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251027.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 Monday, October 27, 2025, Vol. 26, No. 214 Headlines B A H A M A S FTX GROUP: Trust Too Early on Ch. 11 Claim Jurisdiction Rules B R A Z I L AMBIPAR: Files For Bankruptcy Amid Growing Credit Market Unease D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Abinader Highlights Economic Stability J A M A I C A JAMAICA: BOJ Reports Profits of $25 Billion in October M E X I C O ORBIA ADVANCE: Moody's Assigns Ba1 CFR, Outlook Remains Negative N I C A R A G U A ASCEND PERFORMANCE: Court Sends Chapter 11 Plan for Voting P U E R T O R I C O FERRELLGAS PARTNERS: Plans $650M Senior Notes Offering Due 2031 S U R I N A M E SURINAME: S&P Rates New USD Unsubordinated Unsecured Notes 'CCC+' U R U G U A Y PROVINCIA CASA: Fitch Affirms & Then Withdraws 'CCC+' IDR V E N E Z U E L A PDVSA: To Appeal $2.86 Billion Bond Ruling - - - - - ============= B A H A M A S ============= FTX GROUP: Trust Too Early on Ch. 11 Claim Jurisdiction Rules ------------------------------------------------------------- Vince Sullivan at law360.com reports that a Delaware bankruptcy judge told FTX's recovery trust it was too early in proposing restrictive jurisdiction procedures that would allow it to deny claims payable to creditors in countries with tight cryptocurrency laws, saying such powers should be saved for later in the administration process. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. SBF agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee’s Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. =========== B R A Z I L =========== AMBIPAR: Files For Bankruptcy Amid Growing Credit Market Unease --------------------------------------------------------------- Ananya Palyekar and Manya Saini at Reuters report that Ambipar and its U.S.-listed subsidiary have filed for bankruptcy protection after a turbulent period for the Brazilian waste management firm, adding to mounting concerns over corporate credit. The subsidiary, Ambipar Emergency Response filed for Chapter 11 protection in Texas, according to a court filing, and listed estimated assets between $1 billion and $10 billion, with liabilities between $100 million and $500 million, according to Reuters. The report notes that the bankruptcy move follows a cash crunch and the risk of accelerated debt repayments worth billions of reais. According to the filing, the Bank of New York Mellon acting as trustee for bondholders, has listed unsecured claims of about $328 million tied to Ambipar's 2031 and 2033 green bonds, the report relates. In a filing with the U.S. Securities and Exchange Commission, the unit said that its parent has filed a request for judicial recovery with the Third Business Court of the Capital of Rio de Janeiro, the report notes. The company did not respond to a Reuters request for comment outside regular business hours, the report relays. Ambipar's stock plunged in September after the company secured a preliminary injunction from a Rio de Janeiro state court to temporarily prevent the accelerated maturity of its debt, the report recalls. The court ruling, seen by Reuters, came amid a dispute with Deutsche Bank, opens new tab, which had demanded additional guarantees for loans to the company. Ambipar, whose stock has lost nearly 96% of its value so far this year, was removed from all indexes of Brazil's main stock exchange operator, B3, earlier this month, due to governance issues, the report points out. Last month, the company also hired investment bank BR Partners, opens new tab as an adviser amid growing concerns about its leverage ratio. Credit Worries Ambipar said the bankruptcy was the result of a "sequence of events that followed the discovery of evidence of irregularities in the contracting of swap transactions by the Finance Department and the abrupt resignation of the former CFO," according to a Bloomberg report, the report relays. The report also said that the events "shook market confidence in the Ambipar Group and prompted some creditors to request changes in debt maturity, putting at risk the group's ability to handle its obligations," Reuters relates. The news outlet was the first to report on the bankruptcy. A series of corporate debt troubles has rattled the market in recent weeks, led by the bankruptcies of auto parts retailer First Brands and subprime lender Tricolor, Reuters notes. While several analysts have described the cases as idiosyncratic and stemming from lapses in risk controls, investor sentiment has been fragile, the report says. Tensions in corporate credit markets can ripple rapidly through global debt markets, amplifying risk aversion and tightening funding conditions, the report notes. JPMorgan Chase, opens new tab CEO Jamie Dimon said earlier this month that there are likely more "cockroaches" in the credit market in reference to the auto bankruptcies and cautioned that more troubles may emerge ahead, the report says. Further high-profile credit blowups could undermine investor confidence globally if they involve large financial institutions or suggest that cracks in the credit market run deeper than expected, the report adds. