260703.mbx

260703.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 Friday, July 3, 2026, Vol. 27, No. 132 Headlines A R G E N T I N A ARGENTINA: OKs Dollar Borrowing Amid Multilateral Loan Talks PETROQUIMICA COMODORO: Fitch Hikes IDRs to 'B', Outlook Stable C A Y M A N I S L A N D S ARABIAN CENTRES: Fitch Affirms 'BB' IDR & Alters Outlook to Stable H A I T I HAITI: IMF OKs $69 Million to Modernize Les Cayes Airport J A M A I C A UNITED OIL: Reports Progress in Jamaica Despite Financial Loss P U E R T O R I C O BITCOIN DEPOT: Taps Thomas Studebaker of Triple P TRS as CRO HONDURAS: IMF Completes Reviews Under the Extended Fund Facility MALO ES NA: Seeks to Tap Antoan Figueroa Hernandez as Counsel - - - - - ================= A R G E N T I N A ================= ARGENTINA: OKs Dollar Borrowing Amid Multilateral Loan Talks ------------------------------------------------------------ David Feliba & Ignacio Olivera Doll at Bloomberg News report that Argentina's government authorised up to US$5 billion in new dollar-denominated borrowing as the country looks to secure funding backed by multilateral institutions ahead of upcoming debt payments. The decree, signed by President Javier Milei and Cabinet members, establishes a legal framework for future financing transactions, with contracts governed by New York law and subject to the jurisdiction of US courts, according to Bloomberg News. The decree sets a maximum size for the debt operation Argentina is seeking to secure with the backing of multilateral institutions such as the World Bank and the Inter-American Development Bank, Bloomberg News notes. The objective is to "reduce the financing costs of the National Treasury" through dollar-denominated loans granted by internationally recognised financial institutions and backed by partial guarantees from multilateral lenders, it reads, Bloomberg News relays. Securing funding is critical for Argentina as it faces bond payments in the coming years, the most immediate being almost US$4.5 billion next month, the report notes. The country’s foreign currency debt service is expected to exceed US$20 billion annually next year, Bloomberg News discloses. "The priority is to minimise funding costs," said Daniel Chodos, partner at Dhalmore Capital, Bloomberg News says. "By arranging financing through international banks with partial backing from multilateral institutions, the government can access funding at a significantly lower rate" than if it were to tap markets, he added. Milei's government has shunned international bond markets, deeming the costs as too high and not in line with Argentina’s macroeconomic improvements, Bloomberg News notes. Obtaining alternative and cheaper sources of financing has been a key goal for Caputo, Bloomberg News relays. The government has so far relied on alternative sources such as local dollar-denominated bonds, foreign-currency purchases by the central bank and the planned multilateral-backed financing operation, Bloomberg News 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. 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. PETROQUIMICA COMODORO: Fitch Hikes IDRs to 'B', Outlook Stable -------------------------------------------------------------- Fitch Ratings has upgraded Petroquimica Comodoro Rivadavia S.A.'s (PCR) Long-Term Foreign Currency and Local Currency Issuer Default Ratings (IDRs) to 'B' from 'B-'. The Rating Outlook is Stable. The upgrade reflects PCR's stronger business profile, broader geographic diversification, and greater access to hard-currency cash flow through its U.S. expansion. In the renewables segment, Fitch expects PCR's exposure to Compania Administradora del Mercado Mayorista Electrico (CAMMESA), which administers Argentina's wholesale power market, to fall below 30% by 2027 from 33%. CAMMESA's credit profile has improved due to Argentina's sovereign upgrade and a more favorable operating environment. Oil and gas (O&G) contributes about 60% of PCR's EBITDA and supports diversification and hard-currency generation. However, the segment's modest scale constrains the rating. PCR's operations in Ecuador and the U.S. partly mitigate the risks of operating in Argentina. Fitch expects EBITDA from those operations to cover consolidated hard-currency interest expense over the rating horizon. Key Rating Drivers Greater Business Diversification: PCR's entry into the U.S. shale O&G business strengthens its business profile by enhancing geographic diversification and increasing hard-currency cash flow generation outside Argentina's operating environment. Fitch expects the operation to add about 4,000 barrels of oil equivalent per day (boe/d) by 2028, equivalent to roughly 20% of total production. In power generation, the company benefits from U.S. dollar-denominated, long-term power purchase agreements (PPAs) with private-sector clients and CAMMESA under the RenovAr framework. Fitch forecasts O&G production to average 19,500 boe/d over the rating horizon, with the segment contributing about 60% of EBITDA. Fitch expects the renewables business to contribute around 39% of EBITDA, with the remainder generated by the cement business. Counterparty Exposure Improved: