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251204.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, December 4, 2025, Vol. 26, No. 242 Headlines A R G E N T I N A ARGENTINA: Economy Grew 5% Year-On-Year in September, Says INDEC YPF SA: Partners With ENI to Search for Offshore Oil in Uruguay B E R M U D A RAPTURE GLOBAL: BMA Shuts Down Fund B R A Z I L AZUL SA: Seeks Approval of Strategic Investment Agreements J A M A I C A DIGICEL GROUP: To Spend $20MM on Upgrades in Trinidad and Tobago JAMAICA: BOJ Holds Policy Interest Rate at 5.75% JAMAICA: Responds to Increased Need for Cash Post-Hurricane P U E R T O R I C O CONCORDE METRO: To Sell Bayamon Property to MDD Child Neurology U R U G U A Y URUGUAY: IDB OKs $20MM Loan to Modernize Fiscal and Customs Mgmt. - - - - - ================= A R G E N T I N A ================= ARGENTINA: Economy Grew 5% Year-On-Year in September, Says INDEC ---------------------------------------------------------------- Manuela Tobias at Bloomberg News reports that Argentina's economy expanded more than expected in September despite heightened market turmoil brought on by local and national midterm elections. Economic activity grew 0.5 percent from August and five percent compared to the same month of the previous year, the national statistics agency said, according to Bloomberg News. Economists polled by Bloomberg estimated an annual expansion of 1.9 percent, Bloomberg News relays. The August monthly print was revised to 0.7 percent growth, up from 0.3 percent, Bloomberg News says. On September 7, voters in Buenos Aires Province, home to 40 percent of the population, delivered a heavy defeat to the party of President Javier Milei in a local election to renew the state legislature, Bloomberg News discloses. The bad result for Milei's pro-market government sent asset prices tumbling as investors prepared for the worst in a bigger national vote at the end of October, Bloomberg News says. Milei then staged a major comeback in a landslide victory on October 26 that saw his party more than double its representation in Congress, Bloomberg News relays. Assets rallied as confidence in the government's ambitious reform agenda surged and the probability of a swing back to the left diminished, Bloomberg News notes. The peso weakened 2.6 percent in September, the most among emerging-markets currencies, boosting competitiveness in export sectors that have long complained that the exchange rate was overvalued, Bloomberg News notes. Economists forecast South America's second-largest economy to grow 3.9 percent this year, with 30 percent inflation, according to a central bank survey, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) -- with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Moody's Ratings on July 17, 2025, upgraded Argentina's long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects Moody's views that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. In January 2025, Moody's raised Argentina's local currency ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1 from Caa3. Fitch Ratings, on May 12, 2025, upgraded Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC'. S&P Global Ratings, in February 2025 lowered its local currency sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and its national scale rating to 'SD' from 'raB+'. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024. YPF SA: Partners With ENI to Search for Offshore Oil in Uruguay --------------------------------------------------------------- Buenos Aires Times reports that state energy company YPF disclosed that it has partnered with Italy's ENI to begin searching for oil in Uruguayan waters. Uruguay, through its state-owned oil company Ancap, has seven offshore areas with active exploration contracts held by international companies, according to Buenos Aires Times. The agreement between YPF and ENI (Ente Nazionale Idrocarburi, or "National Hydrocarbons Corporation") focuses on the possible exploration of a block located some 200 kilometres off the Uruguayan coast, according to a statement dated in Montevideo. The area covers around 17,000 square kilometres and reaches a maximum depth of 4,100 metres, the report discloses. YPF's company president and chief executive Horacio Marin said that seismic studies will be carried out in Italy over the coming months to determine whether a well will be drilled to begin exploration, the report says. The chances of finding oil in Uruguay are below 50 percent, according to geological assessments, but Marín believes they are higher, the report discloses. "You have to drill to see it; we still haven't found oil," he said at a press conference in Montevideo during the Energy Summit 2025, which was organised by the El Observador newspaper, the report says. In Uruguay, a country without crude oil production, Ancap is responsible for refining the petroleum that enters the country. For the state-owned company, the probability of finding the hydrocarbons is low, the report adds. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in January 2025, Fitch Ratings affirmed YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC'. Additionally, Fitch has affirmed YPF's outstanding senior unsecured notes at 'CCC' with Recovery Rating of 'RR4'. The company's Standalone Credit Profile (SCP) remains 'b', and its ratings are aligned with Fitch's "Government Related Entities Criteria," reflecting government ownership and strategy. ============= B E R M U D A ============= RAPTURE GLOBAL: BMA Shuts Down Fund ----------------------------------- Claire Shefchik at Royal Gazette reports that the Bermuda Monetary Authority has confirmed that Rapture Global Investment Fund Ltd has been ordered into liquidation, after a successful petition to the Supreme Court earlier this year. In a notice, the BMA said the court issued the winding-up order on September 4, appointing the Official Receiver as provisional liquidator, according to Royal Gazette. The regulator turned to the