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Abinader Highlights Economic Stability ---------------------------------------------------------- Dominican Today reports that President Luis Abinader emphasized the Dominican Republic's exchange rate stability, noting that the peso has experienced its lowest devaluation in the past five years since he took office in 2020, when the U.S. dollar traded at 59.1 pesos. During his weekly press conference, Abinader attributed this achievement to sound monetary policy and the strong performance of key sectors that generate foreign currency, according to Dominican Today. He highlighted record remittances, robust tourism growth surpassing 11.5 million visitors, and increased exports from free trade zones, as well as strong results in gold, cocoa, and coffee exports, the report notes. The president also pointed out that potential interest rate cuts by the U.S. Federal Reserve could further strengthen exchange rate stability, the report relays. "We expect the FED to lower rates again, possibly by 0.25 or even 0.50, which would benefit us," he said. Abinader expressed confidence that the Dominican economy's openness and resilience will help maintain a stable exchange rate in the coming months, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCR-LA reported in April 2019 that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we’ll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor’s credit rating for Dominican Republic was raised to ‘BB’ in December 2022 with stable outlook. Moody’s credit rating for Dominican Republic was last set at Ba3 in August 2023 with the outlook changed to positive. Fitch, in December 2023, affirmed the Dominican Republic’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’ and revised the outlook to positive. ============= J A M A I C A ============= JAMAICA: BOJ Reports Profits of $25 Billion in October ------------------------------------------------------ RJR News reports that the Bank of Jamaica is reporting that profits of approximately $25 billion up to October 8 this year compared with $19 billion during the same period last year. The Bank is also reporting that these profits were generated on total assets of $1.25 trillion compared with the $1.18 trillion during the same period last year, according to RJR News. Its foreign assets that climbed to $1 trillion compared to $912.2 billion during the same period last year, while its local assets dipped to $241.2 billion from $272.2 billion, the report notes. Certificates of Deposit Meanwhile, the BOJ says it has now taken $137.5 billion out of circulation with its 6 per cent per annum fixed rate certificates of deposit, its principal short-term liquidity mopping-up instrument, the report relays. This follows an Oct. 22 auction of $43 billion, the report notes. A total 328 bids valued at $52.3 billion were submitted by private and public sector institutional and individual investors, the report relays. But the bank accepted only 281 of them, valued at $43 billion weighted at an average interest rate of 5.94 per cent per annum, the report says. The lowest bid was 5.45 per cent per annum for $5.1 million while the highest was 8.49 per cent per annum for $25 million, the report discloses. 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. =========== M E X I C O =========== ORBIA ADVANCE: Moody's Assigns Ba1 CFR, Outlook Remains Negative ---------------------------------------------------------------- Moody's Ratings has downgraded Orbia Advance Corporation, S.A.B. de C.V.'s (Orbia) senior unsecured ratings to Ba1 from Baa3. Moody's also assigned a Ba1 Corporate Family Rating to Orbia. The outlook remains negative. RATINGS RATIONALE The rating downgrade reflects Moody's expectations of Orbia's reduced EBITDA and earnings, elevated debt leverage, and constrained financial flexibility, which will limit the company's ability to significantly restore credit quality over the next two years. A significant downturn in the chemical sector has resulted in Orbia's earnings erosion over the last three years. The potential for demand recovery in the "Polymer Solutions" segment remains obscured by excess PVC capacity in China and the US, which has led to increased exports and depressed global prices. During the second quarter of 2025, EBITDA continued to decline by 26%, mainly due to lower resin prices, operational