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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, August 6, 2026, Vol. 27, No. 156
Headlines
A R G E N T I N A
ARGENTINA: Discloses Critical Minerals Partnership With S. Korea
B E R M U D A
CARNIVAL CORPORATION: Moody's Cuts Rating on Secured Notes to Ba1
B R A Z I L
JBS SA: Agrees to $31MM Settlement of Pilgrim's Dividend Case
RELIZ TECHNOLOGY: Examiner Hires Bielli & Klauder as Counsel
C O L O M B I A
RUTA AL MAR: Moody's Cuts Rating on Senior Secured Notes to Caa1
D O M I N I C A N R E P U B L I C
[] DOMINICAN REPUBLIC: Mining Workers Earn the Highest Salaries
J A M A I C A
JAMAICA: Manufacturing Prices Rise in June; Mining Prices Drop
JAMAICA: MSME Alliance Welcomes Upgraded e-Procurement Platform
P U E R T O R I C O
UTICORP INC: Gets Court OK to Use Cash Collateral
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A R G E N T I N A
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ARGENTINA: Discloses Critical Minerals Partnership With S. Korea
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Buenos Aires Times reports that Argentina and South Korea are set
to deepen their cooperation in the critical minerals industry.
President Javier Milei met his South Korean counterpart, Lee Jae
Myung, in Buenos Aires as the two countries sought to deepen
cooperation in critical minerals, energy and trade, according to
Buenos Aires Times.
The two leaders held bilateral talks at the Casa Rosada before
chairing an expanded meeting with senior officials from both
governments, the report notes.
According to a statement released by Argentina's Presidency, Lee
congratulated Milei on falling inflation and the implementation of
his RIGI investment incentive scheme and its enhanced version, the
'Super RIGI,' the report relays.
The two presidents also discussed strengthening bilateral trade,
with particular emphasis on energy, critical minerals and food, the
report notes. They also agreed on the importance of artificial
intelligence as a driver of economic growth and highlighted
opportunities for cooperation in services, including the cultural
sector, said Buenos Aires, the report discloses.
The deal with Argentina was announced a day after Seoul entered a
similar partnership with Chile, agreed during part of President
Lee's visit to South America, the report says.
The report notes that the agreement with Argentina "seeks to
promote investments and joint projects in the exploration,
extraction, processing and refinement" of critical minerals,
Argentina's Foreign Minister Pablo Quirno wrote on X.
The South American nation is the world's fifth-largest producer of
lithium, considered an essential mineral in the global energy
transition, the report discloses.
Lee met with his Argentine counterpart Javier Milei in Buenos Aires
in what Quirno said was the first visit by a South Korean leader to
the country in 22 years, the report relates.
The meeting focused on "strengthening the bilateral relationship,
expanding trade and investment, cooperation in critical minerals
and energy and the development of joint projects in strategic
sectors," the Argentine presidency stated, the report relays.
Milei's administration also gave South Korean company Posco the
green light to ramp up lithium extraction in Salta, located in
northwest Argentina, the report says.
"With a US$547-million investment, the project will make it
possible to produce 23,000 tons of lithium carbonate per year and
will generate exports of more than US$300 million annually,"
Argentina's Economy Ministry said in a statement.
One day previously, Lee met with Chilean President Jose Antonio
Kast in Santiago, where the two announced a similar critical
minerals partnership, the report notes.
Chile is the world's leading copper producer and second-largest
lithium producer, notes the report.
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.
Moody's Ratings, on July 21, 2026, has upgraded the Government of
Argentina's long-term local and foreign-currency issuer ratings to
B3 from Caa1 and changed the outlook to positive from stable. The
upgrade reflects Moody's assessments that Argentina's default risk
has declined materially as macroeconomic stabilization has
advanced beyond the initial adjustment phase into a more durable
improvement in credit fundamentals, a sign of improving
governance.
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.
