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260422.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, April 22, 2026, Vol. 27, No. 80 Headlines A R G E N T I N A ARGENTINA: IDB Accelerates Support With Record Financing for 2026 ARGENTINA: In Talks for US$2-Billion Loan Backed by World Bank B R A Z I L AEGEA SANEAMENTO: S&P Downgrades ICR to 'B', Outlook Negative GLOBO COMUNICACAO: S&P Alters Outlook to Pos., Affirms 'BB+' ICR INTERCEMENT: Cleary Represented Creditors in Restructuring NEW FORTRESS: Secures LCF Forbearance Through Sept. 15 REDE D'OR SAO: S&P Rates Unit's Proposed Sr. Unsecured Notes 'BB+' J A M A I C A JAMAICA: Inflation Rose Slightly in March M E X I C O INTERNATIONAL LAND: Delays 10-K Filing to Finalize Audit V E N E Z U E L A VENEZUELA: IMF Discloses Resumption of Dealings with Country - - - - - ================= A R G E N T I N A ================= ARGENTINA: IDB Accelerates Support With Record Financing for 2026 ----------------------------------------------------------------- The Inter-American Development Bank Group (IDB Group) plans to accelerate its support for Argentina with record financing that could exceed $7.2 billion in 2026. The IDB foresees more than $5 billion in sovereign operations with the public sector, including project financing and a $550 million guarantee, which will complement guarantees offered by other multilateral organizations. IDB Invest, the IDB Group's private-sector arm, projects mobilizing around $2.2 billion in investments. This proposed package represents a significant increase from 2025, when approximately $5 billion in operations was approved. "The government and the people of Argentina have made a major effort to stabilize their economy and advance reforms for growth. The IDB Group is supporting this process with greater scale and a focus on results: backing reforms, mobilizing private investment, and developing the infrastructure needed to sustain growth," said IDB Group President Ilan Goldfajn. In 2026, the IDB Group will expand its support for Argentina through a program that combines second‑generation structural reforms, strategic investments in the provinces, and private‑sector financing. IDB Invest will prioritize operations to strengthen social and productive infrastructure, expand access to health services, boost the digital economy, and increase financing for micro, small, and medium-sized enterprises (MSMEs). It will also support sustainable projects in agribusiness and export-oriented manufacturing, as well as investments to improve energy reliability and develop value chains for critical minerals, including lithium. Among the planned sovereign operations, the focus will be on strengthening fiscal management, including improving the quality of public spending and modernizing tax administration. The program will also reinforce citizen security and the justice system, and expand access to essential services such as energy, health, and social protection. All planned operations are subject to approval by the respective boards of the IDB Group. 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. ARGENTINA: In Talks for US$2-Billion Loan Backed by World Bank -------------------------------------------------------------- Buenos Aires Times reports that Argentina is negotiating a US$2-billion loan with private banks backed by guarantees from World Bank institutions, according to two people with direct knowledge of the matter. Talks are led by Economy Minister Luis Caputo, who was in Washington for International Monetary Fund meetings as he seeks funding to refinance upcoming debt maturities at lower rates, according to Buenos Aires Times. The loan would be repayable over six years, including a three-year grace period, and would be almost fully backed by two World Bank institution -- the International Bank for Reconstruction and Development and the Multilateral Investment Guarantee Agency -- in a structure similar to the one Panama used to borrow US$1.4 billion earlier this year, the people said, asking not to be identified because the talks are private, the report notes. Spokespeople for the World Bank and Argentina's Economy Ministry didn't immediately respond to requests for comment, notes the report. Argentina is negotiating an interest rate of about five percent, though talks aren't final and terms could change, the people said, the report relays. The financing would be significantly cheaper than returning to global capital markets now, where Argentina faces bond yields above nine percent, the report says. The next step after securing the loan would be a return to international markets, the people said, the report relates. Caputo told investors that Argentina wouldn't need to tap global capital markets at least for the rest of this year, the report discloses. The financing would come on top of Argentina's existing US$20-billion IMF programme and a separate currency swap line with the US Treasury for the same size, 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. S&P Global Ratings on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. S&P's 'B-' transfer and convertibility assessment is unchanged. 