disruptions—addressed by the end of the quarter—and higher input costs. Additionally, the "Building and Infrastructure" segment has faced delays in housing and infrastructure investments due to sustained high interest rates. In Q2 2025, EBITDA was eroded by unfavorable product mix in Western Europe, lower revenue in Mexico and India, partially offset by performance in the U.K., Indonesia, Eastern Europe, and Brazil, despite continued benefits from cost-saving initiatives. Regarding the "Fluor & Energy Materials" segment, it also registered weaker EBITDA. The increase in revenue for the quarter was primarily driven by favorable prices in upstream minerals and a favorable product mix. However, these gains were partially offset by lower upstream minerals volumes and an unfavorable refrigerant gas mix. Together, these three segments represented approximately 74% of Orbia's total revenue and 73% of its EBITDA in Q2 2025. However, all continue to face persistent challenges. Regarding the "Precision Agriculture" segment, EBITDA increase was driven by higher input costs across key raw materials and unfavorable currency fluctuations, partially offset by a favorable product mix and the benefits from cost saving initiatives. Finally, "Connectivity Solutions" segment, Q2 2025 EBITDA driven by higher revenues, favorable costs, partially offset by lower prices. As a result, overall EBITDA margin will remain lower than 15% at least in the next 12-18 months. Moody's expects adjusted debt/EBITDA to remain relatively high, averaging around 4.6x based on Moody's updated view of its through-the-cycle earnings for the 2025-2028 period. Such leverage is higher than Moody's prior assumption and no longer supports a Baa3 rating. Adjusted debt/EBITDA rose to 5.9x at the end of June 2025, up from 2.7x at the end of 2022, mainly due to earnings erosion amid a deep downturn. Orbia's credit profile remains constrained by the volatility in the various industrial markets, which are subject to risk factors such as commodity prices, interest rates, and energy costs and Moody's expects credit metrics to be outside the rating boundaries for several quarters before a reversal. The Ba1 ratings, although weakly positioned given the pressure on credit metrics, continue to incorporate the company's size (revenues of over $7.5 billion), strength of its global operations; and its diversification across segments, geographies, and markets. Orbia maintains adequate liquidity. As of June 2025, the company reported $859 million in cash on hand, sufficient to cover at least twice its short-term debt. Orbia's liquidity is further bolstered by an undrawn $1.4 billion committed revolving credit facility, which matures in 2029. However, Moody's anticipates Orbia's Moody's-adjusted free cash flow (defined as cash from operations minus dividends and capital expenditures) to remain negative in 2025, despite the revised policy of no dividends, and annual capital expenditures of approximately $400 million. The negative rating outlook on Orbia's ratings reflects Moody's expectations that the sector's downturn, including low prices mainly for PVC and other chemicals, will continue to weigh on the company's credit metrics through 2025 and 2026. Moody's also expects leverage, measured as total debt/EBITDA, to exceed 4.0x, although this risk is partially mitigated by the company's adequate liquidity over the next 12-18 months. At current profit levels, free cash flow will remain constrained, so material deleveraging will only come from divestitures or asset sales, which may be required to return to metrics that are more in line with the current rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Because of the negative outlook, a rating upgrade is unlikely. However, factors that could lead to a stable outlook on Orbia include a recovery in credit metrics toward levels commensurate with the Ba1 rating level, with improvements in leverage (total debt/EBITDA) and interest coverage (EBITDA/interest expense) toward 3x and 6x, respectively. A change in outlook to stable would also require Orbia to generate positive free cash flow (FCF) on a sustained basis, while managing its capital spending, M&A strategy, and dividend payouts without jeopardizing liquidity and maintaining leverage within the targets stated in its financial policies. Moody's could downgrade Orbia's rating if its operating performance remains weak, financial policy becomes more aggressive, or liquidity deteriorates. A downgrade could be triggered by events that can increase liquidity risk, including further negative free cash flow as a result of higher growth capex or the reinstatement of the dividend distribution policy. Quantitatively, a downgrade could also occur if the company's leverage (total debt/EBITDA) stays