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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

          Wednesday, March 19, 2025, Vol. 26, No. 56

                           Headlines



A R G E N T I N A

ARGENTINA: Consumer Prices Rose 2.4% in February, Reveals INDEC


B R A Z I L

AMERICANAS SA: Begins Arbitral Proceeding Against Former Execs
BHP: London Judge to Rule on Whether Mining Company is Liable
BRAZIL: Prices Jump The Most Since 2022 in Fresh Blow to Lula


J A M A I C A

CARIBBEAN CEMENT: Grows Year-End Net Profit to $5.9 Billion
JAMAICA: BOJ Accepts 255 Bids for $24BB Certificate of Deposit
JAMAICA: PNP Gov't. to Spread Funds Across Multiple Banks


P U E R T O   R I C O

SAPOBLA INVESTMENTS: Seeks Chapter 11 Bankruptcy in Florida

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A R G E N T I N A
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ARGENTINA: Consumer Prices Rose 2.4% in February, Reveals INDEC
---------------------------------------------------------------
Buenos Aires Times reports that consumer prices rose 2.4 percent in
February, up slightly from the previous month, the INDEC national
statistics bureau revealed.

Rising 0.2 points from January's 2.2 percent, inflation totals 66.9
percent over the last 12 months, according to Buenos Aires Times.

Prices have increased 4.6 percent so far this year, high but well
below previous levels of the last few years, the report notes.
Monthly inflation has now remained below three percent for five
consecutive months, since October 2024, though it failed to drop
below the two-percent floor, the report relays.

In January, the Central Bank reduced the 'crawling peg,' or
controlled devaluation of the peso, from two percent monthly to one
percent, the report notes.

The increases were primarily driven by increases in housing,
electricity, gas and other fuels (3.7 percent), followed by food
and non-alcoholic beverages (3.2 percent), which were propelled by
sharp increases in meat and meat-related products, the report
discloses.

Most cuts of meat recorded monthly hikes of above 10 percent, the
report says.

After publication of INDEC's data, President Javier Milei took to
social media to hail the monthly figure, the report relays.  He
observed that without the "seasonal increase of meat," we are
"already below two percent monthly."

Argentina remains on the podium as one of the largest meat
consuming nations on the planet, although in 2024 average beef
consumption fell nine percent compared to 2023, slumping to its
lowest level since 1920, according to a report by the Camara de la
Industria de la Carne industry group, the report notes.

The two sectors that registered the lowest increases in February
2025 were household equipment and maintenance (one percent) and
clothing and footwear (0.4 percent), the report relays.

At the category level, core inflation (2.9 percent) led the way,
followed by regulated prices (2.3 percent), the report discloses.
Seasonal prices registered a decrease of 0.8 percent, the report
says.

INDEC detailed monthly variations for each region of Argentina.
Patagonia registered the highest variation of 3.2 percent, followed
by Cuyo (2.7 percent), the northwest (2.6 percent) and the pampas
(2.5 percent), the report notes.  Below that were Greater Buenos
Aires (2.2 percent) and the northeast (1.9percent), the report
relays.

Milei made lowering inflation the centre of his campaign before
winning the Presidency, the report discloses.  Since taking office
15 months ago, consumer prices have dramatically lowered, going
from a monthly 25.4 percent in December 2023 to last month's 2.4
percent, the report notes.

At the other end of the scale, consumption has slumped and Milei's
budget-slashing approach to government has seen pensions and
benefit payments reduced, the report says.  Cuts to those in their
retirement years made up 19 percent of last year's reduction in
spending, according to the Instituto Argentino de Análisis Fiscal
(IARAF), adds 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 new
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).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Feb. 17, 2025, S&P Global Ratings lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'.  At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.

On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3.  Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.

On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.




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B R A Z I L
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AMERICANAS SA: Begins Arbitral Proceeding Against Former Execs
--------------------------------------------------------------
Augusto Decker of Bloomberg Law reports that Americanas SA has
initiated legal proceedings against former CEO Miguel Gomes
Pereira Sarmiento Gutierrez and ex-directors Anna Christina
Ramos Saicali, Jose Timotheo de Barros, and Marcio Cruz
Meirelles, according to a company filing.

The company seeks to hold the former executives accountable under
Article 159 of Brazilian Corporate Law for all material and
immaterial damages resulting from the multi-billion-dollar
accounting fraud and other illicit acts committed in 2022, the
report states.