court after determining that the fund had committed a series of "significant" and sustained breaches of Bermuda's Investment Funds Act 2006 and the Investment Fund Rules 2019, Royal Gazette recalls. The report notes that Rapture Global, incorporated in June 2017 and authorised as an institutional fund shortly after, was created to provide long-term capital appreciation across a broad range of assets. Instead, according to the BMA, the fund failed to meet multiple core obligations, including: not conducting business in a prudent manner, failing to prepare audited financial statements, failing to file annual compliance statements, not maintaining a Bermudian-based representative with access to the fund's books and records, and failing to submit quarterly net asset value filings, the report relays. The authority said the length and breadth of the noncompliance, and the company's failure to fix the problem, left no reasonable prospect of the fund or its operators returning to compliance, the report relays. The petition, it added, reflects the BMA's commitment to protecting investors and maintaining Bermuda's reputation as a well-regulated jurisdiction, the report adds. =========== B R A Z I L =========== AZUL SA: Seeks Approval of Strategic Investment Agreements ---------------------------------------------------------- Azul S.A. and its subsidiaries, ask the U.S. Bankruptcy Court for the Southern District of New York for approval to enter into strategic investment agreements that are essential to the successful confirmation and implementation of their Chapter 11 plan. At the outset of the cases, Azul secured broad stakeholder support through a network of restructuring support agreements with key strategic partners, a majority of its secured creditors, and its largest aircraft lessor, all designed to facilitate a coordinated, value-maximizing reorganization. The Plan, built on these RSAs, will reduce Azul's funded debt by more than $2 billion and position the company's Brazil's largest airline by departures and cities served, with 226 aircraft, 16,000 employees, and 900 daily Flights for long-term operational and financial strength. American Airlines and United Airlines have each committed to invest $100 million, totaling a $200 million â€œInvestment Commitment, at a 30% discount to plan equity value, in exchange for new equity issued at emergence through a direct allocation in the equity rights offering. This strategic capital injection is a linchpin of the entire restructuring: it provides essential liquidity, supports the Debtors' ability to confirm the Plan, and bolsters negotiations with other stakeholders, including aircraft lessors such as AerCap, whose settlement resulting in over $1 billion in fleet savings is expressly conditioned on the Strategic Partners' investment. The Investment Commitment is further required under the $650 million ERO backstop agreement, which mandates execution of binding investment agreements from the Strategic Partners prior to the disclosure statement hearing and conditions consummation of the backstop on their funding. The Debtors explain that the Strategic Investment Agreements were the product of extensive, months-long negotiations and represent customary, market-based terms, including the Debtors' obligation to reimburse reasonable professional fees and indemnify each Strategic Partner for losses arising out of the investment agreements, which will constitute allowed administrative expenses under sections 503(b) and 507. The agreements remain open for fifteen months from the Petition Date, and a defaulting Strategic Partner forfeits both its reimbursement rights and any entitlement to Subscribed Securities. The Debtors assert that without approval of these agreements, the Plan and its accompanying value-enhancing transactions including the ERO, the backstop, the AerCap fleet restructuring, and the overall recapitalization of roughly $850 million of new equity would collapse, leaving the Debtors with no viable path to emergence. The Debtors request swift approval to preserve the stability of the restructuring, maintain momentum toward confirmation, and ensure a successful emergence with a deleveraged balance sheet, strengthened commercial partnerships, and sufficient liquidity to support sustainable operations going forward. A copy of the motion is available at https://urlcurt.com/u?l=tC9vmX from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. ============= J A M A I C A ============= DIGICEL GROUP: To Spend $20MM on Upgrades in Trinidad and Tobago ---------------------------------------------------------------- Trinidad and Tobago Newsday reports that Digicel TT will spend an estimated $20 million on a new suite of upgrades to its nationwide network to keep pace with growing customer demand. This comes as it plans to decommission its legacy 2G network on December 31, 2025, as the company reallocates resources toward strengthening and streamlining its data network, according to Trinidad and Tobago Newsday. "Digicel is here to stay," said Pieter Verkade, CEO, Digicel TT Ltd in an a statement on November 27, the report notes. "We are allocating approximately $20 million into creating a more robust network, which includes but is not limited to upgrading mobile sites, reinforcing infrastructure, and ensuring TT continues to benefit from high-quality internet and reliable communication services," the report relays. To date, Digicel has delivered seven new mobile sites, with over 20 additional sites scheduled for completion by early 2026, supporting faster data speeds, broader coverage, and an improved customer experience across the country, the report discloses. This latest investment forms part of Digicel's wider long-term commitment to TT, where the company has already invested more than $1.2 billion since its inception and is pushing forward with major upgrades designed to deliver a stronger, faster, and more future-ready network, the report says. Verkade added, "For our