above 3.5x with no clear path for leverage reduction, for example, because of a debt-financed acquisition, non-accretive acquisitions, or a contraction in profitability in a normalized environment, such that its EBITDA margin remains below 15%. PROFILE Orbia Advance Corporation, S.A.B. de C.V. manufactures general and specialty PVC resins and zero halogen specialty compounds with applications in pipes, cables, flooring, auto parts, household appliances, clothing, packaging and medical devices. Solutions for the building and infrastructure industries including PVC pipes and fittings for water conduction products, indoor climate solutions and urban climate resilience solutions. Leading-edge irrigation systems, passive infrastructure supported by HDPE conduit solutions to create physical pathways for fiber and other network technologies, value-added chemicals derived from its unique access to fluorspar, refrigerant gases and medical propellants that serve a wide array of customer applications including automotive, infrastructure, health and medicine, heating, ventilation and air conditioning climate control, and the food cold chain. Orbia reported revenues of $7,445 million over the twelve months ended June 2025. The principal methodology used in these ratings was Chemicals published in October 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ================= N I C A R A G U A ================= ASCEND PERFORMANCE: Court Sends Chapter 11 Plan for Voting ---------------------------------------------------------- Judge Christopher M. Lopez of the United States Bankruptcy Court Southern District of Texas granted the motion of Ascend Performance Materials Holdings Inc. and its debtor affiliates for entry of an order: (a) approving the adequacy of the Disclosure Statement for the Second Amended Joint Chapter 11 Plan of Reorganization of Ascend Performance Materials Holdings Inc. and its Debtor Affiliates; (b) approving certain dates and deadlines related to confirmation of the Plan; (c) approving the Ballots; (d) approving the Solicitation Packages and the manner of service thereof; (e) approving the Confirmation Hearing Notice; (f) approving the Plan Supplement Notice; (g) approving the Non-Voting Status Notices; (h) approving the Assumption Notice; (i) approving the Solicitation Procedures with respect to confirmation of the Debtors’ proposed Chapter 11 Plan; and (j) granting related relief. The Court finds that the relief requested in the Motion is in the best interests of the Debtors' estates, their creditors, and other parties in interest. The Disclosure Statement is approved as providing holders of Claims or Interests entitled to vote on the Plan with adequate information to make an informed decision as to whether to vote to accept or reject the Plan in accordance with section 1125(a)(1) of the Bankruptcy Code. The Debtors are authorized to solicit, receive, and tabulate votes to accept or reject the Plan in accordance with the Solicitation Procedures. The following dates are established (subject to modification as necessary by the Debtors) and approved with respect to the solicitation of votes to accept or reject the Plan, voting on the Plan, filing objections to confirmation the Plan, and confirming the Plan: Voting Record Date - September 22, 2025 Voting Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Opt-Out Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Confirmation Objection Deadline - November 18, 2025, at 4:00 p.m., prevailing Central Time Deadline to File Voting Report - November 23, 2025 Confirmation Brief Deadline - November 23, 2025 Confirmation Hearing Date - November 24, 2025, at 3:00 p.m., prevailing Central Time The Ballots are approved and comply with the requirements of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules. The Solicitation Packages provide Holders of Claims and Interests entitled to vote on the Plan with adequate information to make informed decisions with respect to voting on the Plan in accordance with Bankruptcy Rules 2002(b) and 3017(d), the Bankruptcy Code, and the Bankruptcy Local Rules. The Confirmation Hearing Notice is approved and constitutes adequate and sufficient notice of the hearing to consider confirmation of the Plan, the manner in which a copy of the Plan and the Disclosure Statement can be obtained, and the time fixed for filing objections to confirmation of the Plan, in satisfaction of the requirements of the applicable provisions of the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy Local Rules. The Confirmation Hearing Notice provides Holders of Claims, Holders of Interests, and other parties in interest with sufficient notice of the release provisions contained in Article VIII of the Plan and the effect thereof. A copy of the Court's Order dated