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 E R M U D A
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CARNIVAL CORPORATION: Moody's Cuts Rating on Secured Notes to Ba1
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Moody's Ratings has downgraded the rating on Carnival Corporation
Ltd.'s and Carnival UK Ltd's previously backed senior secured notes
(which are now senior unsecured) to Ba1 from Baa2 pursuant to the
terms of these obligations' indentures following the release of
security upon the company receiving two investment grade ratings.
Carnival received an upgrade to investment grade from another
rating agency on June 25, 2026. Three rated notes issues are
affected and are now unsecured as follows: 1) the $192 million of
7.875% notes due June 01, 2027, 2) $2.4 billion of 4.0% notes due
August 01, 2028 and 3) the $500 million of 7.00% notes due August
15, 2029. None of the company's other ratings, including the Ba1
corporate family rating or Ba1 senior unsecured rating, nor the Ba1
senior unsecured rating assigned to the City of Long Beach, CA's
industrial revenue bond are affected by the rating action. The
outlook remains positive.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
RATINGS RATIONALE
The Ba1 corporate family rating balances Carnival's leading
position in the global ocean cruise industry based on size and
Moody's projections of improving credit metrics through 2027,
balanced by a weaker operating margin compared to industry peers.
Carnival operates eight brands, the highest number in the industry.
The company accounts for about 40% of the industry's annual
revenue, operates the most ships -- representing 37% of industry
capacity in 2025 -- and boards the most passengers. Carnival's
diverse brands offer cruise experiences across a wide range of
customer demographics. However, Moody's believes its larger
international presence with its AIDA Cruises and Costa Cruises
brands serving European customers contributes to the company's
lower profit margins relative to industry leader, Royal Caribbean
Cruises Ltd. Specifically, the European market has yet to
incorporate the breadth and depth of the onboard and other pricing
models that have become ubiquitous in the US market. Enhanced
marketing initiatives across the cruise industry are expanding the
customer base, which will grow the base of recurring cruise
customers. Risks include cost inflation, including for fuel,
demand's exposure to economic cycles, and competitive capacity
increases in certain markets, particularly the Caribbean. Carnival
and the broader industry typically sell a majority of a year's
capacity by the end of the first quarter of each year, which helps
mitigate risk inherent in financial projections but limits
opportunities to timely cover increased costs.
Moody's projects debt/EBITDA to decline to near 3.5x at the end of
fiscal 2026 and approach 3.0x by the end of 2027. Operating margin
in the mid-teens, strong free cash flow and funds from operations +
interest to interest coverage approaching 6.0x at the end of 2026
will comfortably support the Ba1 rating.
The SGL-1 speculative grade liquidity rating reflects Moody's
expectations of at least $1.0 billion of cash on hand, a $4.5
billion committed revolver that expires in 2030 and Moody's
expectations for ongoing strong annual free cash flow of at least
$1.5 billion. Cash and marketable securities were $2.2 billion on
May 31, 2026. Moody's expects the revolver to remain undrawn.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if debt/EBITDA will be sustained below
3.25x and funds from operations plus interest to interest above
6.0x. Ratings could be downgraded if Moody's expects free cash flow
will be no better than breakeven, if funds from operations plus
interest to interest will be sustained below 5.0x or if debt/EBITDA
will exceed 4.0x.
The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.
Carnival Corporation Ltd., registered in Bermuda with executive
offices in Miami, Florida, is the largest global cruise company,
and among the largest leisure travel companies, with a portfolio of
world-class cruise lines – AIDA Cruises, Carnival Cruise Line,
Costa Cruises, Cunard, Holland America Line, P&O Cruises, Princess
Cruises, and Seabourn. Gross and net revenue were $27.3 and $21.1
billion, respectively for the 12 months ended May 31, 2026.