                    About Americanas SA

Americanas was one of the largest diversified retail chains in
Brazil, with a wide platform of physical stores, robust
e-commerce, fintech, and has just entered into the niche food
retail. It is listed on B3, being indirectly controlled by
billionaire Jorge Paulo Lemann, Carlos Alberto Sicupira and
Marcel Telles.

The retailer nosedived in January 2023 after becoming mired in an
accounting scandal. The firm filed for bankruptcy at a court
in Rio de Janeiro on Jan. 19, 2023.

Americanas sought protection under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 23-10092) on Jan. 25, 2023. White &
Case LLP, led by John K. Cunningham, is the U.S. counsel.

BHP: London Judge to Rule on Whether Mining Company is Liable
-------------------------------------------------------------
globalinsolvency.com, citing the Associated Press, reports that a
lawyer argued that global mining giant BHP Group should be held
liable for Brazil's worst environmental disaster 10 years ago when
a dam collapse poured tons of toxic mining waste into a major
waterway that killed 19 people and devastated villages.

High Court Justice Finola O'Farrell said she would rule later in
the class action case in which claimants are seeking GBP36 billion
($47 billion) in damages from Australia-based BHP, according to
globalinsolvency.com.  The case was filed in Britain because one of
BHP's two main legal entities was based in London at the time, the
report notes.

BRAZIL: Prices Jump The Most Since 2022 in Fresh Blow to Lula
-------------------------------------------------------------
Andrew Rosati at Bloomberg News reports that Brazil's consumer
prices surged the most in three years last month, piling pressure
on President Luiz Inacio Lula da Silva to ease shoppers' pain.

Official data released showed prices shot up 1.31 percent in
February, the monthly biggest rise since March 2022, matching the
median estimate of economists surveyed by Bloomberg.  Annual
inflation sped up to 5.06 percent, according to Bloomberg News.

Simmering inflation, particularly galloping food costs, is
infuriating shoppers and spurring the government to search for a
remedy, Bloomberg News relays.  The Central Bank plans to deliver
its third-straight interest rate hike of a full percentage point,
dampening growth at time when Brazilians are fretting over the
economy, Bloomberg News notes.

"Brazilian inflation picked up in February due to temporary and
seasonal pressures.  Barring a sharp currency appreciation or much
faster economic slowdown, we expect price gains to come in above
target throughout 2025.  And with inflation expectations resilient,
that'll keep the Central Bank busy. We forecast a 100-basis-point
interest-rate hike at the meeting and further tightening over the
second quarter before policymakers go on hold for the rest of the
year," said Adriana Dupita, Bloomberg's Brazil and Argentina
economist, Bloomberg News discloses.

Housing costs jumped 4.44 percent on the month, pushed up by higher
utility bills as energy credits expired, representing the main
inflation driver in February. Education rose 4.7 percent, while
food and beverage costs increased 0.7 percent, the statistics
agency said, Bloomberg News relays.

Squeezed between elevated inflation and rates - with the benchmark
Selic set to hit 14.25 percent - consumers are taking their
frustration out on the leftist president who is known as Lula,
Bloomberg News notes.  A spate of recent opinion polls shows his
approval ratings sinking to their lowest levels of his three terms
in office, adds the report.

The government has responded with measures that included slashing
duties on imported food. Economists caution their impact is likely
to be minimal, and that annual inflation will remain above the
three percent target for the foreseeable future, Bloomberg News
relates.

                          About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian
general election. He was sworn in on January 1, 2023, as the 39th
president of Brazil, succeeding Jair Bolsonaro.

In October 2024, Moody's Ratings upgraded the Government of
Brazil's long-term issuer and senior unsecured bond ratings to Ba1
from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2;
and maintained the positive outlook.  S&P Global Ratings raised on
Dec. 19, 2023, its long-term global scale ratings on Brazil to
'BB' from 'BB-'.  Fitch Ratings affirmed on Dec. 15, 2023, Brazil's

Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with

a Stable Outlook.  DBRS' credit rating for Brazil was last reported

at BB with stable outlook at July 2023.




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J A M A I C A
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CARIBBEAN CEMENT: Grows Year-End Net Profit to $5.9 Billion
-----------------------------------------------------------
RJR News reports that Caribbean Cement Company achieved a net
profit of $5.9 billion for its December year-end, a 6.7% increase
from the previous year.

This growth came despite disruptions caused by Hurricane Beryl and
other adverse weather conditions that affected cement production
and resulted in lost sales, according to RJR News.