October 20, 2025, is available at https://urlcurt.com/u?l=Pxp2vV from PacerMonitor.com. As reported by Troubled Company Reporter, under the version of the Plan filed in August, Holders of Allowed Claims shall receive the following treatment in full and final satisfaction, settlement, release, and discharge of their Claims and Interests: * Each Holder of an Allowed DIP ABL Claim shall (a) receive payment in full in Cash of such Claim or (b) at such Holder’s election, roll such Claim into the Exit ABL Facility in a cashless dollar-for-dollar exchange, and (c) receive payment in full in Cash of accrued interest and fees due under the DIP ABL Facility prior to the effectiveness and conversion of any such Claim into the Exit ABL Facility pursuant to the foregoing clause (b). * Each Holder of an Allowed DIP Term Loan Claim shall receive its Pro Rata share of: (a) the DIP Equity Recovery; and (b) at the election of each Holder of an Allowed DIP Term Loan Claim, the right to participate up to their Pro Rata share of either or both of the following: (i) the Equity Subscription Rights; and/or (ii) the Debt Subscription Rights. * Each Holder of an Allowed Other Secured Claim shall receive, at the Debtors’ or the Reorganized Debtors’ option, with the [reasonable consent] of the Required DIP Term Loan Lenders, either (i) in full and final satisfaction of such Allowed Other Secured Claim, payment in full in Cash of its Allowed Other Secured Claim, (ii) in full and final satisfaction of such Allowed Other Secured Claim, the collateral securing its Allowed Other Secured Claim, (iii) Reinstatement of its Allowed Other Secured Claim, or (iv) such other treatment rendering its Allowed Other Secured Claim Unimpaired in accordance with section 1124 of the Bankruptcy Code. * Each Holder of an Allowed Other Priority Claim shall receive such treatment consistent with section 1129(a)(9) of the Bankruptcy Code. * Each Holder of an Allowed Term Loan Claim shall receive its Pro Rata share of the Term Loan Equity Distribution. * Each Holder of an Allowed Asset Financing Agreement Claim shall receive its Pro Rata share of the applicable Asset Financing Takeback Debt. * All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. * Each Interest in Ascend Parent and APM Disc shall be canceled, released, discharged, and extinguished without any distribution and will be of no further force or effect, and each Holder of an Interest in Ascend Parent and/or APM Disc shall not receive or retain any distribution, property, or other value on account of its Interest in Ascend Parent and/or APM Disc. The Plan provides for a $[100] million Equity Rights Offering and a $[100] million Debt Rights Offering, which will recapitalize the Company on the Effective Date and position the Company to meet its financial and operational obligations as they come due. The Plan addresses the Asset Financing Agreement Claims and all of the Asset Financing Takeback Debt. The Plan contemplates a recapitalization of the Debtors, through which the Debtors will issue the New Interests to the Holders of Term Loan Claims, implement both an Equity Rights Offering and a Debt Rights Offering, enter into the Exit ABL Facility and the Exit Holdco Loan Facility, and adopt a Management Incentive Plan. New Interests will also be issued in satisfaction of DIP Term Loan Claims, while DIP ABL Claims will be paid down in full in Cash or, solely at the election of each DIP ABL Lender, rolled into the Exit ABL Facility. Class 5 consists of General Unsecured Claims. All Allowed General Unsecured Claims shall be canceled, released, and extinguished and will be of no further force or effect, and Holders of Allowed General Unsecured Claims shall not receive any distribution, property, or other value under the Plan on account of such Allowed General Unsecured Claims. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with: (1) Cash on hand, including Cash from operations, the DIP Facilities, and the proceeds of the Equity Rights Offering and the Debt Rights Offering; (2) the Equity Subscription Rights; (3) the Debt Subscription Rights; (4) the New Interests; (5) the Exit ABL Facility; (6) the Exit Holdco Loan Facility, as applicable; and (7) the Asset Financing Takeback Debt. A full-text copy of the Disclosure Statement dated August 12, 2025 is available at https://urlcurt.com/u?l=Sxu7dk from Epiq Corporate Restructuring, LLC, claims agent. About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend’s business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors’ claims, noticing, and solicitation agent. GA Group Advisory & Valuation Services, LLC serves as valuation advisor. The official committee of unsecured creditors retained Brown Rudnick LLP as co-counsel; Parkins & Rubio LLP as Texas co-counsel; AlixPartners, LLP