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260618.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 Thursday, June 18, 2026, Vol. 27, No. 121 Headlines A R G E N T I N A TIERRA DEL FUEGO: Moody's Cuts Issuer & Sec. Debt Ratings to Caa2 B R A Z I L NUBANK: Message on Liquidation Resulted from Operational Error C A Y M A N I S L A N D S BANORTE: S&P Rates Proposed Tier 1 Hybrid Notes 'BB-' D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: IMF Suggests Prudent Fiscal Policy J A M A I C A JAMAICA: Urged to Accelerate Transition to Renewable Energy MAIN EVENT: Incurs $111 Million Net Loss Over Six Months M E X I C O BANCO MERCANTIL: Moody's Assigns 'Ba3(hyb)' Preferred Stock Rating P U E R T O R I C O SPANISH BROADCASTING: Hires GLC Advisors as Investment Banker SPANISH BROADCASTING: Seeks to Tap Kroll as Administrative Advisor - - - - - ================= A R G E N T I N A ================= TIERRA DEL FUEGO: Moody's Cuts Issuer & Sec. Debt Ratings to Caa2 ----------------------------------------------------------------- Moody's Ratings has downgraded the Province of Tierra del Fuego's (Tierra del Fuego) Baseline Credit Assessment (BCA) to caa2 from caa1, and downgraded its long-term issuer and senior secured debt ratings to Caa2 from Caa1. The outlook remains stable. RATINGS RATIONALE The downgrade reflects a marked deterioration in Tierra del Fuego's credit fundamentals increasing default risk due to structural weakness on the operating environment and budgetary rigidities impacting its fiscal performance. The very limited liquidity buffers have weakened the province's capacity to absorb fiscal shocks and continue to meet its obligations on time, increasing its reliance on external funding to cover the cash generation gap. Governance risks were a key driver of this rating action, reflecting the deficiencies in budget management, limited expenditure flexibility and reliance on short-term financing, which increases vulnerability to adverse conditions. Tierra del Fuego's fiscal performance deteriorated sharply in 2025, with the operating margin turning negative to 13.4% from positive 4.1% in 2024 while the cash financing result weakened to a deficit of 15.4% of revenue from a small surplus a year earlier. This deterioration reflects structural shifts in Argentina's energy sector, including the transition toward unconventional production outside the province, reducing hydrocarbon output and weakening royalty revenues, which remain a key source of income. At the same time, expenditure rigidities further exacerbate liquidity pressures and constrains the administration's ability to compensate for weaker revenues. Personnel and pension-related spending remain structurally high with inflation-linked increases and continue to pressure operating expenditure, limiting fiscal flexibility. Additionally, historically low capital spending leaves limited room for further expenditure containment. Moody's expects only a gradual performance improvement in the next 12 to 18 months, with operating balances remaining negative at around 7.0%, and financing deficits narrowing to about 9.2% of revenue. Budgetary improvement would come from required spending containment and slower wage growth, along with a recovery in royalty income driven by higher oil prices providing partial support. Nonetheless, liquidity pressures will likely remain elevated in the near term. Moody's expects liquidity to remain severely constrained, reflected in very low cash balances that stood around 0.12% of operating revenue in 2025, down from already limited levels in 2024, evidencing the province's limited capacity to generate internal cash and increasing pressure from persistent operating deficits. This weak liquidity position has increased reliance on external financing and reduced the province's ability to absorb shocks. The secured notes benefit from a pledge of oil and gas revenues, but the effectiveness of this protection has weakened as declining production and higher volatility in the royalty base have reduced coverage levels. Debt service coverage has fallen below 1x in the first quarter of 2026, indicating that pledged revenues are at times not sufficient to fully cover debt service requirements on a standalone basis. In this context, annual debt service obligations of around $24 million through 2030, will keep liquidity pressures high and expose noteholders more directly to the province's underlying financial performance. As a counterbalance, Tierra del Fuego benefits from low leverage levels and a limited interest burden compared with local peers. In 2025, net direct and indirect debt accounted for around 9.8% of operating revenue, while interest payments remained below 1% of revenue. However, these strengths provide only limited support in the context of elevated structural fiscal pressures. In addition, most of the debt is denominated in foreign currency, increasing exposure to exchange rate volatility. The Caa2 rating combines the caa2 baseline credit assessment (BCA) for the province and Moody's assumptions of a low likelihood of extraordinary support from the Government of Argentina (Caa1 stable) if the province faces a liquidity stress event. RATING OUTLOOK The stable outlook reflects Moody's expectations that the province will maintain its weak credit profile over the next 12–18 months, reflecting persistent fiscal and liquidity pressures, with a probability of default and expected recovery for creditors consistent with a Caa2 rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the deterioration in the province's credit metrics and operating environment, an upgrade is unlikely in the near-to-medium term. However, an improvement of the operating environment that leads to diminishing idiosyncratic risks could lead to an upgrade of the province's ratings. A substantial improvement of the Argentine sovereign credit quality and/or Moody's perceptions of the probability for increased extraordinary support could also lead to upgrade rating pressure on the province. A downgrade in Argentina's ratings or further systemic deterioration, or both, would exert downward pressure on the ratings. Increased idiosyncratic risks could also translate into a downgrade. The principal methodology used in these ratings was Regional and Local Governments published in May 2026. The assigned BCA of caa2 for the Province of Tierra del Fuego is one notch below the scorecard-indicated BCA of caa1. This reflects additional factors not fully captured in the scorecard. Particularly, the combination of weak fiscal performance and severely constrained liquidity, which together reduce its capacity to manage its upcoming debt service obligations. =========== B R A Z I L =========== NUBANK: Message on Liquidation Resulted from Operational Error -------------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazilian digital lender Nubank said ‌that it was aware of an ‌erroneous message sent to customers claiming the firm was liquidated by the country's central bank, adding the incident resulted from an "one-time operational error." In a statement, Nubank, which ‌is listed in New York under Nu Holdings, said the incident was under internal investigation, and did not affect clients' data protection. The lender's operations continue as usual, it said, according to globalinsolvency.com. =========================== C A Y M A N I S L A N D S =========================== BANORTE: S&P Rates Proposed Tier 1 Hybrid Notes 'BB-' ----------------------------------------------------- S&P Global Ratings assigned its 'BB-' long-term issue rating to the proposed Tier 1 capital notes issued by Banco Mercantil del Norte S.A. Institucion de Banca Multiple Grupo Financiero (Banorte) through its Grand Cayman Branch. The notes, which are perpetual, callable, subordinated, nonpreferred, and noncumulative, will be up to $1.0 billion. The notes are part of Banorte's (BBB/Negative/A-2) asset and liability management and will strengthen its regulatory capitalization ratios. The bank will have the option to issue the notes through two tranches: the first callable at 6.5 years, and the second at 10 years. The 'BB-' issue rating on the proposed notes is four notches below S&P's 'BBB' long-term issuer credit rating on Banorte: -- One notch because the notes are contractually subordinated to other senior debt; -- Two notches to reflect the notes' discretionary coupon payments and regulatory Tier 1 capital status; and -- An additional notch for the mandatory contingent capital clause that would lead to a principal write-down. Once Banorte's proposed notes have been issued and confirmed as part of its Tier 1 capital base, S&P will assign them intermediate equity content. A hybrid capital instrument with intermediate equity content is eligible to be included in the total adjusted capital (TAC) calculation until the aggregate amount of all instruments with intermediate equity content is equivalent to up to 33% of the bank's adjusted common equity (ACE). As of March 31, 2026, Banorte's outstanding hybrid capital issuances with intermediate equity content already exceeded our 33% threshold of its ACE. As a result, the proposed issuance wouldn't be included in Banorte's TAC until the bank's internal capital generation increases its ACE. At that point, Banorte's TAC can gradually incorporate this issuance and potentially strengthen the bank's risk-adjusted capital (RAC) ratio. Therefore, our forecast RAC ratio is unchanged. S&P expects a RAC ratio of about 10%--at the lower end of the range for our strong capital and earnings assessment--in 2026-2027. Despite the bank's sound capitalization, S&P thinks the persistently high remuneration to its shareholders--through common and extraordinary dividend payments--will keep its capital buffers below historical levels. Finally, the proposed notes won't change the bank's funding mix given its sound and diversified funding structure. The issuance also won't affect our assessments of Banorte's funding and liquidity. These factors, along with Banorte's solid market position, historical business stability, resilient earnings capacity, and healthier asset quality metrics than those of the Mexican banking system, lead to a stand-alone credit profile of 'bbb+'. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: IMF Suggests Prudent Fiscal Policy ------------------------------------------------------ Dominican Today reports that the International Monetary Fund (IMF) projected that the Dominican economy could grow by 4% this year and that inflation would remain within the range of 4% +/- 1%. It believes it is essential to continue with a prudent fiscal policy, anchored by compliance with the fiscal rule and the protection of capital spending, according to Dominican Today. The international organization projected a closing meeting of its “Staff Visit” led by Ricardo Llaudes, with the governor of the Central Bank (BC), Héctor Valdez Albizu, and representatives of the Ministry of Finance and Economy (MHE), the report notes. “Despite the global situation, we continue to see very high income flows, with high levels of exports, tourism, and foreign direct investment (FDI). This will help keep the current account deficit slightly above 1.5%,” Laudes stated, the report relays. Regarding the financial sector, the organization stated that it “remains resilient with high levels of capitalization and profitability. Furthermore, this delegation considers it essential to continue with prudent fiscal policies, anchored by compliance with the fiscal rule and the protection of capital spending,” the report says. Meanwhile, Valdez Albizu affirmed that the Central Bank is monitoring the impact of external shocks. He highlighted the resilience of the Dominican economy amid conditions in external markets and agreed that it could grow by 4% this year, the report notes. The IMF mission gathered preliminary data from the public and private sectors on the performance of the Dominican economy, 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. ============= J A M A I C A ============= JAMAICA: Urged to Accelerate Transition to Renewable Energy ----------------------------------------------------------- RJR News reports that an internationally recognised renewable energy expert is urging Jamaica to accelerate its transition to renewable energy, arguing that the move could significantly reduce the country's foreign exchange spending, strengthen energy security, and boost economic competitiveness. Speaking at the annual Maurice Facey Lecture, Dr. Ramon Mendez Galain said Jamaica has both the natural resources and strategic opportunity to dramatically lower its dependence on imported fossil fuels and build a more resilient energy sector, according to RJR News. Jamaica's energy bill stood at US$$1.7 billion last year, the report notes. Using his native Uruguay as an example, he said the South American nation transformed its energy sector in just five years through a coordinated push into renewable energy, the report relays. According to Dr. Méndez Galain, the transition created approximately 50,000 jobs, attracted billions of dollars in investment, and enabled Uruguay to become an exporter of electricity to neighbouring countries, the report discloses. He challenged Jamaican policymakers, businesses, and other stakeholders to pursue a similarly ambitious strategy, arguing that a rapid shift to renewable energy could deliver substantial economic and social benefits, while insulating the country from future energy price shocks, 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. MAIN EVENT: Incurs $111 Million Net Loss Over Six Months -------------------------------------------------------- RJR News reports that Main Event Entertainment Group has reported a net loss of $111.1 million for the six months ended April 30, reversing a profit of $64.3 million recorded in the corresponding period last year. The entertainment and production company says revenues fell sharply by 47 per cent to $472.8 million, compared to a year earlier, according to RJR News. For the second quarter alone, revenue declined by 15 per cent, the report notes. Main Event says the downturn reflects the lingering effects of Hurricane Melissa, rising operating costs, and increasing competition within the entertainment and promotions industry, the report adds. =========== M E X I C O =========== BANCO MERCANTIL: Moody's Assigns 'Ba3(hyb)' Preferred Stock Rating ------------------------------------------------------------------ Moody's Ratings has assigned Ba3 (hyb) foreign currency preferred stock, non-cumulative ratings to Banco Mercantil del Norte, S.A. (Cayman I)'s proposed issuances of perpetual callable subordinated non-preferred non-cumulative Additional Tier 1 (AT1) capital notes. These perpetual notes will be issued through Banco Mercantil del Norte, S.A.'s (Banorte, long-term deposits Baa2 stable, BCA baa3) Cayman Islands branch and may be split into two tranches with first call dates in 6.5 and 10 years. RATINGS RATIONALE The