PCR's counterparty exposure has improved following the upgrade of Argentina's sovereign IDR to 'B-' from 'CCC+', as well as broader improvement in the country's operating environment. Like other participants in Argentina's power generation market, PCR receives payments from CAMMESA. However, PCR's revenues are linked to RenovAr contracts, which benefit from priority payment status and are backed by FODER and World Bank guarantees in the event of non-payment. Over the 12 months through FY2025, CAMMESA paid invoices in approximately 42 days, in line with contracted payment terms. O&G Constrains Ratings: PCR's O&G business remains the main contributor to EBITDA and a key rating driver, given its hard-currency cash flow generation and contribution to geographic diversification. However, the segment remains constrained by its modest scale relative to rating peers, with production below 45,000 boe/d and 1P reserves below 400 mmboe. Risks associated with operating in Argentina are partially mitigated by the company's Ecuadorian and U.S. oil operations, which generate enough EBITDA to cover consolidated hard-currency interest expense over the rating horizon. Adequate Leverage: Fitch expects PCR's USD-denominated gross leverage to peak at 4.0x in 2026, as debt remains elevated at about USD995 million while the company completes the Olavarria and the expansion at Mataco III wind farms. Fitch expects leverage to improve thereafter, trending toward 3.0x by 2028, supported by incremental EBITDA from new renewable capacity and lower capex following the completion of the company's expansion plan. Fitch forecasts FCF to be neutral to positive from 2027 onward, as installed generation capacity reaches 768 MW by the end of 2026 and investment needs decline. Fitch expects EBITDA-to-interest expense to remain above 5.0x throughout the rating horizon. Peer Analysis PCR's closest peer in Argentina is Capex S.A. (B-/Stable), an integrated oil and gas production and generation company. Capex has majority electricity revenue exposure to CAMMESA, while PCR's revenue is more evenly split through private clients in the MATER program. The ratings for PCR, GeoPark Limited (B+/Stable), SierraCol Energy Limited (B+/Stable) and Gran Tierra Energy Inc. (B+/Stable) are all constrained to the 'B' category because of the inherent operational risks associated with the small scale and low diversification of their oil and gas production. Over the rating horizon, Fitch expects PCR's production to average 19,500 boe/d, higher than Capex's 17,500 boe/d and lower than SierraCol's expected production of 44,000 boe/d, Gran Tierra's 45,000 boed. Fitch’s Key Rating-Case Assumptions - Fitch's end-of-period USD/ARS exchange rate of 1,891 in 2026, 2,232 in 2027 and 2,446 in 2028; - Fitch's average foreign USD/ARS exchange rate of 1,671 in 2026, 2,062 in 2027 and 2,260 in 2028; - Average working interest production of 19,800 boed in 2026-2029; - Fitch's price deck for Brent crude oil per barrel of USD87 in 2026, USD65 in 2027, USD60 in 2028 and 2029; - Growth in cement sales linked to Fitch's real GDP growth expectations for Argentina; - Capex of USD780 million in 2026-2029, with an annual average of USD195 million; - Average dividends of USD9 million paid yearly in 2026-2029; - Renewables have 98% availability and a 42% capacity factor at a monomic price of USD54/MWh over the rating horizon; - Average rate of 10% for rollover of short-term debt; - CAMMESA/FODER payments are made on time. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb', Lower), sector characteristics ('bb', Moderate), market and competitive positioning ('b-', Moderate), diversification and asset quality ('bb-', Moderate), company operational characteristics ('b-', Higher), profitability ('b+', Moderate), financial structure ('bb-', Moderate), and financial flexibility ('b+', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - B+ to CC considerations apply in its analysis and has no impact. - The governance assessment of 'good' has no impact. - The operating environment assessment of 'b' has no impact. - The SCP is 'b'. - Fitch made no adjustments to the SCP, resulting in a Local Currency IDR of 'B'. - Country Ceiling considerations apply and result in no adjustment to the Foreign Currency IDR as per Fitch's "Corporate Rating Criteria." PCR's applicable Country Ceiling is that of Ecuador at 'B+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Major operational disruptions at key assets outside of Argentina, resulting in a significant decrease in hard-curency cash flows; - Deterioration of Argentina's operating environment; - Material underperformance of the Renewable segment that leads to lower EBITDA contribution; - Sustained net production below 16,000 boed; - Material delay in CAMMESA/FODER payments that materially affects working capital; - A sustained deterioration of credit metrics to total debt/EBITDA of 4.0x or more; - Weakening liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement of Argentina's operating environment; - Net production of 45,000 boed while maintaining 1P reserve life of at least seven years; - Sustain total debt to EBITDA below 3.0x over