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. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. =========== B R A Z I L =========== AEGEA SANEAMENTO: S&P Downgrades ICR to 'B', Outlook Negative ------------------------------------------------------------- On April 20, 2026, S&P Global Ratings lowered its issuer credit rating on Brazil-based sanitation company Aegea Saneamento e Particiacoes S.A. to 'B' from 'B+' and removed it from CreditWatch with negative implications where we placed in on April 1, 2026. S&P also lowered the issue rating on Aegea's bonds to 'B-' from 'B+' and revised the recovery rating to '5' from '3', indicating recovery prospects of around 15%. The negative outlook reflects our view that a further downgrade is possible if the company faces restricted access to debt markets due to rising funding costs, which could hinder its growth strategy and projected EBITDA increase. This would prevent headroom on covenants improving to above 10% by December 2026, signaling an increased risk of a liquidity event should a covenant breach occur. Aegea's revised operational and financial figures are much weaker, which will keep leverage high for longer than we previously expected. Aegea repeatedly delayed the release of its 2025 financial statements, and upon release, subsequent material adjustments and restatements notably weakened our adjusted EBITDA and key credit metrics. S&P now projects Aegea will remain highly leveraged through at least 2026 and 2027 and believe sustained EBITDA growth is critical to improve covenant headroom. The downgrade of Aegea reflects the impact of accounting revisions on the group's revenue, EBITDA, and leverage, significantly increasing pressure on its financial covenants. Aegea reported several accounting adjustments to better align revenue recognition with the cash flow of its assets, affecting areas like water service revenue recognition (now only recognized upon payment) and the accounting methodology for construction revenue in public-private partnership (PPP) contracts. S&P said, "These revisions, along with changes to expected credit loss calculations and the capitalization of interest related to concession payments, have led to revised figures that affect our projections. We now forecast a net debt-to-EBITDA ratio around 6.0x in 2026 and 2027, funds from operations (FFO) to debt between 7% and 8%, and interest coverage below 2.0x, from the 6.9x, 6.6%, and 1.9x reported in 2025, respectively. The revised forecasts have weakened our view of Aegea's financial risk. "Covenants will remain pressured through 2026, which could increase liquidity risk if EBITDA does not improve consistently. The company has a maximum net debt-to-EBITDA covenant of 4.0x. Its net debt to EBITDA was 3.78x at year-end 2025, and we think this ratio is under pressure, prompting us to view the company's liquidity position as weaker. Our view reflects the risk of debt acceleration given Aegea's substantial financial debt maturities, which totaled Brazilian real (R$) 55.6 billion as of December 2025. "Management anticipates leverage will improve only in the second half of 2026, driven by increased revenue and EBITDA contributions from recently acquired and upgraded concessions. A potential breach of the 4x covenant threshold could trigger debt acceleration for most debt lines at the annual December 2026 measurement, but also measurements on a quarterly basis, for a total debt amount of close to R$3.7 billion (syndicated loan). We expect the headroom for the March and June 2026 measurements will be under pressure. "The company doesn't expect to breach covenants, but if it occurs, we believe the company would likely seek waivers or prepay debt should first and second-quarter 2026 measurements indicate a potential breach, with more cushion on its syndicated liability due to fewer credit holders. Furthermore, if the covenant cushion falls below 10% close to the December 2026 measurement, we anticipate additional rating pressure. "Our debt and EBITDA calculations differ significantly from those reported by the company. We adjust all reported figures from the company's reporting ecosystem, incorporate preferred shares as debt, and exclude noncash items, such as construction revenue and cost, from EBITDA." S&P's key debt adjustments include: -- Leases: R$2.21 billion -- Debt at subsidiary Parsan: R$3.2 billion -- Águas do Rio PNA shares: R$1.41 billion -- Derivatives: R$261 million -- Other (tax installments, acquisitions, etc.): R$2.04 billion -- Cash and cash equivalents: R$11.06 billion, which S&P nets from the reported debt. S&P does not consider a portion of this (R$1.2 billion) in its liquidity analysis, given that it relates to long-term investments S&P's key EBITDA adjustments include: -- Construction