as financial advisor; and Ducera Partners LLC and Ducera Securities LLC as investment banker. Gibson, Dunn & Crutcher LLP represents an Ad Hoc Group of Term Loan Lenders. ===================== P U E R T O R I C O ===================== FERRELLGAS PARTNERS: Plans $650M Senior Notes Offering Due 2031 --------------------------------------------------------------- Ferrellgas, L.P. and its wholly-owned subsidiary Ferrellgas Finance Corp. announced that, subject to market conditions, the Company intends to offer $650 million aggregate principal amount of senior notes due 2031. The Notes will be senior obligations of the Company and will be guaranteed on a senior unsecured basis by Ferrellgas, Inc., and each existing and future subsidiary of the Company, subject to certain exceptions. The Company intends to use the net proceeds received from the offering of the Notes, together with cash on hand, to redeem all of the Company’s 5.375% Senior Notes due 2026. The redemption of the 2026 Notes is conditioned upon the completion of the proposed offering of Notes and the completion of an amendment to the credit agreement governing the Company’s existing revolving credit facility. The Notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. About Ferrellgas Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. As of July 31, 2025, the Company had $1.42 billion in total assets, $2.45 billion in total liabilities, and $1.03 billion in total deficit. * * * In October 2025, S&P Global Ratings raised its Company credit rating on Ferrellgas Partners L.P. to 'B' from 'CCC'. . . "The stable outlook reflects our expectation that Ferrellgas will maintain S&P Global Ratings-adjusted leverage in the 6.0x-6.5x range over our forecast period." =============== S U R I N A M E =============== SURINAME: S&P Rates New USD Unsubordinated Unsecured Notes 'CCC+' ----------------------------------------------------------------- S&P Global Ratings, on Oct. 23, 2025, assigned its 'CCC+' long-term foreign currency issue rating to Suriname's proposed U.S. dollar-denominated unsubordinated and unsecured notes. At the same time, S&P Global Ratings affirmed its long- and short-term foreign and local currency sovereign credit ratings on Suriname at 'CCC+/C' and its transfer and convertibility assessment of 'CCC+'. The outlook on the long-term ratings is stable. Outlook The stable outlook balances the new government's commitment to achieve sustainable public finances and macroeconomic stabilization, along with very high long-term growth prospects, against the risks presented by newly reformed institutions and governance procedures, including debt management. In addition, the outlook balances the risks related to policy uncertainty given a newly elected government. Downside scenario S&P could lower its ratings over the next six-12 months if policy or administrative developments raised the likelihood of another default or if the government failed to make timely debt service payments. Upside scenario S&P could raise its ratings over the next six-12 months if the government demonstrates a record of strengthened debt management, advances on its policy plans to prudently manage future wealth, and pursues economic policies that reduce the likelihood of another debt payment default. Rationale The affirmation follows the government's Oct. 23 announcement of an issuance of proposed U.S. dollar-denominated direct, general, unsubordinated, unconditional, and unsecured notes that will rank equally with all other unsecured and unsubordinated external indebtedness. The government intends to use the proceeds from the notes to fund a future tender offer to repurchase its 7.95% notes outstanding due 2033, among other uses. S&P said, "We expect the government will use an optional redemption feature in its 2033 notes. We view this transaction as opportunistic, given that we believe the government will have sufficient resources to meet these commitments in the near term and the plan to meet the terms of the redemption feature." S&P said, "The rating affirmation also reflects our view that the country is dependent on favorable business, financial, and economic conditions to meet its broader financial commitments. Following the election in May 2025, a new government led by a political coalition formed with the Nationale Democratische Partij (NDP) and several other smaller parties took office in July. The new government has been in office for about three months and is working to establish its administrative and policy direction. The previous government had made considerable progress on fiscal consolidation and macroeconomic stabilization and worked to address administrative shortfalls that led to arrears in debt service payments. We believe the new government is continuing to address