tax collection and increased transfers from the federal government. Operating expenditure growth has also been elevated but has remained broadly accommodated within the pace of revenue expansion. Looking ahead, Fitch expects revenue growth to moderate and converge toward nominal GDP growth, which could prove more challenging to manage amid continued expenditure pressures, particularly in the health sector, potential payroll adjustments, and capital spending that has historically risen in election years for Brazilian LRGs. On the debt side, Sergipe executed a debt restructuring transaction with a multilateral agency in 2025 to refinance part of its private debt and is also restructuring its debt with the federal government under the Programa de Pleno Pagamento de Dívida dos Estados (Propag; Program for Full Payment of States' Debt). KEY RATING DRIVERS Fitch assesses the Sergipe's SCP at 'bb'. This reflects the combination of a 'Weaker' risk profile, a financial profile in the 'aa' category, and national and international peer comparison. Risk Profile: 'Weaker' Sergipe's 'Weaker' risk profile resulted from a mix of 'Weaker' and 'Midrange' assessments of six key risk factors, as outlined below. Revenue Robustness: 'Weaker' Fitch evaluates this factor as 'Weaker' due to the state's dependence on transfers from a 'BB' rated counterpart (the sovereign). The Brazilian tax collection framework delegates a large share of the tax collection responsibility to states and municipalities, with constitutional transfers serving as a mechanism to compensate poorer entities. As a result, Fitch considers a high reliance on transfers to be a weak feature for Brazilian LRGs. The primary metric for Revenue Robustness is the transfers ratio (transfers to operating revenues). LRGs with a transfer ratio of 40% or above are classified as 'Weaker', while those with a ratio below 40% are classified as 'Midrange'. Sergipe is highly dependent on transfers, which represented 52.4% of its average operating revenues between 2021 and 2025. Historically, Sergipe's revenue growth has performed above national GDP growth. From 2020 to 2025, compound annual growth rate (CAGR) was 4.6% in real terms for operating revenues, compared to average annual GDP growth of 3.3%. Revenue Adjustability: 'Weaker' Fitch evaluates this factor as 'Weaker' due to Brazilian states' reliance on a small number of taxpayers and the history of federal intervention in state tax policy. Fitch believes that Brazilian states and municipalities have low capacity to increase revenue during a downturn. Tax rates are already closed to the constitutional national ceiling, and a small number of taxpayers account for a large share of total tax collection, making additional taxation unaffordable. Brazil also has a history of federal intervention in subnational taxation. In July 2022, the National Congress imposed a ceiling on tariffs for fuels and electricity (ICMS; Imposto sobre Circulacao de Mercadorias e Servicos), leading to revenue losses for states and municipalities that were only partially reversed later. In April 2023, Sergipe raised its average basic ICMS tariff to 19% from 18% to help compensate for revenue losses. The most significant tax, the ICMS, has a concentrated taxpayer base. The state reports that its 10 largest taxpayers corresponded to 33.1% of total ICMS tax collection in 2025. Expenditure Sustainability: 'Midrange' Fitch evaluates this factor as 'Midrange' due to adequate operating margins during the last few years. State responsibilities are moderately countercyclical because they handle healthcare, education and law enforcement. Expenditures grow with revenues due to earmarked funds. States and municipalities must allocate a share of their revenues to health and education, causing procyclical behavior during periods of economic growth; high revenue growth leads to increased spending. However, the significant weight of personnel expenditure and salary rigidity means downturns do not cause similar drops in expenditures despite lower revenues. Sergipe reports moderate control over expenditure growth, with sound margins. Operating margins averaged 9.6% from 2021 to 2025 and 8.2% by the end of 2025. The state is current on its payroll bill and has no significant delays for the payment of suppliers. Operating expenditure CAGR was 4.9% in real terms between 2020 and 2025, slightly above operating revenue CAGR of 4.6%. Sergipe approved a fiscal framework back in 2023 (Law No. 397), establishing rules to strengthen fiscal sustainability, including a requirement for minimum current savings equivalent to 5% of current revenues. The objective is to maintain the state's rating under the National Treasury's CAPAG system at a minimum grade of B. Sergipe is currently rated A, and only states rated A or B under CAPAG are eligible to obtain new loans with a federal guarantee. Expenditure Adjustability: 