revenue: Decrease of R$9.8 billion -- Construction costs: Increase of R$7.9 billion -- Other (sales of fixed assets and tax credits): R$591 million Aegea anticipates substantial capital expenditure (capex) requirements in 2026, necessitating continued debt issuance despite a higher cost of funding. S&P will monitor the company's access to debt markets and its covenant compliance, as EBITDA growth from these investments is critical to maintaining covenant thresholds. While some capex flexibility exists--with potential for postponement without regulatory constraints--a sustained reduction in capex would necessitate a revision of the company's growth strategy. S&P forecasts a significant free operating cash flow deficit, exceeding R$5 billion annually in the next two to three years, which will continue to pressure the company's financial metrics and funding needs. Aegea has experienced rapid growth, fueled by bank and capital markets funding. Revenue has increased significantly to R$16.4 billion in 2025 from R$3.8 billion in 2021, primarily through the acquisition of new concessions and improvements in existing network efficiencies. This expansion has been largely debt-financed, with financial liabilities rising to R$55.6 billion from R$16.4 billion during this period. This debt financing has been complemented by equity injections, including investments from stakeholders Itausa and GIC since 2021, and a R$1.2 billion capitalization in 2026, as well as preferred share issuances. Governance remains a key rating consideration. The release of delayed financial statements avoided early maturity triggers on approximately R$1.1 billion in debentures. Meahwhile, the independent auditor identified deficiencies in internal controls. This reinforces S&P's view of risks related to the company's management and governance, specifically regarding internal controls and information disclosure, and negatively impacts our assessment of Aegea's credit quality. Reduced estimated subsidiary values have weakened recovery prospects at the holding company level in a default scenario, exposing significant subordination risk. S&P said, "Our revised EBITDA estimates have lowered the value of the subsidiaries and the expected recovery amount after debt repayment at their respective levels in a hypothetical default. Consequently, we lowered our rating on debt at the holding level by one notch more than the issuer credit rating, reflecting our assessment of this significant subordination risk." S&P said, "The negative outlook reflects our view that a further downgrade is possible if the company faces restricted access to debt markets due to rising funding costs, which could hinder its growth strategy and projected EBITDA increase. This could prevent covenant headroom from improving to above 10% by the December 2026 measurement date, when the majority of debts have the 4x debt to EBITDA threshold, signaling an increased risk of a liquidity event should a covenant breach occur." A negative rating action could occur in the next six to 12 months if liquidity risks increase. This could occur if the company uses available cash to pay debts that could breach covenant triggers in the first quarter of 2026, and this results in much higher funding needs, amid the higher cost of debt and elevated interest rates in Brazil. S&P could revise the outlook to stable if covenant breach risks ease in the next six to 12 months, while improving EBITDA also increases covenant headroom by the end of 2026. GLOBO COMUNICACAO: S&P Alters Outlook to Pos., Affirms 'BB+' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Globo Comunicacao e Participacoes S.A. to positive from stable. At the same time, S&P affirmed its 'BB+' issuer credit ratings on Globo, as well as its 'BB+' issue-level rating on its senior unsecured notes. The '3' recovery rating on those notes is unchanged. The positive outlook reflects S&P's expectation of stronger and less volatile margins over coming years, alongside continued financial strength and its conservative financial policy--all of which would give it a significant cushion to navigate potential shifts in sector dynamics. Globo's ability to adapt to the evolving media environment should translate into solid operational performance with lower volatility. S&P said, "We think Brazilian media conglomerate Globo will post solid operational performance over coming years while maintaining its leadership position in the country's competitive and evolving media sector. "We forecast weaker profitability in 2026 because of the high cost of transmission and exhibition rights for the 2026 FIFA World Cup. Still, we anticipate less volatility in margins in coming years, because of Globo's more diverse advertising revenue sources and a disciplined cost structure, which should result in an EBITDA margin that's closer to 13%-15% from 2027 on. "In our view, Globo's relevant adjustments to face changes in media consumption and advertising trends--such