the rating horizon. Liquidity and Debt Structure PCR reported cash of around USD177 million as of 1Q26, including USD86 million held outside Argentina, and USD35 million in offshore short-term investments against short-term debt of USD145 million. Liquidity is supported by cash balances that cover short-term debt maturities by 1.2x, while Fitch forecasts EBITDA interest coverage to remain above 5.0x over the rating horizon. PCR also benefits from a manageable maturity profile and a track record of accessing local bank funding and the domestic debt market, and multilateral funding such as the Inter-American Development Bank (IDB) and International Finance Corporation (IFC), which provide additional financial flexibility if needed. Issuer Profile PCR is an Argentine independent energy company focused on three main activities: the exploration and production of hydrocarbons, the production and distribution of cement and construction materials, and renewable power generation. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PCR. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Petroquimica Comodoro Rivadavia S.A. LT IDR B Upgrade B- LC LT IDR B Upgrade B- =========================== C A Y M A N I S L A N D S =========================== ARABIAN CENTRES: Fitch Affirms 'BB' IDR & Alters Outlook to Stable ------------------------------------------------------------------ Fitch Ratings has revised Arabian Centres Company's (trading as Cenomi Centres) Outlook to Stable from Negative. It has affirmed its Long-Term Issuer Default Rating (IDR) and its senior unsecured rating at 'BB' and removed them from Under Criteria Observation (UCO). The ratings reflect the successful refinancing of Cenomi's October 2026 sukuk maturity through transactions completed in 4Q25. The refinancing has extended the debt maturity profile and improved the group's liquidity management. Cenomi's performance has seen little direct impact from the geopolitical tensions in the Middle East so far, with its portfolio remaining resilient in 1Q26. Footfall increased, driven mainly by higher domestic consumption and domestic tourism following airspace disruptions. Fitch expects Westfield Jeddah and Westfield Riyadh to support the operating profile when they open in 2H26. Key Rating Drivers Refinancing Reduced Liquidity Risk: Cenomi refinanced its USD875 million sukuk maturing in October 2026 with SAR2.05 billion (USD550 million) new local sukuk due 2031 and a five-year USD500 million international sukuk and launched a tender offer and consent solicitation for the 2026 notes. By 1Q26 Cenomi has redeemed its October 2026 sukuk in full, leading to reduced near-term refinancing risk and an extended debt maturity profile, while supporting liquidity management. Development Pipeline Near Completion: Cenomi's property portfolio, valued at SAR30.2 billion at end-1Q26, comprises 20 malls located in Saudi Arabia's largest conurbations. Fitch expects new openings and asset repositioning to support the quality and diversification of Cenomi's portfolio. Its development pipeline is led by two flagship malls in Jeddah and Riyadh, with gross lettable space of about 104,000 sqm and 220,000 sqm, respectively. Structural construction was 99% complete in Jeddah and 98% complete in Riyadh at end-2025. Westfield Jeddah and Westfield Riyadh are expected to open in 2H26. The company's 2026 priorities include the successful opening and operation of both projects. Healthy Pre-Let Activity: The two new malls will operate under the Westfield brand under Cenomi's exclusive 10-year partnership with Unibail-Rodamco-Westfield (URW) signed in 2025. The partnership should broaden access to Westfield's global customer network and will support the entry of new brands into Saudi Arabia. The pre-lets at end-1Q26 were 96% for Westfield Jeddah and 92% for Westfield Riyadh. In addition, Cenomi's U Walk Qassim is targeted to open in 2H27 and Murcia Mall is under planning. The group continues to target about 600,000 sqm additional space by end-2029, which would bring the total portfolio to about 1.9 million sqm. Revised Strategy Supportive: Cenomi's business profile is supported by its continued repositioning towards contemporary lifestyle destinations, with an emphasis on entertainment, dining, experiential retail, digitalisation, loyalty programmes and AI-enabled tools to support customer engagement and operating performance. This is reflected in the signing of more than 200 new brands in 2025, including international brands, while management continues to focus on customer experience, tenant mix and portfolio quality. The group's public disclosure is aligned with industry standards, with timely financial disclosure and details on governance and strategic priorities. Positive Trading Performance: Cenomi' s operating performance was positive in 1Q26. Like-for-like revenue rose 4.9% year-on-year, footfall increased 2.5% to 34.7 million and occupancy was 92.4%. Leasing demand remained solid, with 615 renewals and 108 brand additions. Fitch expects the group's expansion pipeline to support growth, with space expected to rise to 1.9 sqm by 2029. The five-year rent freeze introduced in Riyadh