'Weaker' Brazilian local governments have a rigid cost structure, driving this factor to 'Weaker'. As per the Brazilian Constitution, there is low affordability of expenditure reduction, especially for the payroll bill and pensions. As a result, whenever there is an unpredictable revenue reduction, operating expenditure does not automatically decrease in parallel. Sergipe's personnel expenditure, which has very limited flexibility for adjustment, accounted for 55.7% of total spending in 2025. Other operating expenditures, which have some room for adjustment but are constrained by constitutional mandates for health and education, accounted for approximately 36.4% of total expenditure on the same period. Capex was 6.6% of total expenditure in 2025 and averaged 6.5% between 2021 and 2025. Brazilian LRGs often rely on investment cuts in challenging economic scenarios. Liabilities and Liquidity Robustness: 'Weaker' Access to new loans is restricted because Brazilian LRGs are not allowed to access the market through bond issuances, and private banks rarely engage with subnationals. As a result, lenders consist primarily of public commercial banks, development banks, and multilateral organizations. Loans are often guaranteed by the federal government, especially those dominated in foreign currency, which explains why it maintains strict control over new lending to LRGs. There is a moderate national framework for debt and liquidity management since there are prudential borrowing limits and restrictions on loan types. Under the Fiscal Responsibility Law of 2000, Brazilian LRGs must comply with indebtedness limits. Consolidated net debt for states cannot exceed 2x, or 200%, of net current revenue. Sergipe's debt ratio was 7.04% in 2025 and 11.56% in 2024. The law also sets limits for guarantees at 22% of net current revenues. Sergipe had no guarantees as of YE 2025. As of December 2025, external debt was BRL1,164 million, or 39% of direct debt. External debt is largely owed to multilateral organizations and has a federal government guarantee. Debt directly owed to the federal government was 33.5% of Sergipe's direct debt in the same period. Sergipe joined the Propag, renegotiating the terms of its intergovernmental debt with the federal government. The agreement includes the prepayment of 10% of the outstanding debt stock to be settled through the transfer of real estate assets and tax receivables to the federal government. In return, Sergipe will benefit from lower interest costs (IPCA + 0%) and an extended amortization schedule through 2055. The state will also be required to contribute annually 1.5% of its intergovernmental debt stock to a shared fund to be allocated among Brazilian LRGs, and to invest an equivalent amount in strategic sectors defined under Propag. Overall, the renegotiation should reduce interest payments and support higher investment spending. There is moderate off-balance-sheet risk stemming from the pension system, which is a burden for most Brazilian LRGs, especially for states with a mandate over education and public security. Another contingent liability is the payment of judicial claims or "precatorios." Sergipe stock of precatorios amounted to BRL 905 million as of December 2025. The state currently allocates 1% of net current revenues to the annual payments of these liabilities, in accordance with the legal requirements. Liabilities and Liquidity Flexibility: 'Midrange' A framework exists for the federal government to provide emergency liquidity support by extending the maturity date for the state's federal debt. Fitch assesses the entity's available liquidity, excluding sovereign support, to decide between 'Weaker' and 'Midrange' assessments for liabilities and liquidity flexibility. Fitch's liquidity rate for Brazilian LRGs is defined as the ratio of short-term financial obligations to net cash, as established by the previous version of the CAPAG system by the Brazilian National Treasury. The CAPAG assesses which entities qualify for federal government guarantees. Fitch has set a threshold of 100% for both the three-year average (2023 to 2025 year-end) and the most recent year-end results available (December 2025), which would result in a 'Midrange' assessment for this factor. Sergipe reported a three-year average liquidity ratio of 25.4%. As of December 2025, the metric reached 20.1%, supporting the 'Midrange' assessment. Financial Profile: 'aa category' Sergipe's Financial Profile is assessed at 'aa'. Fitch's rating case forward-looking scenario indicates that the payback ratio (net adjusted debt to operating balance), the primary metric for assessing the financial profile, will reach an average of 3.8x for the 2028 to 2030 period, aligning with a 'aaa' assessment. The actual debt service coverage ratio (ADSCR), the secondary metric, is projected to average 1.9x for the same period, aligning with an 