as the investments in its streaming platform, Globoplay, and digital portals such as the sports-focused GeTV--position it favorably to navigate the challenges of audience fragmentation and the shift toward digital content. "Globoplay's growing subscriber base and extensive local content library, coupled with Globo's dominant market position and diversified revenue streams, support our forecast of sustained profitability and cash flows over coming years." Following a period of negative EBITDA in 2021 and 2022, the company has demonstrated significant operational improvements mainly through cost reductions. This led to adjusted EBITDA margins of 10.5% in 2024 and 14.2% in 2025. The transmission and exhibition rights associated with the FIFA World Cup should pressure the EBITDA margin this year, to where it's closer to 11% (although there's less of a margin impact from this relative to past events because Globo used to have exclusive rights, which isn't the case anymore). S&P expects that Globo's more diverse sources of advertising revenue and its continued cost discipline will bring margins back to roughly 14% in 2027. Out-of-home media and digitalization are important growth verticals, contributing to both revenue diversification and margin stability. The acquisition of Eletromidia, concluded in 2025, is strategically significant, giving Globo access to the fast-growing out-of-home advertising market, leveraging its strong brand recognition, and reducing its reliance on traditional linear TV advertising. Eletromidia's EBITDA generation of about R$500 million represented about 20% of consolidated EBITDA in 2025, and it also contributed to overall profitability gains (given the 30% EBITDA margin). Globo's financial profile remains a key strength, with a conservative financial policy and robust liquidity. S&P expects the company to maintain a strong net cash position and prudent debt levels, which it has had over the past several years. Management is committed to maintaining a conservative capital structure, which gives the company flexibility to support investments in content and digital initiatives. The target is to keep a cash position that's more than 2x its gross debt, and to keep gross debt to EBITDA below 2x. While S&P forecasts continued capital expenditure of about R$550 million annually and dividend distributions, S&P also forecasts positive discretionary cash flow from 2027 on. The positive outlook reflects Globo's sustained leadership position in Brazil's competitive and evolving media sector, with investments in new advertising and content platforms translating into consistently improving credit metrics. S&P expects higher and less volatile EBITDA margins over coming years, with sustained positive free operating cash flows and a conservative financial policy maintaining its historically strong net cash position. S&P said, "We could revise the outlook back to stable if we see the improving trend in profitability reverse, resulting in weaker operating cash flows. In this scenario, we would see an EBITDA margin closer to (or below) 10% on a sustained basis. "We could raise the ratings in the next 12-18 months if Globo demonstrates reduced margin volatility. Even though we expect a lower EBITDA margin this year because of the costs associated with the FIFA World Cup, an upgrade would depend on our view of the margin trending to 13%-14% from 2027 on, combined with the company maintaining its robust net cash position (which would enable it to continue to comfortably pass the stress test to be rated above the sovereign)." INTERCEMENT: Cleary Represented Creditors in Restructuring ---------------------------------------------------------- Cleary Gottlieb represented the ad hoc group of creditors of InterCement Participacoes S.A. and its subsidiaries (InterCement), one of Brazil's largest cement producers, in InterCement's multijurisdictional restructuring of approximately $2 billion of liabilities that closed on April 6, 2026. The ad hoc group was comprised of leading U.S. and international investors that held a substantial majority of the financial claims against InterCement, including U.S. law governed 2024 senior notes and certain Brazilian law governed secured debentures. Cleary developed an innovative legal strategy to overhaul InterCement's capital structure, overcoming the debtor's initial efforts to consummate a transaction around the ad hoc group. The successful strategy ultimately resulted in a restructuring that dramatically reduced the company's leverage and positioned it for long-term competitiveness under the ad hoc group's ownership. Highlights of the restructuring included: -- Comprehensive Recapitalization and Deleveraging: InterCement has reduced its debt by over $700 million through the exchange of its existing 2024 senior notes and debentures into equity and new instruments, including the 2031 senior secured notes. -- New Money Financing: Certain investors, including the ad hoc