has had limited impact on Cenomi's previously unleased units (like those at Westfield Riyadh) as initial rents can be agreed between the landlord and tenant and re-set up to 2030. Leasehold Risk Reduced: Ten out of Cenomi's 20 malls operate on land leased under long-term, third-party head leases, which do not grant the group an automatic right of renewal. The loss of two leases at Dahran Mall accounted for 10%-12% of Cenomi's revenue, but it was largely offset by the increased occupancy at U-Walk Jeddah and the growth of ancillary revenue. The next leasehold expiry will be in 2029 when the lease agreements for Nakheel Plaza and Tala Mall will terminate. These two malls contributed 3.5% to group revenue in 2025. Fitch expects the leasehold risk to diminish over time as Cenomi focuses on developing freehold assets (85% of the total portfolio by value). Cenomi Retail No Longer Related: Cenomi's exposure to its related-party tenants (Cenomi Retail) reduced in 2025 to about 10% of group rents (2022: over 20%). In September 2025, the founding shareholders of Cenomi Retail, including Fawaz Abdulaziz Al Hokair, completed the sale of a 49.95% stake in the company to the UAE-based Al-Futtaim Group. Following this transaction, Cenomi Retail ceased to be a related party to Cenomi Centres. Exposure to Cenomi Retail was one of the key factors underlying the UCO; therefore, resolving this issue was one of the reasons Fitch removed the UCO. Leverage Peaked; Expected to Reduce: Fitch expects leverage to decline in 2026 after peaking in 2025. Net debt/EBITDAR peaked at 9.6x in 2025 as Cenomi funded capex with new debt and Fitch expects leverage to remain above its negative rating sensitivity in 2026. However, Fitch expects leverage to fall over time, with the opening of the more profitable freehold Westfield Jeddah and Westfield Riyadh malls. Fitch expects net debt/EBITDAR to decline to below 8.0x by end-2027 and EBITDAR fixed-charge coverage to improve to about 1.5x by 2027 (2025: 1.3x). Peer Analysis Cenomi's operating environment differs from most Fitch-rated EMEA retail property peers and large western European mall owners. Saudi Arabia offers greater medium-term demand potential than most mature EMEA markets, helped by population growth, rising female labour force participation, tourism and still low modern retail penetration. Mall density remains below that of Dubai, Abu Dhabi and western Europe, and e-commerce penetration is still low by international standards, which supports room for expansion. Cenomi also differs from most rated peers because of its high use of long-term leasehold land. Ten of its malls are on leasehold land and one asset is operated under an operating agreement, whereas peers such as Majid Al Futtaim Holding LLC's (BBB/Stable) and most other rated EMEA retail landlords generally have a larger share of freehold assets. This structure, which is expected to reduce over time, creates a structural drag on profitability, with lease costs reducing EBITDA margins by about 10pp against peers with limited leasehold exposure. Nevertheless, Cenomi's scale in Saudi Arabia and leading market share support tenant demand and underpin its stronger domestic position than most regional peers. Fitch’s Key Rating-Case Assumptions - Development programme to peak in 2026 (SAR2.8 billion), reducing thereafter - Like-for-like revenue growth in the mid-single digits in 2026-2028, with larger increases from new developments due to open in 2H26 - Average occupancy at about 95% to 2028 - No M&A or major additional expansionary capex to 2028 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), access to capital ('bbb', Lower), liability profile ('bb', Moderate), property portfolio ('bb', Higher), rental income risk profile ('bb', Moderate), profitability ('bb', Moderate), financial structure ('bb+', Moderate), and financial flexibility ('bb', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The Governance assessment of 'Good' has no impact. The Operating Environment assessment of 'bbb+' has no impact. The SCP is 'bb'. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Deterioration in the operating environment - EBITDAR net leverage above 8x on a sustained basis - EBITDAR fixed-charge coverage under 1.5x - Significant increase in related-party transactions Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - EBITDAR net leverage consistently below 7x - Improvement of the operating environment on a sustained basis - A material reduction in asset concentration - A smoother lease maturity profile Liquidity and Debt Structure Liquidity at end-March 2026 comprised SAR1.1 billion of cash. Cenomi has no large debt maturities for the rest of 2026 and 2027, before SAR1.1 billion of bank debt falls due in 2028 and SAR2.7 billion sukuk matures in 2029. The refinancing has extended the average debt maturity profile to over three years and reduced near-term refinancing risk. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Cenomi. ESG Considerations Cenomi has an ESG Relevance Score of '4' for Governance Structure due to high ownership concentration, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Arabian Centres Company LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB Natl LT BBB+(sau) Affirmed BBB+(sau) senior unsecured LT BB Affirmed RR4 BB Arabian Centres Sukuk III Limited senior unsecured LT BB Affirmed RR4 BB Arabian Centres Sukuk IV Limited senior unsecured LT BB Affirmed RR4 BB ========= H A I T I ========= HAITI: IMF OKs $69 Million to Modernize Les Cayes Airport --------------------------------------------------------- The Board of Executive Directors of the Inter-American Development Bank (IDB) approved up to $69 million in non-reimbursable investment financing to modernize Les Cayes Airport and improve the transportation network in southern Haiti. The works at Les Cayes Airport represent a key step toward strengthening connectivity and development in the country's southern region. The investment plan is designed to upgrade aviation safety to international standards, providing a reliable alternative for the transport of passengers, cargo, and essential supplies. The works will be carried out in phases to gradually enable operations and expand the airport’s capacity to meet projected demand through 2045. The investment plan includes widening the runway to 30 meters, upgrading the apron and pavement markings, installing aeronautical lighting and safer approach systems, deploying modern meteorological observation equipment, and constructing a perimeter fence. The project also includes essential operational facilities, such as an air traffic control tower and a rescue and firefighting building. The rehabilitation of priority sections of National Route 2 (RN2) will improve the region's main access corridor, a vital connection to Port-au-Prince and the country’s principal economic centers. The program will support the structural rehabilitation of 11 kilometers of pavement along the Etang de Miragoane–Carrefour Moussignac section, enabling more continuous, safer, and more reliable operation of this strategic roadway. These interventions are aligned with other key investments, including the Port of Saint-Louis du Sud and the road link between Les Cayes and Jérémie, thereby strengthening the transport infrastructure network effect, improving connectivity, boosting trade and emergency response capacity, expanding access to markets and services, fostering job creation, and supporting regional integration, including links with the Caribbean. The program will directly benefit 61,000 annual air transport users and 6,500 annual users of the RN2 corridor, who will experience more reliable travel, reduced travel times, and safer connectivity. The program will also provide technical support to strengthen the institutional and operational capacity of the Ministry of Public Works, Transport and Communications (MTPTC), promoting the enhancement of its knowledge and technical expertise. This will contribute to improving project management and implementation, ensuring the sustainability of investments and greater efficiency in the maintenance and development of infrastructure over the long term. ============= J A M A I C A ============= UNITED OIL: Reports Progress in Jamaica Despite Financial Loss -------------------------------------------------------------- RJR News reports that United Oil & Gas says it made significant progress in advancing its exploration plans in Jamaica during 2025, despite reporting a financial loss for the year. The company, which holds the Walton-Morant licence offshore Jamaica, says the licence has been extended by two years to January 2028, providing greater certainty as it pursues exploration activities, acccording to RJR News. United said it also secured key regulatory approvals, including an environmental permit from the National Environment and Planning Agency (NEPA) and a beach licence, allowing it to proceed with its seismic gravity and enhanced or SGE program, the report notes. United reported a loss after tax of about $1.25 million for 2025, an improvement from the $2.44 million loss recorded the previous year, the report relates. The company's cash position also strengthened, with group cash balances increasing to about $1.7 million at the end of December, the report says. The company says analysis of samples from the seismic gravity and enhanced survey identified higher order hydrocarbons, including butanes and pentanes, which may indicate a potential thermogenic contribution, the report discloses. United says the findings are being incorporated into its evaluation process as it seeks a formal partner for the Jamaican asset, the report notes. Chief Executive Officer Brian Larkin says 2025 was a landmark year for the company with major milestones achieved in preparing the Walton-Morant licence for the next stage of development, the report adds. ===================== P U E R T O R I C O ===================== BITCOIN DEPOT: Taps Thomas Studebaker of Triple P TRS as CRO ------------------------------------------------------------ Bitcoin Depot Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Triple P TRS, LLC to provide Thomas Studebaker of Portage Point as chief restructuring officer and additional personnel. The firm's services include: a. assisting in the evaluation and/or