'a' assessment. Fitch applies an override to the overall financial profile, considering that the secondary metric is two categories below the primary metric. The fiscal debt burden is projected at 19.8 % for the same period. While Fitch projects operating margins to deteriorate to 5% at the end of scenario horizon from 8.2% in 2025, the restructuring of the state's debt through a loan with a multilateral agency and with the federal government translate into a longer amortization horizon and lower interest costs, sustaining the financial profile in the 'aa' category. Short-Term Ratings Sergipe's Short-Term Foreign and Local Currency ratings are positioned at 'B' following the Rating Correspondence Table. For the national scale, the correspondence table indicates an 'F1+(bra)' Short-Term rating. National Ratings Sergipe's national scale rating is positioned at 'AAA(bra)' following the national peer comparison. Peer Analysis Sergipe's closest peers are the State of Mato Grosso do Sul (SCP: b+; IDR: BB) and the State of Alagoas (SCP: b+; IDR: BB). Both Alagoas and Mato Grosso do Sul benefit from intergovernmental finance support, which leads to a two-notch uplift from the SCP to the IDR. Sergipe's IDR's are derived directly from its SCP. Issuer Profile Fitch classifies Sergipe as a Type B LRG, which must cover debt service from annual cash flow. Its revenue sources are mainly composed of transfers from the federal government in addition to taxes. The main spending responsibilities cover education, healthcare and law enforcement. Key Assumptions Risk Profile: 'Weaker' Revenue Robustness: 'Weaker' Revenue Adjustability: 'Weaker' Expenditure Sustainability: 'Midrange' Expenditure Adjustability: 'Weaker' Liabilities and Liquidity Robustness: 'Weaker' Liabilities and Liquidity Flexibility: 'Midrange' Financial Profile: 'aa' Asymmetric Risk: 'N/A' Support (Budget Loans): 'N/A' Support (Ad Hoc): 'N/A' Rating Cap (LT IDR): 'N/A' Rating Cap (LT LC IDR) 'N/A' Rating Floor: 'N/A' Quantitative assumptions - Issuer Specific Fitch's rating action is driven by the following assumptions for reference metrics under its 2026-2030 rating case scenario. These include their respective changes since the last review and weights in the rating decision: - Payback ratio: 3.8x; - Actual coverage ratio: 1.9x; - Fiscal debt burden: 19.8%. Fitch's through-the-cycle rating case incorporates a combination of revenue, cost and financial risk stresses. It is based on 2021-2025 published figures and its expectations for 2026-2030. - Yoy 4.6% increase in operating revenue on average in 2026-2030, which results of a combination of growth assumptions for taxes, transfers and other operating revenues (linked to inflation); - Yoy 4.6% increase in tax revenue on average in 2026-2030, reflecting the projected inflation plus spread going forward; - Yoy 5.3% increase in operating expenditure on average in 2026-2030, which reflects the expectation that opex will grow above inflation in 2026-2030 in Fitch's rating case; - Net capital balance of -BRL 1,829 million on average in 2026-2030. Capex is projected to sustain historical values in real terms and to absorb excess cash generation through the projection horizon; - Long-term debt considers projected amortizations and assumptions for new loans adding up to BRL 3.7 billion in 2026-2030; - Cost of debt: 5.2% on average in 2026-2030, which reflects projections for debt service payments and the expectation for the policy rate. For the rating case, Fitch applies a 50-bps shock to apparent cost of debt. Quantitative assumptions - Sovereign Related Quantitative assumptions - Sovereign Related Figures are as per Fitch's sovereign actual for 2025 and forecast for 2026-2027, respectively (no weights and changes since the last review are included as none of these assumptions were material to the rating action). Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A negative rating action on Brazil's IDR would lead to a corresponding rating action on Sergipe because, per Fitch's criteria, Brazilian LRGs do not qualify to be rated above the sovereign; - Sergipe's IDRs would be downgraded if its payback ratio is projected above 5x and its actual debt service coverage ratio is projected below 2x; - Sergipe's IDRs would be downgraded if its actual debt service coverage ratio deteriorates to below 1.5x on a consistent basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A positive rating action on Brazil's IDR could lead to a corresponding rating action on Sergipe because the state would qualify for intergovernmental finance support as 33.5% of its debt consists of intergovernmental debt. ESG Considerations Sergipe has an ESG Relevance Score of '4' for Demographic Trends due to the negative weight the state's poverty rate has on its revenue raising ability, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Sergipe, State of LT IDR BB Affirmed BB ST IDR