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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
Thursday, May 28, 2026, Vol. 27, No. 106
Headlines
A R G E N T I N A
ARGENTINA: In Talks to Extend Repo Maturities Beyond Election
B R A Z I L
NEW FORTRESS: Gets Nasdaq Notice Over Bid Price Non-Compliance
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Adopts WE Finance Code
[] DOMINICAN REPUBLIC: Approves 10 New Free Zone Companies
J A M A I C A
JAMAICA: BOJ Pumps US$60 Million Into Forex Market
P U E R T O R I C O
SPANISH BROADCASTING: Court Okays $7MM DIP Funding
V E N E Z U E L A
VENEZUELA: Pigasse Targets $150BB Debt Restructuring Mandate
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A R G E N T I N A
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ARGENTINA: In Talks to Extend Repo Maturities Beyond Election
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Manuela Tobias at Bloomberg News reports that Argentine
policy-makers are negotiating with major international banks to
extend maturities on repurchase agreements – or repos – to ease
the government debt burden going into the 2027 election year.
President Javier Milei's government is in talks with banks to
collapse the three repos it negotiated since 2025 into a single one
worth at least US$5 billion due in 2028 or later, after the
presidential race, said two people familiar with the matter,
according to Bloomberg News. Those banks expect the operation,
which is not final, to come together within a month, the people
said, Bloomberg News notes. The interest rate has not yet been
set, Bloomberg News says.
In a recent meeting with investors, Central Bank Governor Santiago
Bausili sought to allay concerns about repo maturities, saying
officials were working on a solution ahead of time, according to
another person familiar with the matter, who requested anonymity to
discuss the private conversation, Bloomberg News discloses.
Argentina's Central Bank did not immediately respond to a request
for comment.
Argentina most recently landed a US$3-billion repo led by
Santander, BBVA and Deutsche to help make January bond payments,
Bloomberg News relays. The nation has more than US$20 billion in
debt maturities in 2027, according to Barclays, an imposing figure
given it's also an election year and market turmoil can't be ruled
out, Bloomberg News discloses.
In mid-2025, the Milei administration signed a two-year,
US$2-billion repo loan with international banks set to mature in
2027, on top of a similar US$1-billion, two-year deal signed
earlier.
"Our financial programme is practically covered in its totality,"
Economy Minister Luis Caputo said at a May 8 press conference,
Bloomberg News relays. "At most, next year we may have to
refinance some US$2 billion to US$2.5 billion. If the market is at
a reasonable level, we may go to market. But as I always say, we
are exploring alternative sources of financing," he added.
Argentina's latest credit upgrade has fuelled bets that the country
will get another shot at tapping international markets after
missing a window in early 2026, Bloomberg News notes.
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.
Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term
Foreign Currency and Local Currency Issuer Default Rating (IDR) to
'B-' from 'CCC+'. The rating Outlook is Stable.
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'. Its 'B-' transfer and convertibility assessment
is unchanged.
Moody’s Ratings, on July 17, 2025 upgraded the Government of
Argentina’s long-term foreign currency and local currency issuer
ratings to Caa1 from Caa3 and changed the outlook to stable from
positive. The upgrade reflects its view that the extensive
liberalization of exchange and (to a lesser extent) capital
controls, alongside a new International Monetary Fund (IMF)
program, support the availability of hard currency liquidity and
ease pressure on external finances. This reduces the likelihood of
a credit event.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC in November 2024, and
confirmed such ratings in November 2025.
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B R A Z I L
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NEW FORTRESS: Gets Nasdaq Notice Over Bid Price Non-Compliance
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New Fortress Energy Inc. received a Nasdaq notice on May 1 saying
its Class A common stock failed to meet the exchange's $1 minimum
bid price requirement, according to a Form 8-K filing with the
SEC.
The company said Nasdaq based the notice on the closing bid price
of its Class A common stock for the previous 30 consecutive trading
days. Nasdaq Listing Rule 5450(a)(1) requires listed securities to
maintain a minimum bid price of $1 a share.
The notice has no immediate effect on the stock's Nasdaq listing.
New Fortress said it has an initial 180-calendar-day period to
regain compliance, requiring its closing bid price to be at least
$1 a share for a minimum of 10 consecutive trading days before Oct.
28, 2026.