development of various strategic and/or financial alternatives and financial analyses for such purpose(s) as the Debtors may require; b. assisting in the evaluation and/or development of a short-term cash flow model and/or related liquidity management tools for the Debtors for such purpose(s) as the Debtors may require; c. assisting in the evaluation and/or development of a business plan and/or such other related forecasts and analyses for the Debtors for such purpose(s) as the Debtors may require; d. assisting in the evaluation and implementation of contingency planning related to the Debtors commencing or otherwise becoming the subject of a case under the Bankruptcy Code; e. assisting in obtaining and presenting information required by parties-in-interest in a chapter 11 case, including any statutory committees appointed in the chapter 11 case, or by the Court; f. assisting in the preparation of other business, financial and/or other reporting, analyses, and documents related to the chapter 11 cases, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, monthly operating reports, development and execution of asset sales, a chapter 11 plan of reorganization for the Debtors (a "Plan"), and a disclosure statement for the Plan; g. assisting the Debtors in their engagement and negotiations with its various constituents, including, without limitation, holders of the Debtors' debt or equity, the Debtors' employees, and the Debtors' customers, vendors, and other commercial counterparties (collectively, the "Constituents"); which assistance may include, without limitation, meeting with Constituents, developing presentations and providing management with financial analytical assistance necessary to facilitate such negotiations; h. assisting in the development and distribution of other information that may be required by the Debtors or the Constituents; i. providing testimony, as necessary, with respect to matters on which Portage Point has been engaged to advise under the Engagement Letter in any proceeding in a chapter 11 case; j. attending meetings of the Board of the Debtors with respect to matters on which Portage Point has been engaged under the Engagement Letter; and k. assisting with such other matters as may be requested in writing by the Debtors that are within Portage Point's expertise and otherwise mutually agreeable to Portage Point and the Debtors. The firm's hourly rates are: CEO $1,500 Service Line Leader $885 to $1,045 Managing Director $830 to $985 Director $655 to $840 Vice President $490 to $705 Associate $390 to $470 Thomas Studebaker, managing director at Portage Point Partners, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas Studebaker Portage Point Partners, LLC 640 Fifth Ave, 10th Floor New York, NY 10019 Tel: (617) 7306-7141 Email: tstudebaker@pppllc.com About Bitcoin Depot Inc. Bitcoin Depot, Inc. is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, Esq., at Vinson & Elkins LLP, represent the Debtor as legal counsel. HONDURAS: IMF Completes Reviews Under the Extended Fund Facility ---------------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF), on June 29, 2026, completed the fourth and fifth reviews under the Extended Fund Facility and Extended Credit Facility arrangements for Honduras. The completion of the reviews enables the authorities to draw about US$242 million (SDR 178.4 million), bringing the total disbursements under the programs so far to about US$725 million (SDR 535.3 million).[1] Honduras' 36-month arrangements totaling about US$847 million (SDR 624.5 million) were approved on September 21, 2023. Program performance for the fourth and fifth reviews has been favorable. In completing the reviews, the Executive Board assessed quantitative performance targets for end-June 2025 and end-December 2025. While all quantitative performance targets for end-June 2025 had been met, the end-December 2025 performance criterion on the stock of domestic arrears at the public electricity utility ENEE was not met. The Board approved the authorities’ request for a waiver of non-observance of the end-December 2025 performance criterion on the basis of corrective actions. 11 of 17 structural benchmarks due for these reviews were met or implemented with delay, with particularly strong progress made in recent months. The Honduran economy has remained resilient, growing 3.8 percent in 2025, supported by record-high coffee prices and surging remittances. Economic growth is projected to slow to 3.3 percent in 2026 as higher global oil prices weigh on economic activity. Following a convergence of inflation to the 4 percent objective in 2025, headline inflation is projected to increase to 5.7 percent at end-2026, driven by higher energy prices. Fiscal performance continues to be strong, with a fiscal deficit of 0.7 percent of GDP in 2025 outperforming the program target of a deficit of 1.5 percent of GDP, with a deficit of 1.0 percent of GDP targeted in 2026. International reserve coverage has strengthened considerably since 2024, and performance of the foreign exchange auction system has improved, supported by favorable foreign exchange inflows in the context of elevated remittance