these administrative issues. We also believe that the government has finalized over the past couple of months its last remaining agreements with creditors following its selective defaults in 2020 and 2021, and the foreign currency debt exchange that it completed in December 2023, after which we raised our foreign and local currency ratings to 'CCC+/C' from 'SD'. "We expect it will take time for the new administration to progress on work that began under the previous administration to strengthen coordination of debt service payment for external and domestic debt. We also expect that improved procedures will gradually become fully embedded in government operations, in our view. Suriname's recent experience with selective default and various arrears following the 2023 debt exchange lead us to believe that the country's debt payment culture is weak and still developing. Payment delays indicate there are ongoing capacity weaknesses in the government's debt management office, and challenges in coordination between the debt office, the ministry of finance, and the Central Bank of Suriname (CBvS). Although we expect the government will strengthen this coordination, it will take time to develop a stronger track record of timely debt repayment. "In our view, there is policy uncertainty risk associated with the recent change in government. We do not expect the new government to engage with the International Monetary Fund (IMF) on a successor IMF program in the near term, following the previous government's completion of an IMF extended fund facility program in March 2025. The previous coalition government, led by the Vooruitstrevende Hervormings Partij, came to power following 10 years under the rule of the NDP. Desire Bouterse, the former president of the country and leader of the NDP for the decade leading up to the 2020 election, was sentenced to prison in 2023 for the killing of several political opponents in the 1980s. "Growth has returned during the past three years and inflation has fallen significantly. We believe this macroeconomic stability will continue, with real GDP growth expected to average 3% from 2025-2027. We expect longer-term growth will significantly accelerate starting in 2028 following TotalEnergies and APA Corp.'s final investment decision to invest in offshore oil field Block 58, with first oil production expected to start in 2028. Beyond the development of the field, which we expect will involve more than $10 billion of investment in the country, the government forecasts that oil production from the block will significantly boost its revenues via royalties, and oil and income tax revenues. We expect this development will materially benefit economic growth and government revenues in the long term. "Fiscal reform, the completion of the recent debt restructuring, and the return of economic growth have led to material debt reduction, which we expect will continue over the forecast horizon. We forecast net general government debt to GDP will reach 72% by the end of this year, from more than 100% in 2021. "Recent reforms of the CBvS under the previous administration have supported macroeconomic stabilization and we believe the central bank will remain committed to a floating exchange rate. At the same time, we believe the track record of CBvS' commitment to these reforms and the exchange rate regime is short and still developing. Before these reforms, CBvS had a long history of monetary financing of the government deficit that led to ongoing losses at the central bank. The new Central Bank Act explicitly prohibits such financing and has led to the recapitalization of the CBvS. However, we believe it will take time to rebuild the central bank's policy credibility, operational independence, and ability to effectively transmit monetary policy. "The rating on the notes is subject to our review of the final issuance documentation." In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Rating Component Scores above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. Ratings List Ratings Affirmed Suriname Sovereign Credit Rating CCC+/Stable/C Transfer & Convertibility Assessment Local Currency CCC+ New Rating Suriname Senior Unsecured CCC+ ============= U R U G U A Y ============= PROVINCIA CASA: Fitch Affirms & Then Withdraws 'CCC+' IDR --------------------------------------------------------- Fitch Ratings has affirmed and simultaneously withdrawn Provincia Casa Financiera's (Provincia) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of 'CCC+'. Fitch has withdrawn the ratings of Provincia for commercial reasons and will therefore no longer conduct analytical coverage or provide ratings for the bank. Key Rating Drivers Branch of Banco de la Provincia de Buenos Aires: Provincia is a branch of Banco de la Provincia