enterprise and government customers, this investment means stronger uptime, more secure infrastructure, and a network that can support the growing demand for connectivity, cybersecurity, and data-driven operations," the report notes. Digicel TT is set to move important fibre lines underground so they're better protected, replacing older sections of the network's outside plant (OSP) infrastructure, the report says. The company is also upgrading systems that carry large volumes of data to ensure the network can handle growing demand and continue to perform smoothly, the report adds. This transition enables Digicel TT to enhance coverage, expand capacity, and further improve the reliability of its services for customers across the country. "The retirement of our 2G network allows us to redirect critical spectrum and capacity into next-generation technologies, but more importantly, it is part of a much bigger investment push." In preparation for the 2G shutdown, Digicel began engaging affected customers three years ago and has already provided more than 700 free upgraded devices to ensure a seamless migration. Customers still using 2G-only handsets are encouraged to visit any Digicel store to collect a free compatible device while stocks last. "Ultimately, this is about building a modern, resilient network for the future," Verkade said. "By reinforcing our infrastructure, expanding our mobile footprint, and supporting our customers through the transition, we are ensuring everyone can enjoy a more reliable, high-quality experience for years to come." About Digicel Group Digicel Group is a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. As reported in the Troubled Company Reporter-Latin America in April 2020, Moody's Investors Service downgraded Digicel Group Limited's probability of default rating to Caa3-PD from Caa2-PD. At the same time, Moody's downgraded the senior secured rating of Digicel International Finance Limited to Caa1 from B3. All other ratings within the group remain unchanged. The outlook is negative. Also in April 2020, the TCR-LA reported that Fitch Ratings has downgraded Digicel Limited to 'C' from 'CCC', and its outstanding debt instruments, including the 2021 and 2023 notes to 'C'/'RR4' from 'CCC'/'RR4'. Fitch has also downgraded Digicel International Finance Limited to 'CCC+' from 'B-'/Negative, and its outstanding debt instruments, including the 2024 notes and the 2025 credit facility, to 'CCC+'/'RR4' from 'B-'/'RR4'. Fitch has removed the Negative Rating Outlook from DIFL. JAMAICA: BOJ Holds Policy Interest Rate at 5.75% ------------------------------------------------ RJR News reports that the Bank of Jamaica (BOJ) has kept its benchmark interest rate unchanged, but announced special measures to stabilize the foreign exchange market as it moves to contain an expected spike in inflation following Hurricane Melissa. After meetings on November 20 and 21, the central bank's Monetary Policy Committee (MPC) voted unanimously to hold the policy rate at 5.75% per annum, according to RJR News. That is the rate paid to deposit-taking institutions on their current account balances at the BOJ, the report notes. The committee said the decision was taken in the context of the devastation caused by Hurricane Melissa and the severe hardship and dislocation facing many Jamaicans, the report relays. "This time it's largely based on the need to contain several risks that could cause higher inflation. Holding the policy rate unchanged, complimented by the proactive measures to ensure stability in the foreign exchange market will enable inflation to return to the target range by early 2027," said BOJ Governor Richard Byles, the report discloses. He noted that without these measures, inflation will remain elevated for an extended period of time, the report says. The MPC also pointed to the government's decision to temporarily suspend the fiscal rules to support relief and recovery, which will allow for higher public spending and could add to demand pressures in the economy. It also cautioned that long-term damage in some industries could slow the restoration of supplies, the report notes. On the other hand, inflation could be lower if domestic demand recovers much more slowly because of income loss, the report relates. Meanwhile, alongside holding the policy rate steady, the central bank has begun special pre-emptive measures in the foreign exchange market, anticipating increased imports for rehabilitation and reconstruction, the report disclsoes. Since the passage of Hurricane Melissa, the BOJ has already sold $210 million into the market, the report says. "Going forward, in the short term, the BOJ will also directly supply the foreign currency need of selected entities in the energy sector to take out of the market these large lumpy purchases that could distort prices at any given time. We will also proactively ensure adequate foreign currency liquidity in the market, including the reintroduction of schedule advanced notices of intervention sales," announced Mr. Byles, the report relays. The bank says its strong international reserves give it the capacity to support the market and that it stands ready to deploy other tools to maintain orderly conditions in the exchange rate, 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: Responds to Increased Need for Cash Post-Hurricane ----------------------------------------------------------- RJR News reports that Bank of Jamaica Governor Richard Byles has confirmed commercial banking services including access to cash were badly affected by Hurricane Melissa, while affirming that financial stability remains a top priority for the central bank. The governor said, in a video statement, that the bank understands that more Jamaicans will be more reliant on cash in order to conduct their daily transactions in the aftermath of the Hurricane, according to RJR News. But, the Governor admitted that banks continue to face major challenges in the aftermath of the storm with