B Affirmed B LC LT IDR BB Affirmed BB LC ST IDR B Affirmed B Natl LT AAA(bra) Affirmed AAA(bra) Natl ST F1+(bra) Affirmed F1+(bra) =========================== C A Y M A N I S L A N D S =========================== DEER INVESTMENT: Moody's Affirms Caa1 CFR, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has affirmed Deer Investment Holdings Limited's (Deer) Caa1 corporate family rating. The outlook remains stable. "The rating affirmation reflects Deer's improved liquidity profile over the next 12-18 months resulting from lower debt post its sponsor's equity injection, interest savings from converting quarterly cash interest payments to a pay-in-kind arrangement and the positive effect of cost control measures," says Gerwin Ho, a Moody's Ratings Vice President and Senior Credit Officer. "The stable outlook takes into account Moody's expectations that Deer's credit profile will remain appropriate for its rating level over the next 12-18 months. The company's credit profile is further supported by available committed revolving credit facility that will provide buffer against operating uncertainties stemming from oil price volatility," adds Ho. RATINGS RATIONALE Deer's Caa1 CFR reflects its long operating track record, established market position and customer relationships. These strengths are counterbalanced by its relatively small operating scale in a highly fragmented market; focused product portfolio and high customer concentration, operation in a cyclical and competitive industry, and expected negative Moody's-adjusted free cash flows in the next 12-18 month. Deer rearranged its second-lien term loan by partial early repayment of the loan funded by sponsor equity injection, and replacing the original quarterly interest payments with a pay-in-kind arrangement that increases the loan principal, which helped to reduce cash interest expenses. Moody's estimates that Deer continued to generate negative free cash flow, despite broadly stable revenue and improved EBITDA margin in the full year 2025. Moody's believes the company's negative free cash flow has narrowed after the debt reduction post equity injection and expects this improvement to continue over the next 12-18 months. The company's financial leverage, as measured by Moody's-adjusted debt/EBITDA, reached about 7.4x in 2025. This mainly reflects a capital injection from its sponsor which lowered its total debt and margin improvement from better cost control. Moody's projects Deer's revenue to remain broadly stable over the next 12-18 months, but its adjusted EBITDA margin will decline slightly from the 20%-plus levels Moody's estimates for 2025, driven primarily by raw material price increases. Moody's estimates that about 40% of the company's raw materials as a percentage of cost of goods sold are petrochemical-related products. As a result, Moody's estimates EBITDA / interest expenses will improve to about 1.5x; whilst leverage will reach about 8.4x over the next 12 – 18 months as EBITDA is pressured by raw material prices while debt remains steady. Deer's liquidity is adequate. The company's liquidity is supported by a cash balance that Moody's estimates to be about $28 million as of December 31, 2025 and a $75 million undrawn revolving credit facility. However, Moody's expects this facility could be partially utilized over the next 12-18 months to cover the company's cash needs. ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS Deer's credit impact score of CIS-4 reflects its exposure to environmental and social risks inherent to its business nature, which is predominantly driven by packaging manufacturing. Its credit impact score also reflects its aggressive financial policy, which has resulted in elevated financial leverage, and rearrangement of the second-lien term loan, though it was funded by a major equity injection. Reporting is also less transparent due to Deer's private company status. Governance risks also take into account the company's concentrated ownership and governance considerations linked to its private equity ownership. This rating action is predicated upon Moody's baseline scenario, which assumes a short-lived conflict in the Middle East, likely lasting a matter of weeks. Nevertheless, Moody's recognizes that Deer's weak credit profile, tight liquidity, and exposure to the packaging manufacturing sector render it vulnerable to further deterioration in the Middle East conflict, which may have a consequential impact on its creditworthiness. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The stable outlook reflects Moody's expectations that Deer's operating performance will remain broadly stable, supported by steady demand and cost control; and that its financial leverage will be in-line with Moody's expectations over the next 12 to 18 months, while managing its adequate but tight liquidity. The stable outlook also assumes that the company will not embark on any material debt-funded acquisitions or shareholder distributions. Positive rating momentum could emerge if Deer can improve its Moody's-adjusted leverage toward 7.0x on a sustained basis with ongoing free cash flow generation while it maintains an adequate liquidity profile. Conversely, Moody's could downgrade the rating if the company's cash burn persists and exhausts the committed revolving facility. Downward pressure on the rating could also arise if the company's EBITDA/interest expenses is persistently below 1.0x. The principal methodology used in this rating was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Founded in 1960, HCP Global Limited (HCP) currently has seven manufacturing bases across China, Europe and America. Upon completion of Carlyle Group's acquisition, the Group owns a 100% stake in HCP through its various intermediate holding companies, including Deer Investment Holdings Limited (Deer). ============= J A M A I C A ============= JAMAICA: BOJ Reports Strong Demand for Certificate of Deposit ------------------------------------------------------------- RJR News reports that the Bank of Jamaica is reporting strong demand for its fixed rate certificate of deposit, but says investors were seeking higher returns. Private institutional investors, individuals and public sector entities submitted 272 bids valued at $44.6 billion, according to RJR News. However, the central bank accepted only 212 bids amounting to $35 billion, the report notes. The average interest rate demanded by investors was 5.8 per cent, slightly above the bank's fixed rate of 5.75 per cent, the report relays. The bank says the total value of outstanding certificates of deposit now stands at $118.4 billion, the report says. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: STATIN Reports Exodus of Workers From Tourism Sector ------------------------------------------------------------- RJR News reports that the Statistical Institute of Jamaica has revealed that 14,500 workers either lost their jobs or left the tourism sector during the period January 2025 to January 2026. The agency also says 12,600 persons exited the real estate sector, while another 9,000 left jobs in agriculture, forestry and fisheries over the same period, according to RJR News. In addition, 10,000 sales and service workers, 8,000 clerical employees, and 6,800 agricultural workers either became unemployed or voluntarily left their jobs during the year, 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: Minority Lenders Lose 3rd Cir. Appeal Bid ---------------------------------------------------- Alex Wittenberg at law360.com reports that a New Jersey bankruptcy judge has rejected a lender group's request to certify a Del Monte Foods settlement order for appeal to the Third Circuit, finding that the order reflected a fact-intensive application of settled law and did not present the kind of pure legal question that would warrant appellate review. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: @ www.delmontefoods.com/ or @ www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Michael D. Sirota, Esq., at Cole Schotz P.C. and Herbert Smith Freehills Kramer (US), LLP as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. 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. as investment banker. Wilmington Savings Fund Society, FSB, as DIP Term Loan Agent, is represented by ARENTFOX SCHIFF LLP. JPMorgan Chase Bank, N.A., as Prepetition and DIP ABL Agent, is represented by GREENBERG TRAURIG, LLP and SIMPSON THACHER & BARTLETT LLP. ===================== P U E R T O R I C O ===================== B-YOU ACADEMY: Seeks to Hire Xavier Flores Rios as Accountant ------------------------------------------------------------- B-You Academy, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Xavier Flores Rios as its accountant. The firm will provide the Debtor with reorganization advisory services, prepare necessary operating and disclosure reports, and conduct analyses to assist with confirming a reorganization plan. The accountant will be paid $75 per hour for his services. Xavier Flores Ríos has received a retainer in the amount of $1,500. AS disclosed in the court filings, Xavier Flores Ríos is a "disinterested person", as said term is defined in 11 U.S.C. Sec. 101(14). The accountant can be reached at: Xavier Flores Ríos Urb Villa Ana A42 Simplicio Cordero Street Juncos, PR 00777 Tel: (787) 237-0797 Email: tloresaccounting@gmail.com About B-You Academy LLC B-You Academy, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-00512) on February 10, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Mildred Caban Flores oversees the case. Teresa M. Lube Capo, Esq., and Madeline Soto Pacheco, Esq., at Lube & Soto Law Offices, PSC serve as the Debtor's 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. 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