The company said it intends to monitor the closing bid price and
evaluate available options to regain compliance. It also said it
plans to seek stockholder approval to implement a reverse split of
its outstanding common stock.
About New Fortress
New Fortress Energy Inc. is a New York-based energy infrastructure
company focused on natural gas and liquefied natural gas
infrastructure and related energy logistics. The company develops,
finances, constructs and operates energy infrastructure, including
facilities and assets used to deliver natural gas and LNG to
customers. Its operations include projects and assets in the U.S.
and international markets.
Ernst & Young LLP's April 13, 2026, audit report included a going
concern explanatory paragraph, citing losses from operations and
events of default under the company's debt agreements that raised
substantial doubt about its ability to continue as a going
concern.
As of Dec. 31, 2025, the company had $10.56 billion in total
assets, $10.25 billion in total liabilities, and $309.63 million in
total stockholders' equity.
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D O M I N I C A N R E P U B L I C
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DOMINICAN REPUBLIC: Adopts WE Finance Code
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Dominican Today reports that the the Superintendency of Banks of
the Dominican Republic (SB) issued a new regulation requiring
financial institutions to report gender-disaggregated data on
financing for micro, small and medium-sized enterprises (MSMEs), as
part of efforts to expand access to credit for women-led
businesses.
Through Circular CSB-REG-2026000008, banks and other financial
entities will now be required to submit quarterly reports detailing
the ownership structure of MSME clients, including the percentage
of female ownership, as well as the status of loan applications,
approvals, rejections and reasons for denial, according to
Dominican Today. The first reporting period will close on
September 30, 2026.
With the measure, the Dominican Republic becomes the first country
in Latin America and the Caribbean to integrate
gender-disaggregated financing data into the regulatory framework
of its financial supervision system through private-sector
collaboration, the report notes.
The initiative supports the global WE Finance Code program,
promoted by the Women Entrepreneurs Finance Initiative (We-Fi) and
the OECD, which seeks to reduce the financing gap affecting women
entrepreneurs, the report says.
Officials from the SB, the Dominican Republic Bankers Association
(ABA) and the Inter-American Development Bank Group (IDB Group)
recently met to outline the next phase of implementation, including
the country's first report of disaggregated financial indicators to
the OECD, the report notes.
According to the ABA, 26 financial institutions representing
approximately 97% of the Dominican financial system's assets have
already joined the WE Finance Code initiative, the report
discloses. Since 2023, participating institutions have worked to
establish unified standards, technical reporting systems and a
common definition for women-led MSMEs aligned with current
regulations, the report says.
IDB Invest has supported the process through investments and
financing initiatives totaling more than US$160 million aimed at
strengthening access to capital for women entrepreneurs in the
Dominican Republic, the report notes.
The WE Finance Code currently operates in more than 33 countries
worldwide and is expected to expand further across Latin America
and the Caribbean in the coming years, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
[] DOMINICAN REPUBLIC: Approves 10 New Free Zone Companies
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Dominican Today reports that the National Council of Export Free
Zones approved permits for 10 new free zone companies during its
third ordinary board meeting of 2026, projects expected to generate
more than US$14 million in investment and create over 480 direct
jobs across several provinces in the Dominican Republic.
According to Cnzfe Executive Director Johannes Kelner, the new
companies will operate in various productive and service sectors,
helping diversify the country's export offerings and strengthen
industrial development, according to Dominican Today. Authorities
said the projects are also expected to positively impact local
economies and expand productive activity nationwide, the report
notes.
During the session, the council also signed agreements with the
Dominican State for three new free zone parks, a move officials
said reinforces legal certainty and investor confidence in the
country as a stable business destination, the report relays.
The meeting was chaired by Vice Minister of Free Zones and Special
Regimes Lucia Ynes Zorrilla, alongside Kelner and other members of
the board, the report notes. Officials reaffirmed their commitment
to promoting policies aimed at attracting investment and supporting
sustainable economic growth through the expansion of the free zone
sector, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
TCR-LA reported in April 2019 that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook. Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive. Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.
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J A M A I C A
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JAMAICA: BOJ Pumps US$60 Million Into Forex Market
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RJR News reports that members of the productive sector were seeking
significantly more foreign exchange last week than the amount
supplied by the Bank of Jamaica to the market.