group members, have injected $93.5 million in new money financing for the company to invest in its business and adequately address payments resulting from its restructured obligations. -- New Ownership: Financial creditors that elected to receive equity, including the ad hoc group members, now own 100% of InterCement Participacoes S.A.'s share capital. -- Loma Negra Sale: The restructuring plan contemplates a structured sale of InterCement's controlling stake in leading Argentine cement producer Loma Negra Compañía Industrial Argentina S.A. -- Corporate Governance: The new shareholders have revamped the company's board of directors to implement leading international standards for corporate governance. This result reflects Cleary's longstanding, multidisciplinary experience in cross-border restructurings in Brazil and throughout Latin America. Cleary has played a leading role in many of the most significant recent Latin American restructurings, including the restructurings of Azul, GOL, Aeroméxico, LATAM Airlines, and Odebrecht, among others. The Cleary restructuring team included partners Richard Cooper, Francisco Cestero, and Ignacio Lagos; associate Theodore Leonhardt; and law clerk Micaela Mingramm. The bankruptcy litigation team included partners Luke Barefoot and Thomas Kessler, senior attorney David Schwartz, and associates Jack Massey, Thomas Lynch, Andrew Khanarian, Richard Minott, Timothy Wolfe, Madeline Finnegan, and Taylor Lee. Partner Samuel Levander advised on certain litigation matters. Partner Matthew Brigham and associate Banu Dzhafarova advised on tax matters. About Intercement Brasil Intercement Brasil is a producer of cement and concrete based in Brazil. Overall, the Company has 34 production units, with an active capacity of more than 33 million tons of cement per year, employing more than 6,000 professionals. Intercement Brasil and affiliates sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-11226) on July 15, 2024. The firm's foreign representative: Antonio Reinaldo Rabelo Filho Rua Barao da Torre, 550, Apt. 201, Ipanema Rio de Janeiro, RJ Brazil The Foreign Representative's counsel: John K. Cunningham, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York NY 10020 Tel: (212) 819-8200 Email: jcunningham@whitecase.com NEW FORTRESS: Secures LCF Forbearance Through Sept. 15 ------------------------------------------------------ New Fortress Energy Inc. disclosed in a regulatory filing that it entered into a forbearance agreement with certain of its subsidiaries as guarantors, the lenders party thereto, and Natixis, New York Branch, in its capacity as administrative agent and collateral agent under the Company's Letter of Credit and Reimbursement Agreement dated July 16, 2021. Pursuant to the forbearance agreement, among other things, the lenders agreed to forbear from exercising all of their rights and remedies under the Letter of Credit Facility with respect to certain specified defaults listed which may arise prior to the termination date of the LCF Forbearance Agreement. Unless earlier terminated, the LCF Forbearance Agreement will terminate on September 15, 2026. Upon the termination of the LCF Forbearance Agreement, if a further forbearance is not agreed to, the lenders could require the Company to cash collateralize the outstanding principal balance of the loans and all other amounts owing under the Letter of Credit Agreement. The LCF Forbearance Agreement contains certain consents, covenants and termination rights that are consistent with the Restructuring Support Agreement, entered into on March 17, 2026, by and among the Company, certain of its direct and indirect subsidiaries party thereto, NFE Financing LLC, a Delaware limited liability company, NFE Brazil Investments LLC, a Delaware limited liability company, one or more subsidiaries of the Company that will accede to the RSA by delivering a joinder, Kroll Issuer Services Limited, and each of the undersigned holders or lenders party thereto, pursuant to which the parties agreed to certain transactions related to recapitalizing the Company's indebtedness. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. REDE D'OR SAO: S&P Rates Unit's Proposed Sr. Unsecured Notes 'BB+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' issue-level rating to Rede D'Or Finance S.a.r.l.'s proposed senior unsecured notes, which will be unconditionally and irrevocably guaranteed by Rede D'Or Sao Luiz S.A. (BB+/Stable/--). S&P also assigned a '3' recovery rating to the proposed notes, which indicates average recovery prospects of 50% under a hypothetical default scenario. The company intends to use the proceeds for general corporate purposes, including capital expenditure (capex); to increase liquidity; and for debt repayment. S&P said, "We don't expect the issuance to materially affect our base-case scenario for Rede D'Or. While the company continues with its robust organic growth strategy to add 2,700 new hospital beds by 2028, we