The company's revenues rose by 2.3% to $27.9 billion, driven by
strong market demand, RJR News relates.

Additionally, the gross profit margin improved slightly to 41.5%
from 40.8% in 2023, the report adds.

                      About Caribbean Cement

Caribbean Cement Company Limited, together with its subsidiaries,
manufactures and sells cement and clinker in Jamaica and other
Caribbean countries. The company was incorporated in 1947 and is
based in Kingston, Jamaica.  

As reported in the Troubled Company Reporter-Latin America on Aug
10, 2023, Jamaica Observer said that high cost attributed to a
scheduled annual maintenance exercise done during the first
quarter sent operational earnings and six months profit falling for

cement manufacturer Carib Cement at the end of June.  For the
reporting period, net profit, which amounted to $2.4 billion, was
approximately 20 per cent below the $3 billion earned for the
half-year mark in 2022, according to Jamaica Observer. Operating
earnings for the period also fell by about 24 per cent to total
$3.6 billion when compared to the $4.8 billion seen for last
year's period, the report noted.

JAMAICA: BOJ Accepts 255 Bids for $24BB Certificate of Deposit
--------------------------------------------------------------
RJR News reports that the Bank of Jamaica says 308 bids valued at
$38.36 billion were submitted for the $24 billion in liquidity it
wanted to mop-up with its 6.25% per annum fixed rate Certificate of
Deposit.

The bank, however, accepted only 255 bids for the $24 billion,
according to RJR News.

The average yield for successful bids was 5.96% per annum, the
report notes.

The lowest bid submitted was for approximately $26 million at
5.50%, while highest bid was for $500 million at 8% per annum, 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: PNP Gov't. to Spread Funds Across Multiple Banks
---------------------------------------------------------
RJR News reports that Opposition Spokesman on Finance Julian
Robinson has signalled that the next People's National Party
administration will be moving to end the longstanding practice of
the majority of government funds being held by Scotiabank and
National Commercial Bank.

Some $150 billion in public sector deposits is being held by these
two major banks, according to RJR News.

Mr. Robinson says some of these funds will be deposited in the
smaller commercial banks in order to increase the level of
competition in the sector and get the commercial banks to respond
to the 100 basis points reduction in the BOJ's policy rate, the
report notes.

The shadow finance minister made his contribution to the Budget
Debate in the House of Representatives, the report relays.

The country's eight commercial banks accumulated $1.83 trillion in
deposits as at December 31 last year, the report says.  

Of this amount, $78.16 billion was being held for central
government; $2.87 billion for local government; and $68.25 billion
for other government entities, the report notes.

Deposits for individuals totalled $783.47 billion while $33.12
billion was being held for other corporate bodies, the report
discloses.  Deposits for individuals living overseas amounted to
$118.29 billion, the report adds.

                        About Jamaica

Jamaica is an island country situated in the Caribbean Sea. Jamaica
is an upper-middle income country with an economy heavily dependent
on tourism.  Other major sectors of the Jamaican economy include
agriculture, mining, manufacturing, petroleum refining, financial
and insurance services.

On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a
positive rating outlook.  In October 2023, Moody's upgraded the
Government of Jamaica's long-term issuer and senior unsecured
ratings to B1 from B2, and senior unsecured shelf rating to (P)B1
from (P)B2.  The outlook has been changed to positive from stable.
In September 2024, S&P affirmed 'BB-/B' longterm foreign and local
currency sovereign credit ratings on Jamaica and revised outlook to
positive.  




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P U E R T O   R I C O
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SAPOBLA INVESTMENTS: Seeks Chapter 11 Bankruptcy in Florida
-----------------------------------------------------------
On March 4, 2025, Sapobla Investments LLC filed Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Florida. According to court filing, the Debtor reports between $1
million and $10 million in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.

           About Sapobla Investments LLC

Sapobla Investments LLC is an investment company based in San Juan,
Puerto Rico.

Sapobla Investments LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Fla. Case No. 25-00955) on March 4,
2025. In its petition, the Debtor reports estimated assets up to
$50,000 and estimated liabilities between $1 million and $10
million.

The Debtor is represented by:

     Jesus Enrique Batista Sanchez, Esq.
     THE BATISTA LAW GROUP, PSC
     239 Ave Arterial Hostos Ste 206
     San Juan PR 00918-1475
     Tel: (787) 620-2856
     Email: jeb@batistasanchez.com



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S U B S C R I P T I O N   I N F O R M A T I O N

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