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251208.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, December 8, 2025, Vol. 26, No. 244 Headlines A R G E N T I N A ARGENTINA: Notches First LNG Sales Deal as Shale Patch Booms B R A Z I L NEW FORTRESS: Extends Letter of Credit Maturity to March 2026 UNIGEL PARTICIPACOES: S&P Discontinues 'D' Issuer Credit Rating C A Y M A N I S L A N D S CANTERBURY SECURITIES: Cayman Parent Files Ch. 15 Case D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Meets With US Ambassador to Strengthen Ties J A M A I C A JAMAICA: BOJ Offers Certificate of Deposit to Raise $31.5 Billion JAMAICA: Farmers to Begin Receiving Payments for Crop Damage JAMAICA: Gov't Slashes Growth Targets in Wake of Hurricane Melissa P U E R T O R I C O MUNDO EDITORIAL: Court Bars Access to Cash Collateral - - - - - ================= A R G E N T I N A ================= ARGENTINA: Notches First LNG Sales Deal as Shale Patch Booms ------------------------------------------------------------ Elena Mazneva & Jonathan Gilbert at Bloomberg News report that Argentina has secured its first agreement for long-term sales of liquefied natural gas, a key step in its bid to become a global supplier of the fuel as drilling ramps up in its Vaca Muerta shale patch. A consortium of natural gas producers led by Pan American Energy Group, which is 50 percent owned by British supermajor BP Plc, agreed to sell up to two million tons a year of LNG to Germany's state-owned SEFE for eight years, according to Bloomberg News. The deal, which still needs to be finalised, is "a key milestone for the future development of the Vaca Muerta gas resources," Pan American's Rodolfo Freyre, who heads the consortium called Southern Energy, said in a statement, Bloomberg News relays. The LNG would start getting shipped to Europe in late 2027, covering most of the capacity of Southern Energy's first floating liquefaction unit, which is being provided by Golar LNG Ltd, Bloomberg News notes. Golar will post a second unit to Southern Energy about a year later, boosting total annual capacity to about six million tons, Bloomberg News discloses. The agreement is further validation of Argentina's shale ambitions, Bloomberg News says. While oil and gas output in the Vaca Muerta are both booming, the outlook for gas has been more complicated given the larger infrastructure investments and long-term supply deals required to become an exporter, Bloomberg News relays. A second project, led by state-run YPF SA, hasn't yet been officially green-lighted, Bloomberg News notes. If it does go ahead, India has expressed interest in being a buyer, Bloomberg News relays. The accord comes as SEFE, or Securing Energy for Europe GmbH – a former Gazprom PJSC unit nationalised by Germany after the Kremlin's invasion of Ukraine – plans to end its legacy contract with Russia by the start of 2027, Bloomberg News notes. That's when the European Union's ban on dealings with Russian LNG will comes into force, allowing companies to skip contractual obligations, Bloomberg News says. SEFE has been looking for new sources of supply in recent years as it seeks to cut ties with Moscow. The new deal with Argentina — which will be on a free-on-board basis — is contingent on the negotiation of a definitive supply contract, it said, 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. =========== B R A Z I L =========== NEW FORTRESS: Extends Letter of Credit Maturity to March 2026 ------------------------------------------------------------- New Fortress Energy Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 14, 2025, the Company entered into the Eleventh Amendment Agreement, by and among the Company, as the borrower, the guarantors party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions party thereto, as lenders and issuing banks, which amends that certain Letter of Credit and Reimbursement Agreement, dated as of July 16, 2021, by and among the Company, as the borrower, the guarantors from time to time party thereto, Natixis, New York Branch, as administrative agent and collateral agent, and each of the other financial institutions from time to time party thereto, as lenders and issuing banks, to, among other things: (a) extend the maturity date of the Letter of Credit Agreement to March 31, 2026, (b) provide for a covenant holiday with respect to the consolidated first lien debt ratio and fixed charge coverage ratio covenants contained therein for the fiscal quarter ended September 30, 2025 and the fiscal quarter ending December 31, 2025, (c) remove the minimum liquidity requirement contained therein with respect to each fiscal quarter, (d) remove certain flexibility the Company had to pay dividends and other distributions, and (e) restrict the ability for the Company or any of its subsidiaries to make payments of principal or interest accruing on certain outstanding indebtedness, including the November 17, 2025 interest payment due under that certain Indenture, dated as of November 22, 2024, by and between NFE Financing LLC, a Delaware limited liability company and subsidiary of the Company, as issuer, the guarantors from time to time party thereto and Wilmington Savings Fund Society, FSB, as trustee and notes collateral agent. The Eleventh Amendment provides that if, among other things, NFE Financing fails to maintain that certain Forbearance and Waiver Agreement, dated as of November 17, 2025, by and among NFE Financing, NFE Brazil Investments LLC, a Delaware limited liability company and subsidiary of the Company, Bradford County Real Estate Partners LLC, a Delaware limited liability company and subsidiary of the Company, and the holders under the New 2029 Notes Indenture party thereto, in full force and effect or materially violates its terms, an event of default will occur under the Letter of Credit Agreement. If such event of default occurs, the issuing banks would have the right to require cash collateralization of all outstanding letters of credit issued pursuant to the Letter of Credit Agreement. If the issuing banks choose to exercise such rights under those facilities, substantially all the Company's outstanding indebtedness could be accelerated, and the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on stockholders. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In July 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'CCC' from 'B-' . . . The negative outlook reflects heightened refinancing risk on the company's notes due September 2026 and an increased possibility that a payment default or distressed exchange may occur within the next 12 months. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. UNIGEL PARTICIPACOES: S&P Discontinues 'D' Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings discontinued its ratings on Unigel Participacoes S.A. This follows its downgrade of the company to 'D' after its Urgent Cautious Protection filing in August 2025, and the approval of its request for judicial reorganization in October. =========================== C A Y M A N I S L A N D S =========================== CANTERBURY SECURITIES: Cayman Parent Files Ch. 15 Case ------------------------------------------------------ Vince Sullivan at law360.com reports that the Cayman Islands parent company of Chapter 15 debtor Canterbury Securities filed for its own insolvency case in New York, with the same joint liquidators seeking recognition of a foreign proceeding in the new case. As previously reported by the Troubled Company Reporter - Latin America in November 2024, the liquidators of Canterbury Securities, an investment firm based in the Cayman Islands, sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11814) on Oct. 21, 2024. The action came after a dispute with another firm over a $20 million share sale that Canterbury is accused of misappropriating. The Debtor is represented by John E. Jureller, Jr., of Klestadt Winters Jureller. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Meets With US Ambassador to Strengthen Ties --------------------------------------------------------------- Dominican Today reports that new U.S. Ambassador Leah Campos met with Industry and Commerce Minister Victor "Ito" Bisono to review key bilateral priorities in trade, investment, and technical cooperation. Both sides reaffirmed the strategic value of the Dominican–U.S. partnership and highlighted ongoing collaboration in institutional strengthening and capacity building. Bisono noted that trade between January and October 2025 surpassed US$15.9 billion, a 3% increase compared to the previous year, according to Dominican Today. Dominican exports to the U.S. also grew 3%, exceeding US$6 billion, with more than 89% coming from free-trade zones—mainly medical devices, electrical components, cigars, jewelry, and advanced manufacturing, the report notes. He said these numbers reflect strong U.S. confidence in Dominican industry, the report relays. The minister also underscored the country's strong performance in foreign direct investment, recalling the US$4.52 billion reached in 2024 and the continued momentum in 2025, the report discloses. He noted that the Dominican Republic captured 30% of all FDI flowing into the Caribbean, consolidating its position as one of the region's most competitive destinations, 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 Offers Certificate of Deposit to Raise $31.5 Billion ----------------------------------------------------------------- RJR News reports that the Bank of Jamaica sought to withdraw another $31.5 billion from circulation through its latest fixed rate certificate of deposit. The central bank says $29.9 billion will be made available to private financial institutions and individual investors through competitive bidding, according to RJR News. Another $1.57 billion will be offered to the public sector on a non-competitive basis, the report notes. The instrument carries an annual interest rate of 6 per cent and will mature on January to 2026, the report recalls. Interest will be paid at 25 per cent of the face value when the instrument matures, 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: Farmers to Begin Receiving Payments for Crop Damage ------------------------------------------------------------ RJR News reports that the Banana Board said 116 banana and plantain farmers will begin receiving payments totalling $20 million following the destruction caused by the passage of Hurricane Melissa. Janet Coney, General Manager of the Banana Board, said the payments would be made to the farmers who were registered with the catastrophe insurance fund and will be disbursed following damage assessment, according to RJR News. Ms. Coney says the aim is to begin disbursement within a month, the report notes. The affected farmers will also get access to fertilisers, 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: Gov't Slashes Growth Targets in Wake of Hurricane Melissa ------------------------------------------------------------------ RJR News reports that Jamaica's financial Secretary Darlene Morrison said the Ministry of Finance has been forced to revise the country's medium-term macroeconomic targets because of the devastation caused by Hurricane Melissa. She says that real GDP growth, or growth after adjustment for inflation, has now been revised to minus 4.3 per cent from the original target of positive 2.2 per cent for this fiscal year, according to RJR News. She noted that the original inflation target of 5.3 per cent has now been revised upwards to 9.5 per cent because of the anticipated bump in local food prices, the report notes. The capital or growth budget has also been reduced by $2.2 billion to $55 billion, the report relays. Ms. Morrison also says that the fiscal rules have been suspended for one year in order to facilitate a lower primary surplus target to provide more fiscal space to facilitate the recovery and reconstruction process, the report discloses. The primary surplus is the amount of money that is set aside out of the government's total revenues and grants in order to service the debt, the report says. It was originally projected at 5.2 per cent of GDP or at about $181 billion for this fiscal year, 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 ===================== MUNDO EDITORIAL: Court Bars Access to Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Puerto Rico granted Advanced Service Group LLC's motion to prohibit Mundo Editorial, Inc. from using cash collateral without proper court authorization. In its motion, the lender argued that the Debtor is using cash subject to its perfected security interest without consent or adequate protection. Mundo Editorial filed its Chapter 11 Subchapter V petition on August 29 and continues to operate as debtor-in-possession, but according to Advance, it defaulted on its last three cash-advance agreements, accruing $329,270 in debt as of the petition date. Advance holds a valid, perfected security interest in the Debtor's cash, accounts receivable, and proceeds, supported by prior cash advances made to fund working capital, with documentation including a contract, account statements, and a 2023 UCC financing statement. Advance argued that because cash collateral is consumed as it is used, the Bankruptcy Code imposes a strict standard of adequate protection and the Debtor bears the burden of proving its sufficiency but the Debtor has allegedly provided none. Citing statutory requirements and case law emphasizing the creditor's right to protection equal to the value of its prepetition bargain, Advance argued that the continued use of cash collateral without protective measures such as periodic payments, replacement liens, or other "indubitable equivalent" security exposes it to substantial and irreparable harm. About Mundo Mundo Editorial Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 25-03916) on August 29, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Jesus E. Batista Sanchez, Esq., at The Batista Law Group, PSC as counsel and Hector L. Martinez at HDC Tax Services Inc. as financial consultant. Advanced Service Group LLC, as lender, is represented by GOLDMAN ANTONETTI & CORDOVA, LLC. ********* 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. 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