expect increasing EBITDA to allow Rede D'Or to post debt to EBITDA of 2.0x-2.5x over the next two years." Issue Ratings--Recovery Analysis Key analytical factors -- S&P assesses Rede D'Or's recovery prospects using a simulated default scenario with an EBITDA multiple valuation approach. -- In S&P's simulated default scenario, it assumes a payment default in 2031 because of a severe economic slowdown and higher competition, leading to a decline in cash flow. -- In this scenario, S&P estimates that EBITDA would decline around 40% from 2025 levels and trigger a payment default. At that level, S&P estimates the company's cash flow might be insufficient to cover interest expenses, debt amortizations, and maintenance capex. -- S&P values the company on a going-concern basis using a 5.5x multiple applied to our projected emergence-level EBITDA, which results in an estimated gross enterprise value (EV) of about Brazilian real (R$) 27.6 billion. Simulated default assumptions -- Jurisdiction: Brazil -- Simulated year of default: 2031 -- EBITDA at emergence: R$5.0 billion -- EBITDA multiple: 5.5x -- Estimated gross EV: R$27.6 billion -- Net EV, after 5% administrative expenses: R$26.2 billion Simplified waterfall -- Senior secured debt: R$133 million (14th debentures issuance) -- Senior unsecured debt and unsecured claims: R$51.3 billion (existing loans, bonds, certificates of real estate receivables, and acquisitions payable) -- Recovery expectations for the unsecured notes: 50%-70% (rounded estimate: 50%) *Note: All debt amounts include six months of prepetition interest. ============= J A M A I C A ============= JAMAICA: Inflation Rose Slightly in March ----------------------------------------- RJR News reports that Jamaica recorded a modest increase in inflation in March, driven mainly by higher electricity and fuel costs. The Statistical Institute of Jamaica (STATIN) reports that the All-Jamaica Consumer Price Index rose by 0.3 per cent for the month, according to RJR News. STATIN says the increase was largely influenced by a 2.3 per cent rise in the "Housing, Water, Electricity, Gas and Other Fuels" division, the report notes. This was driven by higher electricity rates, which pushed up the cost of electricity and related fuels by 5.1 per cent, the report says. There was also upward pressure from the transport division, which increased by 0.6 per cent due to higher petrol prices, the report discloses. However, the overall rise in inflation was tempered by a decline in food prices, the report notes. The "Food and Non-Alcoholic Beverages" division fell by 0.6 per cent, mainly due to lower prices for agricultural produce such as tomatoes, carrots, cabbage, Irish potatoes and pumpkin, the report relates. Meanwhile, point-to-point inflation for the 12 months up to March stood at 4.3 per cent, 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 =========== INTERNATIONAL LAND: Delays 10-K Filing to Finalize Audit -------------------------------------------------------- International Land Alliance, Inc. disclosed in a regulatory filing that it is not in a position to file its Annual Report on Form 10-K for the period ended December 31, 2025 within the prescribed time period in order to permit the Company's independent registered public accounting firm to complete its audit of the financial statements included in the Form 10-K. The compilation, dissemination and review of the information required to be presented in the Form 10-K have imposed time constraints that have rendered timely filing of the Form 10-K impracticable without undue hardship and expense to the registrant. About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of September 30, 2025, the Company had $30.9 million in total assets, $18.7 million in total liabilities, and $11.9 million in total stockholders' equity. Henderson, Nev.-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated May 21, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered substantial net losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. ================= V E N E Z U E L A ================= VENEZUELA: IMF Discloses Resumption of Dealings with Country ------------------------------------------------------------ Guided by the views of International Monetary Fund (IMF) members representing a majority of the IMF's total voting power, and consistent with long standing practice, the Managing Director Kristalina Georgieva announced that the IMF is now dealing with the Government of Venezuela, under the administration of acting President Delcy Rodriguez. Venezuela has been a member of the IMF since December 1946. Dealings with Venezuela had been paused in March 2019, due to government recognition issues. About Venzuela 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, according to globalinsolvency.com. The capital is the city of Caracas, the report notes. 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. 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