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B R A Z I L
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JBS SA: Agrees to $31MM Settlement of Pilgrim's Dividend Case
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Mike Leonard at Bloomberg News reports that JBS SA said it plans to
pay $31 million to end shareholder litigation over a board
restructuring and tax agreement that allegedly siphoned value from
Pilgrim's Pride Corp., its publicly traded subsidiary.
The settlement, filed in Delaware's Chancery Court, would resolve
claims that the Brazilian meatpacking giant and its allies on the
Pilgrim's board spent two years blocking shareholder distributions
until changes to the poultry processor's charter triggered
significant tax savings on dividends, according to Bloomberg News.
The legal accord requires the presiding judge, Vice Chancellor Paul
A. Fioravanti Jr., to sign off, the report notes.
JBS S.A. is a Brazilian company that is a large meat processing
enterprise, producing factory processed beef, chicken, salmon,
pork, and also selling by-products from the processing of these
meats. It is headquartered in Sao Paulo. It was founded in 1953
in Anapolis, Goias.
As reported in the Troubled Company Reporter-Latin America in
August 2021, S&P Global Ratings revised the global scale outlook
on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A.
(JBS USA) to positive from stable and affirmed its 'BB+' issuer
credit rating. The recovery expectations remain unchanged, and S&P
affirmed the 'BB+' ratings on the senior unsecured notes and the
'BBB' ratings on the secured term loans.
RELIZ TECHNOLOGY: Examiner Hires Bielli & Klauder as Counsel
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David M. Klauder, the Fee Examiner for the bankruptcy estates of
Reliz Technology Group Holdings Inc., et al., seeks approval from
the U.S. Bankruptcy Court for the District of Delaware to hire
Bielli & Klauder, LLC as counsel, nunc pro tunc to July 1, 2026.
The firm will provide these services:
(a) reviewing the Fee Applications and related invoices for
compliance with Sections 328, 329, 330 and 331 of the Bankruptcy
Code; Rule 2016 of the Bankruptcy Rules; Local Rule 2016-2 of the
Local Rules; The United States Trustee Guidelines for Reviewing
Applications for Compensation & Reimbursement of Expenses filed
under 11 U.S.C. Sec. 330; and the Fee Examiner Order and together
with the Local Rules and the UST Guidelines, the "Guidelines";
(b) assisting the Fee Examiner in any hearings or other
proceedings before the Court to consider the Fee Applications
including, without limitation, advocating positions asserted in
the reports filed by the Fee Examiner and on behalf of the Fee
Examiner;
(c) assisting the Fee Examiner with legal issues raised by
inquiries to and from the Retained Professionals and any other
professional services provider retained by the Fee Examiner;
(d) where necessary, attending meetings between the Fee Examiner
and the Retained Professionals;
(e) assisting the Fee Examiner with the preparation of preliminary
and final reports regarding professional fees and expenses;
(f) assisting the Fee Examiner in developing protocols and making
reports and recommendations; and
(g) providing such other services as the Fee Examiner may request.
Bielli & Klauder, LLC will receive an hourly rate of $525 for
Thomas D. Bielli (Member), $225 to $425 for Associates and of
counsel, and $195 to $275 for Paralegals, paraprofessionals and
law clerks.
In addition to the hourly compensation of its professionals, BK
will incur a monthly expense of $5,500 for the costs of Legal
Decoder, Inc., whose fee data analytics software the Fee Examiner
plans to use to assist in performing his analysis in this case.
Bielli & Klauder, LLC represents no interest adverse to the Fee
Examiner or the Debtors' Bankruptcy Estates in the matters upon
which BK is to be engaged for the Fee Examiner and is a
"disinterested person" as that term is defined in section 101(14)
of the Bankruptcy Code, according to court filings.
The firm can be reached at:
David M. Klauder, Esq.
Thomas D. Bielli, Esq.