Ba3 (hyb) preferred stock non-cumulative ratings reflect Moody's assessments of the notes' deeply subordinated claim in liquidation, as well as their non-cumulative coupon deferral features, and the limited protection from residual equity. The notes are senior only to capital instruments that qualify as Common Equity Tier 1 (CET1) and are positioned three notches below Banorte's baa3 Adjusted Baseline Credit Assessment (BCA), in line with Moody's standard notching for AT1 instruments. Under the terms of the notes, principal will be partially or fully written down in the event that the bank's fundamental capital ratio, as calculated pursuant to applicable Mexican capitalization regulations, is equal to or below 5.125%; the bank's license is revoked and the bank has not cured such cause for revocation; or the Banking Stability Committee has determined that less than the full amount of all the outstanding liabilities must be paid. In the case that any of the aforementioned events occur, the notes would be written down, together with any concurrent pro rata write-down or conversion of any other subordinated non-preferred indebtedness issued by Banorte and then outstanding, to return the bank's Common Equity Tier 1 (capital básico fundamental, or CET1) ratio to the minimum level required by local regulations at that time and to restore any countercyclical and/or systemically important bank (D-SIB) supplemental capital requirements then in place. Under the Mexican banking regulation, the minimum CET1 ratio is 7%, plus the D-SIB requirement of 0.9%. As of March 2026, Banorte reported a CET1 ratio of 12.7%, which was well above the write-down trigger of 5.125%. Banorte's total loss absorption requirement capital requirement (TLAC) is 18.08% as of March 2026, well below its total regulatory capital ratio of 19.74% as of March 2026. Banorte will automatically cancel interest due on the notes if (a) the bank is classified as Class II or below pursuant Articles 121 and 122 of the Mexican Banking Law, or (b) the bank is classified as Class II or below as a result of the applicable interest payment. Based upon current regulations, the bank will be classified as Class II if its capital levels fall below the following minimum thresholds: 10.5% for the Total Capital (Capital Neto) ratio, 8.5% for the Tier 1 (Capital Básico) ratio, and 7.0% for the CET1 ratio. The bank will also be classified as Class II if it fails to meet any additional D-SIB and countercyclical capital supplements required by the regulator. In addition to the contractual write-down provisions, interest on the notes will be due and payable subject to Banorte's sole and absolute discretion, always and for any reason, to cancel any interest payment in whole or in part. These notes constitute subordinated non-preferred indebtedness and will rank: (i) subordinate and junior in right of payment and in liquidation to all of the bank's present and future senior indebtedness and subordinated preferred indebtedness, (ii) pari passu without preference among themselves and with all the bank's present and future other unsecured subordinated non-preferred indebtedness and (iii) senior only to all classes of the bank's present and future equity or capital stock. Despite the moderate probability that the Government of Mexico (Mexico, Baa3 stable) will support Banorte's depositors considering the bank's large deposit market share of 14% in March 2026, the ratings assigned to these notes do not benefit from uplift stemming from government support because they are intended to provide loss absorption. Banorte's baa3 BCA and adjusted BCA reflect the bank's strong asset quality, supported by low problem loans at 1.4% of gross loans and solid reserve coverage at 140% of problem loans, as of March 2026. The bank's good capitalization is driven by robust earnings generation, with a stable net income to tangible banking assets of 2.4% during Q1 2026. The BCA also incorporates Banorte's strong core deposit base and limited reliance on less-stable funding sources. These strengths position Banorte to withstand operating environment pressures, including a softer economic backdrop and intensifying competition from new entrants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS There is no upward pressure on the ratings of Banorte, whose BCAs are positioned at Mexico's Baa3 sovereign rating. The bank's baa3 BCA could be downgraded following a deep weakening of Banorte's financial fundamentals or a downgrade of the Mexican government bond rating. Downward pressure on Banorte's Baa2 long-term deposit ratings would increase following a significant fall in bail-in-able debt volumes outstanding, possibly leading to no notches of ratings uplift as a result of Moody's advanced LGF analysis. The principal methodology used in these ratings was Banks published in November 2025. ===================== P U E R T O R I C O ===================== SPANISH BROADCASTING: Hires GLC Advisors as Investment Banker ------------------------------------------------------------- Spanish Broadcasting System, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ GLC Advisors & Co., LLC as investment banker. The firm will render these services: (a) familiarize with the Debtors' financial condition and business; (b) advise and assist the Debtors in examining, analyzing, developing, structuring and negotiating the financial aspects of any potential or proposed strategy for a transaction; (c) assist the Debtors in soliciting, coordinating and evaluating indications of interest and proposals, tenders and consents in connection with any transaction; (d) provide expert advice and testimony regarding financial matters related to any transaction(s), if necessary; (e) attend meetings of and advise and otherwise communicate with the Debtors' Board of Directors, creditor groups and other interested parties, as GLC and the Debtors determine to be necessary or desirable; and (f) provide such other financial advisory services as may be agreed in writing between GLC and the Debtors. The firm will be paid at these fees: (a) Monthly Advisory Fees of $125,000. In addition, a one-time credit of 50 percent of the Monthly Advisory Fees in excess of $250,000 actually paid to GLC under this Engagement Letter will be applied against the Restructuring Fee, on a dollar-for-dollar basis up to 100 percent of the Restructuring Fee; (b) Restructuring Fee: Discretionary Fee: (i) a fee of $2,066,667 upon the consummation of any Restructuring; and (ii) prior to the consummation of a restructuring, the Debtors shall determine whether GLC should be paid a discretionary fee of $1,033,333. (c) Financing Transaction Fees - 1 percent of the gross amount of any commitments raised from such parties. Further, GLC shall earn a $75,000 work fee for a "market test" performed at the request of the board of directors of the Debtors; (d) Expense Reimbursement - GLC shall be entitled to monthly reimbursement from the Company of reasonable out-of-pocket expenses incurred in connection with the services to be provided; (e) Sale Fee - fee equal to 1.50 percent of the Aggregate Consideration; and (f) Work Fee - a work fee of $100,000. During the 90-day period before the Petition Date, the firm received $721,376.92 in payments from the Debtors. Timothy Hagamen, an executive director at GLC Advisors & Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Timothy Hagamen GLC Advisors & Co., LLC 623 5th Ave., Suite 2900 New York, NY 10022 Telephone: (212) 542-4547 Email: thagamen@glca.com 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 and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026. In its petition, Spanish Broadcasting System disclosed estimated assets and liabilities between $100 million and $500 million each. The case is jointly administered in Case No. 26-10708. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Robert J. Dehney, 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 and administrative advisor. SPANISH BROADCASTING: Seeks to Tap Kroll as Administrative Advisor ------------------------------------------------------------------ Spanish Broadcasting System, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration LLC as administrative advisor. The firm will provide these services: (a) continue to assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports, as required in support of confirmation of the Plan, and in connection with such services, process requests for documents from parties in interest, including, brokerage firms, bank back-offices and institutional holders; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) if necessary, assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) assist with the review of contracts and leases for noticing purposes; and (f) provide such other administrative services described in the Engagement Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors, the Court or the Office of the Clerk of the Bankruptcy Court. Prior to the Petition Date, the Debtors provided Kroll an advance in the amount of $50,000, which was received by the firm on April 30, 2026. In addition, on May 1, 2026, the firm received payment in the amount of $50,000 for actual and/or estimated prepetition fees and expenses. Benjamin Steele, a managing director at Kroll, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration LLC 1 World Trade Center, Floor 31 New York, NY 10007 Telephone: (212) 257-5490 Email: Benjamin.steel@kroll.com 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 and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026. In its petition, Spanish Broadcasting System disclosed estimated assets and liabilities between $100 million and $500 million each. The case is jointly administered in Case No. 26-10708. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Robert J. Dehney, 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 and administrative advisor. ********* 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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