flows and high coffee prices, along with earlier monetary policy tightening and the resumption of exchange rate crawl. At the conclusion of the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, made the following statement: "The Honduran economy has been resilient, despite elevated external uncertainty. The continued implementation of prudent fiscal policies, an appropriate monetary and exchange policy mix, and the recent acceleration of structural reform implementation demonstrate the authorities’ strong commitment to the Fund-supported program. The authorities are focused on strengthening macroeconomic stability and fostering inclusive, sustainable growth. Elevated and evolving external risks related to global energy prices and climate-related events call for continued policy agility, contingency planning and engagement with the Fund and development partners. "The authorities remain committed to fiscal discipline, including through their efforts to prioritize current expenditures, mobilize revenue, and improve the targeting of energy subsidies. Efforts to reorganize and enhance the execution of social spending remain critical to protect vulnerable households and strengthen the social safety net. Further progress in enhancing fiscal governance and public financial management frameworks, including through the liquidation of existing trust funds, remains essential to underpin sound fiscal policies and maintain debt sustainability. "In the context of external uncertainty, standing ready to adjust monetary and exchange rate policies as needed to contain broader inflationary pressures and safeguard external stability is important. The authorities' ongoing efforts to improve mechanisms to allocate foreign exchange will be supported by the continued implementation of appropriate and consistent monetary and exchange rate policies, alongside efforts to strengthen the institutional framework of the central bank. Strengthening financial sector supervision is also important. "Reinvigorating reform momentum in the energy sector is critical to limit fiscal risks and support medium-term economic growth. Renewed efforts are needed to reduce electricity losses and address arrears to strengthen the state-owned electricity company's financial position. Further improvements to governance and operational efficiency are also essential to improve the sector’s sustainability and support much-needed investment in the electricity sector. "A steadfast commitment to strengthen governance and combat corruption will be essential to foster private investment and inclusive growth. The approval and implementation of key reforms to the AML/CFT framework remain vital in this regard. Furthermore, the implementation of the governance and anti-corruption agenda will be critical to improve investor confidence and support a favorable environment for job creation. Measures to enhance climate resilience are also important." MALO ES NA: Seeks to Tap Antoan Figueroa Hernandez as Counsel ------------------------------------------------------------- Malo Es Na Corp. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Antoan Figueroa Hernandez, Esq., an attorney practicing at Rincon, Puerto Rico, as counsel. The attorney's services include: (a) examine documents of the Debtor and other necessary information to submit Schedules and Statement of Financial Affairs; (b) prepare the Disclosure Statement, Plan of Reorganization, records and reports as required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure; (c) prepare applications and proposed orders to be submitted to the Court; (d) identify and prosecute claims and causes of action assertable by the Debtor-in-Possession on behalf of the estate herein; (e) examine proof of claims filed and to be filed in the case herein and the possible objections to certain of such claims; (f) advise the Debtor and prepare documents in connection with the ongoing operation of its business; (g) advise the Debtor and prepare documents in connection with the liquidation of the assets of the estate, if needed; (h) assist and advise the Debtor in the discharge of any and all the duties imposed by the applicable dispositions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure. Mr. Figueroa Hernandez will be paid at his hourly rate of $250 plus expenses. The attorney received a retainer of $25,000 from the Debtor. Mr. Figueroa Hernandez disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Antoan Figueroa Hernandez, Esq. P.O. Box 212 Rincon, PR 00677 Telephone: (787) 500-4517 Email: lic.figueroa@prquiebra.com About Malo Es Na Corp. Malo Es Na Corp. is a Puerto Rico-based corporation. Public filings provide limited details regarding the company's operations, but it conducts business as a corporate entity organized under Puerto Rico law. Malo Es Na Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-02237) on May 16, 2026. In its petition, the Debtor reported estimated assets of up to $100,000 and estimated liabilities of up to $1 million. The Debtor is represented by Antoan Figueroa Hernandez, Esq. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. 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