BIELLI & KLAUDER, LLC
1204 N. King Street
Wilmington, DE 19801
About Reliz Technology Group
Reliz Technology Group Holdings Inc., together with its affiliates
Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operate the
BlockFills digital-asset trading and liquidity platform, offering
institutional clients spot and derivatives trading, collateralized
lending, and mining solutions. Founded in 2017, the group
aggregates liquidity from a global network of exchanges and market
makers, integrating smart order routing, trade reconciliation, and
risk management through a multi-asset technology platform with FIX
API connectivity and white-label software. Headquartered in
Chicago, Illinois, also maintains offices in London, Dubai, Sao
Paulo, and the Cayman Islands.
Reliz and three affiliates sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371)
on March 15, 2026. In the petition signed by Joseph Perry, interim
chief executive officer, Reliz disclosed assets of between $50
million and $100 million and liabilities of between $100 million
and $500 million.
Judge Thomas M Horan oversees the cases.
The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy
counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel;
Berkeley Research Group, LLC as financial advisor; and Verita
Global, LLC as claims agent.
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C O L O M B I A
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RUTA AL MAR: Moody's Cuts Rating on Senior Secured Notes to Caa1
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Moody's Ratings downgraded to Caa1 from B3 the rating assigned to
the senior secured UVR-indexed notes issued by Fideicomiso P.A.
Concesion Ruta al Mar, with Concesion Ruta al Mar S.A.S. (RaM) as
co obligor. The outlook is negative. This concludes the review for
downgrade initiated on March 04, 2026.
RATINGS RATIONALE
The downgrade to Caa1 reflects a higher risk of default following
the arbitral decision concluded on April 30, 2026, which declared
the early termination of RaM's toll road concession agreement and
ordered the National Infrastructure Agency ("Agencia Nacional de
Infraestructura" or "ANI") to compensate the concessionaire under
the contractual liquidation formula. ANI is a state national agency
of the Government of Colombia (Baa3 stable), attached to the
Ministry of Transport, and responsible for PPP concessions in the
country. As a result, the project's debt repayment is no longer
dependent on toll road operations and future traffic generation,
but rather on the timely collection of the arbitral award and
related termination proceeds from the concession.
The rating downgrade reflects significant uncertainty surrounding
the timing and the effective amount of award collections. This
translates into higher risk of a missed debt payment, or for a debt
restructuring that changes the original payment schedule. Although
the award provides approximately COP 3.58 trillion (USD1.1 billion)
of compensation, representing around 2.1x coverage of the
approximately COP 1.7 trillion (USD523 million) of senior secured
debt outstanding, creditor recoveries are effectively capped at
indexed par plus accrued interest under the financing documents.
Consequently, the excess coverage primarily supports recovery
certainty rather than higher recoveries for creditors. The payment
process remains subject to a pending clarification request filed by
ANI and a likely annulment appeal before the Consejo de Estado
(Colombia's Council of State). These factors could materially delay
the receipt of funds and increase refinancing pressure ahead of the
COP 215 billion (USD66 million) Loan A bullet maturity due in
August 2027.
The Caa1 rating reflects the combination of a high probability of
default with a relatively strong expected recovery prospect for
senior secured creditors. The award constitutes pledged collateral
under the financing documents and termination proceeds are assigned
directly to the Transaction Trust for the benefit of creditors. In
addition, the Colombian concession framework provides significant
contractual protections through the termination payment mechanism.
Moody's expects ultimate recoveries for senior secured creditors to
remain high, although the timing of those recoveries remains
uncertain.
The negative outlook reflects uncertainty regarding the timing of
award collections, the resolution of ANI's clarification request
and potential annulment appeal, the successful execution of the
proposed standstill with both creditor groups, and the ability to
address the August 2027 Loan A bullet maturity. The outlook also
reflects the possibility that future amendments to the financing
structure could result in a distressed exchange.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
An upgrade is unlikely given the negative outlook. Moody's could
stabilize the outlook if the award payment remains substantially
unchanged following the clarification process, and visibility
improves regarding the timing of collections ahead of the August
2027 maturity.