The central bank injected a total US$60 million over two days to
support demand for US currency, according to RJR News. However,
importers and other businesses were looking for about US$83.8
million more than that amount to meet payments to overseas
suppliers, the report notes.
The Bank of Jamaica sold $30 million to the market, but demand from
the productive sector stood at US$78.7 million, the report relays.
On May 22, another US$30 million was injected, while demand reached
US$65.1 million, the report discloses.
The continued pressure reflects Jamaica's widening trade imbalance,
the report says. The lastes figures show imports increased by 3.2%
last year to US$7.5 billion while exports fell by 13.4% to US$1.65
billion, resulting in a trade deficit of US$5.87 billion, the
report notes.
The Bank of Jamaica has been actively intervening in the foreign
exchange market using its reserves, the report says.
However, net international reserves fell by about US$454 million in
April, reflecting ongoing market support and external sector
pressures, 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.
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P U E R T O R I C O
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SPANISH BROADCASTING: Court Okays $7MM DIP Funding
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Emlyn Cameron of Law360 Bankruptcy Authority reports that Spanish
Broadcasting System Inc. won interim approval Tuesday from a
Delaware bankruptcy judge to access $7 million in postpetition
financing as part of a larger $30 million DIP loan package designed
to support the company during its Chapter 11 case.
The court also established scheduling procedures for confirmation
of the company's proposed restructuring plan. Company
representatives said the financing will help ensure uninterrupted
business operations while management works to reorganize its
balance sheet and address creditor claims, according to report.
About Spanish Broadcasting System
Spanish Broadcasting System Inc. operates Spanish-language radio
stations and media properties serving Hispanic communities across
the U.S. and Puerto Rico. The company's business includes radio
broadcasting, digital advertising, music programming and live
entertainment initiatives. Through its portfolio of stations and
online brands, the company delivers music, news, talk and cultural
programming tailored to Latino listeners.
Spanish Broadcasting System sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10708) on May 11,
2026. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.
Honorable Bankruptcy Judge Brendan Linehan Shannon handles the
case.
The Debtor is represented by Robert J. Dehney, Esq. of Morris,
Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson
LLP was retained as general bankruptcy counsel, while GLC Advisors
& Company is serving as investment banker. Financial advisory and
chief restructuring officer duties are being handled by Riveron
Management Services LLC and Jesse York, and Kroll Restructuring
Administration LLC is serving as claims agent.
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V E N E Z U E L A
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VENEZUELA: Pigasse Targets $150BB Debt Restructuring Mandate
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globalinsolvency.com, citing the Wall Street Journal, reports that
French investment banker Matthieu Pigasse was angling to win the
job of helping Venezuela restructure around $150 billion in unpaid
debts and repair the country's standing with investors around the
world.
Wall Street has been awaiting this chance ever since the Trump
administration's special operation in January to capture Venezuelan
strongman Nicolas Maduro and bring him to New York on
drug-trafficking charges, according to globalinsolvency.com.
About Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is
a country on the northern coast of South America, consisting of
a continental landmass and a large number of small islands and
islets in the Caribbean sea. The capital is the city of
Caracas.
Hugo Chavez was president to Venezuela from 1999 to
2013. The Chavez presidency was plagued with challenges,
which included a 2002 coup d'etat, a 2002 national strike and a
2004 recall referendum. Nicolas Maduro was elected president
in 2013 after the death of Chavez. Maduro won a second term
at the May 2018 Venezuela elections, but this result has been
challenged by countries including Argentina, Chile, Colombia,
Brazil, Canada, Germany, France and the United States who deemed
it fraudulent and moved to recognize Juan Guaido as
president.
The presidencies of Chavez and Maduro have challenged
Venezuela with a socioeconomic and political crisis. It is
marked by hyperinflation, climbing hunger, poverty, disease,
crime and death rates, social unrest, corruption and emigration
from the country.
On January 3, 2026, the United States launched a military
operation
in Venezuela and Maduro and his wife were captured and were flown
out of the country. As of January 4, 2026, the government formerly
led by Maduro remains in control, with Vice President Delcy
RodriÂguez having been appointed acting president.
Moody's has withdrawn '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.
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S U B S C R I P T I O N I N F O R M A T I O N
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Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
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