staff displaced, lack of power and connectivity, the report notes. This, according to him, will affect the speed of resumption of normal banking services, the report says. He revealed that the central bank has waived RTGS fees for more than 240,000 transactions, the report discloses. The central bank chief also gave recovery levels for ATMs as at November 18: Hanover, 31-per cent, Trelawny 38-per cent, and St Elizabeth 42-per cent, 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. ===================== P U E R T O R I C O ===================== CONCORDE METRO: To Sell Bayamon Property to MDD Child Neurology --------------------------------------------------------------- Concorde Metro Seguros LLC seeks permission from the U.S. Bankruptcy Court for the District of Puerto Rico to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor employs Christiansen Real Estate, Inc., d/b/a Christiansen Commercial, as exclusive sales agent for the Debtor's commercial office condominium units. The Debtor's Property is a certain commercial office condominium unit designated as Suite A-102, located within the Metro Medical Center building, Bayamon, Puerto Rico, containing approximately 1,983 square feet, together with all appurtenant rights and improvements, as more particularly described in Exhibit A. https://urlcurt.com/u?l=GrAvyt The Property was registered in favor of Concorde Metro Seguros, LLC, which acquired it by Purchase and Sale by Deed Number 63 executed in San Juan on December 31, 2015, before Notary Public Ricardo O. Melendez Sauri. The Property is subject to liens and encumbrances, including a Mortgage in favor of Banco Popular de Puerto Rico (BPPR). The Debtor received a private offer from MDD Child Neurology LLC (now the newly formed entity CZV Med Group LLC), a Puerto Rico limited liability company. Once the Court approves the private sale, the Debtor will coordinate with the Buyer for the closing of said transaction and with BPPR for the partial release of Suite A-102 from the existing lien. The net proceeds from the sale, unless otherwise agreed in writing between the Debtor and BPPR, shall be paid to BPPR and applied toward reduction of the mortgage debt secured by the Property. The purchase price of the Property is $120,00. The Purchaser is assignee CZV Med Group LLC, a Puerto Rico limited liability company and the closing date will be on before December 19, 2025. The Debtor has obtained recent comparable sales data from Christiansen Commercial, the Court-approved broker, for office condominium units within the Metro Medical Center complex to establish the fair market value of the Property. The Seller shall bear the cost of the internal revenue stamps required for the execution of the original deed. Buyer shall pay the costs of rights, fees, and stamps on certified copies of the deed for registration in the Property Registry of Puerto Rico, as well as the statutorily applicable notarial tariff, and shall select the notary. Each party shall bear its own legal fees and expenses in connection with this transaction. Within the Debtor's business judgment, it believes that the sale of the subject property is in the best interest of the estate and its creditors. About Concorde Metro Seguros Concorde Metro Seguros LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). The Company's primary business involves managing the Metro Medical Center in Bayamon, Puerto Rico, which serves as its principal asset. Concorde Metro Seguros LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-01269) on March 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mildred Caban Flores presides over the case. The Debtor is represented by Javier Vilarino, Esq. at Vilarino and Associates LLC. ============= U R U G U A Y ============= URUGUAY: IDB OKs $20MM Loan to Modernize Fiscal and Customs Mgmt. ----------------------------------------------------------------- Uruguay will modernize its fiscal and customs management to strengthen the business environment with a $20 million loan approved by the Inter-American Development Bank (IDB) Board of Executive Directors. This operation will finance investments to improve the effectiveness of tax and customs administration and increase the efficiency of public financial management. This loan is the first operation under a Conditional Credit Line for Investment Projects (CCLIP) of $100 million, which was also approved by the Board. The project will facilitate tax compliance and optimize processes that are expected to benefit 1.4 million individuals and 430,000 companies. It will also help reduce customs clearance times and tax evasion, particularly for the value-added and income taxes. Additionally, the operation will support improvements in the consolidation of the country's financial statements and improve the amount of information available for policymaking. In the tax area, the operation will finance the modernization of technological infrastructure and the strengthening of data protection and cybersecurity systems. It will also support the implementation of a risk-based tax compliance management model and the adaptation of spaces at the General Tax Directorate to incorporate new processes. In the customs area, the project will modernize the IT system and technological capabilities, promote the adoption of tools to implement risk-based control models, and finance the purchase of equipment and adaptation of facilities to improve customs service delivery. The project will strengthen public financial management systems by expanding the coverage of the national GRPUy platform, increasing the integration of administrative records, and modernizing technological systems and cybersecurity at the National Institute of Statistics. The operation includes a repayment term of 22.5 years, a grace period of 5 years, and an interest rate based on SOFR. ********* 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. 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. . * * * End of Transmission * * *