Moody's could downgrade the rating if collection of the award is
materially delayed beyond Moody's current expectations, if a future
restructuring results in a distressed exchange or
lower-than-expected recoveries, or if liquidity deteriorates
materially.
Fideicomiso P.A. Concesion Ruta al Mar is a trust under the laws of
Colombia created for purposes of the operations of Concesion Ruta
al Mar S.A.S. Concesion Ruta al Mar S.A.S. is a toll road
concession encompassing 491 kilometers of roads in Colombia's
northwestern region. The concession was awarded by ANI as a private
initiative 4G project, which works as an unsolicited public-private
partnership transaction. Private initiative projects do not involve
public funding for either construction or revenue generation.
Revenue is fully based on tolled traffic, and the project takes on
all of the traffic-risk exposure. The concession is likely to last
for 34 years based on initial traffic projections. The term can be
shortened or extended depending on the present value of the
accumulated cash flow. The project sponsors are El Condor and its
funds managed by InfraRed Capital Partners Limited (InfraRed), each
with a 50% share of the project.
LIST OF AFFECTED RATINGS
Issuer: Fideicomiso P.A. Concesion Ruta al Mar
Downgrades:
Senior Secured, Downgraded to Caa1 from B3
Outlook Actions:
Outlook, Changed To Negative From Rating Under Review
The principal methodology used in this rating was Privately Managed
Toll Roads published in December 2022.
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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: Mining Workers Earn the Highest Salaries
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Dominican Today reports that the Dominican Republic's formal
business sector employed 881,265 workers in 2024, down 1.1% from
the 891,144 employees recorded in 2023, according to the 2025
National Survey of Economic Activity (ENAE) published by the
National Statistics Office (ONE).
Despite the decline in employment, average monthly salaries across
the formal sector rose from RD$31,213.11 in 2023 to RD$34,318.81 in
2024, according to Dominican Today.
Mining and quarrying remained the country’s highest-paying
industry, with average monthly wages increasing from RD$72,596.78
in 2023 to RD$76,136.48 in 2024, the report notes. The electricity
supply sector ranked second, with salaries rising from RD$65,644.66
to RD$68,863.20, the report relays.
Other industries reporting wages above the national average
included information and communications, construction,
transportation and storage, trade, manufacturing, and water supply,
the report says.
Meanwhile, accommodation and food services continued to post the
lowest average salaries in the formal economy, although wages
increased from RD$20,421.38 in 2023 to RD$23,193.42 in 2024, the
report discloses.
The survey also found that company size influences pay levels, the
report notes. Medium-sized firms with 100 to 249 employees offered
the highest average salaries, rising from RD$36,799.92 in 2023 to
RD$40,330.30 in 2024, exceeding the average pay at large companies,
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: Manufacturing Prices Rise in June; Mining Prices Drop
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RJR News reports that producer prices in Jamaica's manufacturing
sector continued to rise in June while prices in the mining and
quarrying industry edged lower.
Figures released by the Statistical Institute of Jamaica (STATIN)
show that the Producer Price Index for the manufacturing industry
increased 0.7 per cent in June, according to RJR News.
STATIN said the increase was driven by a 1.2 per cent rise in
producer prices for 'Food, beverages and tobacco' along with a 1.7
per cent increase in the 'Chemical and chemical products' category,
the report notes.
Meanwhile, the mining and quarrying industry's producer price index
fell 0.1 per cent during the month, the report relays. The decline
was attributed to a 0.1 per cent reduction in producer prices for
bauxite mining and aluminum processing, reflecting the appreciation
of the Jamaican dollar against the US dollar, the report notes.
STATIN says on a year-over-year basis, producer prices in the
mining and quarrying industry declined 5.3 per cent between June
2025 and June 2026, the report discloses.
According to STATIN, that was mainly due to a 5.8 per cent fall in
prices for bauxite mining and aluminum processing, the report says.