de Buenos Aires (BAPRO) and part of the same legal entity. Provincia's IDRs reflect Fitch's opinion of the creditworthiness of BAPRO without country risk constraints. BAPRO has a leading franchise and systemic importance in the province of Buenos Aires, and the bank is the fifth-largest entity by deposits and the sixth by assets in Argentina as of June 30, 2025. Despite the bank's ample liquidity, Fitch also considers BAPRO's weak operating environment in Argentina, as well as its low capital base, weaker asset quality relative to domestic peers and high exposure to the Argentine public sector. Owned by Province of Buenos Aires: BAPRO and Provincia are wholly owned by the government of the Province of Buenos Aires. BAPRO's liabilities (including those of its branches abroad) are guaranteed by the Province of Buenos Aires. Small Franchise in Uruguay: As of December 2024, Provincia represented less than 1% of the financial system's total assets. Provincia continued its credit activity in 2024 with a focus on serving Uruguayan and Argentine companies that have operations in both countries. Provincia has a single office and is highly integrated with its parent company's strategy, corporate governance and risk management processes. Branch Financial Profile: The branch maintained a conservative asset profile, with gross loans representing 3.5% of total assets as of December 2024, following the resumption of commercial activity in 2023. The investment portfolio (81.3% of assets) was primarily composed of Uruguayan and U.S. sovereign instruments, as well as investment-grade foreign banks. Provincia's capitalization remained strong, with Fitch Core Capital to risk-weighted assets (RWA) reaching 70.9%. Funding was highly concentrated, with non-resident deposits constituting nearly all funding. Despite this concentration, liquidity was ample, as reflected in a consolidated liquidity coverage ratio of 583% at year-end 2024. Profitability remained volatile due to balance sheet exposure to exchange rate and interest rate fluctuations. Operating income to RWA was 10.7% as of December 2024, significantly above the 2021-2024 average of 2.2%, driven by higher fee income and foreign exchange gains from the investment portfolio valuation. Fitch's conclusion would be the same whether applying the methodology registered in Uruguay (Sept. 28, 2023) or Fitch's "Bank Rating Methodology" published on March 21, 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating sensitivities are not applicable due to the ratings being withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating sensitivities are not applicable due to the ratings being withdrawn. Public Ratings with Credit Linkage to other ratings Prior to the withdrawal, Provincia's IDRs reflect Fitch's opinion on BAPRO without country risk constraints. ESG Considerations Fitch does not provide ESG relevance scores for Provincia Casa Financiera. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. Entity/Debt Rating Prior ----------- ------ ----- Provincia Casa Financiera LT IDR CCC+ Affirmed CCC+ LT IDR WD Withdrawn LC LT IDR CCC+ Affirmed CCC+ LC LT IDR WD Withdrawn ================= V E N E Z U E L A ================= PDVSA: To Appeal $2.86 Billion Bond Ruling ------------------------------------------ Joyce Hanson at law360.com reports that Venezuela's state-owned oil company plans to appeal a New York federal judge's recent decision ordering it to pay $2.86 billion to bondholders, after the judge ruled last month that defaulted Venezuelan bonds were validly issued under the South American country's laws. About Petroleos de Venezuela Founded in 1976, Petroleos de Venezuela, S.A. (PDVSA) is the Venezuelan state-owned oil and natural gas company, which engages in exploration, production, refining and exporting oil as well as exploration and production of natural gas. It employs around 70,000 people and reported $48 billion in revenues in 2016. In May 2019, Moody's Investors Service withdrew all the ratings of Petroleos de Venezuela, S.A. including the senior unsecured and senior secured ratings due to insufficient information. At the time of withdrawal, the ratings were C and the outlook was stable. Citgo Petroleum Corporation (CITGO) is Venezuela's main foreign asset. CITGO is majority-owned by PDVSA. CITGO is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. However, CITGO formally cut ties with PDVSA at about February 2019 after U.S. sanctions were imposed on PDVSA. The sanctions are designed to curb oil revenues to the administration of President Nicolas Maduro and support for the Juan Guaido-headed party. ********* 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 2025. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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