In contrast, producer prices in the manufacturing sector increased
10.1 per cent over the 12-month period, 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.
JAMAICA: MSME Alliance Welcomes Upgraded e-Procurement Platform
---------------------------------------------------------------
RJR News reports that President of the MSME Alliance Antoinette
Hamilton has welcomed the launch of the Government's upgraded
electronic procurement platform, saying it should create greater
opportunities for small businesses to secure public sector
contracts.
Ms Hamilton, speaking on Radio Jamaica's Real Business, urged
members of the micro, small and medium-sized enterprise sector to
become familiar with the new GOJ-EP 2.0 platform, noting that it
could help them access a larger share of government spending on
goods and services, according to RJR News.
She said the Government is expected to spend about $470 billion on
procurement during the current fiscal year, and small businesses
should position themselves to benefit, the report notes.
Finance Minister Fayval Williams says the Government has reserved
20 per cent of its procurement budget for MSMEs, but she revealed
that the sector is currently securing only about one per cent of
those contracts, valued at approximately $4.7 billion, because of
challenges navigating the procurement process, the report relays.
The Minister said the GOJ-EP 2.0 platform is an enhanced version of
the Government's online procurement system and is designed to make
the purchasing of goods and services from the private sector more
efficient and accessible, the report notes.
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
=====================
UTICORP INC: Gets Court OK to Use Cash Collateral
-------------------------------------------------
Uticorp, Inc. got the green light from the U.S. Bankruptcy Court
for the District of Puerto Rico to use cash collateral.
The Debtor's financial distress was triggered primarily by repeated
Internal Revenue Service levies and bank account embargoes that
deprived it of operating funds, making it impossible to meet
payroll, pay ordinary operating expenses, or continue making
payments on its secured loan with the U.S. Small Business
Administration.
The Debtor was founded in 1990 by Dr. Sylvette Rivera Garcia, Jose
A. Vilella Cassanovas, and Luz D. Olavarria to provide healthcare
cost-containment services, medical utilization review,
rehabilitation-related services, health plan administration, and
employee wellness programs. Dr. Rivera Garcia has managed the
Debtor's day-to-day operations throughout its history. During the
COVID-19 pandemic in 2020, the Debtor obtained an SBA loan of
approximately $150,000 to support operations. The loan was secured
by substantially all of the Debtor's assets, including tangible and
intangible property, inventory, equipment, accounts receivable, and
cash proceeds, through a registered security agreement filed with
the Puerto Rico Department of State. Although the Debtor later
entered into a payment arrangement with the SBA after defaulting on
the loan, it states that ongoing IRS collection efforts prevented
it from maintaining those payments.
The Debtor attempted to negotiate with the IRS but was unable to
halt continuing levies against its bank accounts and even the
Social Security benefits of Dr. Rivera Garcia. These collection
efforts left the Debtor without sufficient liquidity to operate,
forcing its shareholders to use personal funds to sustain the
business until their own financial resources were exhausted. One
shareholder has since transferred his ownership interest, leaving
Dr. Rivera Garcia as the sole individual responsible for the
business. Faced with mounting financial pressure and no viable
alternative, the Debtor filed for Chapter 11 protection to obtain
the benefit of the automatic stay, preserve its ongoing operations,
and formulate a plan to repay creditors, including the SBA.
The use of cash collateral includes funding payroll, rent,
utilities, insurance, taxes, professional fees, and other operating
expenses necessary to maintain business operations and preserve the
value of the estate.
As adequate protection for the SBA, the lender will retain
replacement liens on the Debtor's post-petition assets to the
extent necessary while the Debtor continues operating.
About Uticorp Inc.
Uticorp, Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. D. P.R. Case No. 26-03175) on July 9,
2026. Carlos Garcia Miranda serves as
Subchapter V trustee for the Debtor.
Carmen D. Conde Torres, Esq., at C. Conde & Associates represents
the Debtor as legal counsel.
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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
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. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000.
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