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260122.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, January 22, 2026, Vol. 27, No. 16 Headlines A R G E N T I N A BANCO MASTER: Police Serve Warrants on Businessmen in Probe B R A Z I L INTERTRADERONE LLC: Claims to be Paid From Property Sale Proceeds C O L O M B I A CANACOL ENERGY: Davis Polk Advises Noteholders in Restructuring D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: United States Leads Remittances to Country J A M A I C A JAMAICA: Consumer Prices Rose 1.3% in December, STATIN Says JAMAICA: US Migration Still Pumping Billions Into Economy, PIOJ Say M E X I C O CARESTREAM HEALTH: S&P Downgrades ICR to 'CCC', Outlook Negative P A N A M A MERCANTIL HOLDING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable - - - - - ================= A R G E N T I N A ================= BANCO MASTER: Police Serve Warrants on Businessmen in Probe ----------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that two sources familiar with the matter said Brazil's federal police served search and seizure warrants against businessmen Daniel Vorcaro and Nelson Tanure as part of an investigation into alleged fraud at Banco Master. The raids are part of the second phase of a police operation launched ‌in November, which at the time led to Vorcaro's arrest on the same day the Brazilian central bank ordered Banco Master's liquidation, according to globalinsolvency.com. Vorcaro was later released, but had to wear an ankle monitor, the report adds. About Banco Master Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial service sector. Banco Master filed a Chapter 15 Petition with the U.S. Bankruptcy Court for the Southern District of Florida on December 10, 2025 (Case No. 25-24568), with the Hon. Scott M Grossman presiding. =========== B R A Z I L =========== INTERTRADERONE LLC: Claims to be Paid From Property Sale Proceeds ----------------------------------------------------------------- Intertraderone, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated January 8, 2026. The Debtor is a Florida corporation that operates as a seafood broker. The Debtor has been in business since 2019. The Debtor purchases seafood from Peru and China and sells the seafood to companies in Brazil. It is solely owned and operated by Manuel Chavez. The Debtor has no other employees. The Debtor also owns real property located at 2172 Falls Manor, Vero Beach, FL (the "Property"). This property is the home of Chavez. The decreased sales limited the Debtor's ability to pay its mortgage on the Property. This led to a foreclosure proceeding. The creditor, Michelle Tucker, as Trustee, obtained a judgment on September 20, 2025, in the amount of $405,847.24. A sale date was set for November 24, 2025, but was canceled when the bankruptcy was filed. The Debtor estimates that the value of the Property is $650,000.00. Since the filing of the case, the Debtor has put the Property on the market. A hearing to employ a realtor is scheduled for January 13, 2026. The Debtor has reduced the sale price to $600,000.00 with the hope of a quick sale. It is the Debtor's intention to use any sales proceeds to satisfy the claims of all creditors. The Debtor will make monthly adequate protection payments to the mortgage holder in the amount of $3,572.92 until the Property is sold. The Debtor's ability to fully fund the plan depends solely on the Debtor's sale of the Property. Class 3 consists of Unsecured creditors. The unsecured creditors listed on the Debtor’s schedule are disputed. As of the date of the filing of this disclosure statement, no claims have been filed. If a claim is filed, proceeds of the sale will be put aside until such time as the claims, if any are resolved. This class is impaired. Class 4 consists of Equity holder. The equity holder in the Debtor will continue to own and operate the Debtor. The Plan offers to pay all creditors 100% of their allowed claims. A full-text copy of the Disclosure Statement dated January 8, 2026 is available at https://urlcurt.com/u?l=NyrHnw from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: briankmcmahon@gmail.com About Intertraderone LLC Intertraderone, LLC is a Florida corporation that operates as a seafood broker. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23754) on November 20, 2025, listing up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, PA represents the Debtor as legal counsel. =============== C O L O M B I A =============== CANACOL ENERGY: Davis Polk Advises Noteholders in Restructuring --------------------------------------------------------------- Davis Polk is advising an ad hoc group of noteholders in connection with the in-court restructuring of Canacol Energy Ltd. On November 18, 2025, Canacol Energy and certain of its subsidiaries sought protections in the Court of King's Bench of Alberta under the Companies' Creditors Arrangement Act of Canada (CCAA). Subsequently, Canacol filed for chapter 15 recognition of the CCAA proceeding in the Southern District of New York, which was granted on December 11, 2025. The CCAA proceeding was also recognized as the foreign main proceeding by the Superintendency of Companies of Colombia on December 18, 2025. Members of the ad hoc group have committed to provide debtor-in-possession (DIP) financing in the form of a $45 million delayed draw new money term loan, with capacity for the company to obtain additional commitments to issue up to $22 million in additional letters of credit. The DIP financing was approved by the CCAA Court on December 11, 2025, and the order was recognized by the U.S. Bankruptcy Court for the Southern District of New York on December 18, 2025. Canacol is also seeking enforcement of the DIP by the Colombian Superintendence of Corporations. Proceeds of the DIP financing will fund Canacol's ongoing operations and restructuring efforts. Canacol is a natural gas exploration and production company with operations focused in Colombia. Canacol's shares are traded on the Toronto Stock Exchange under the symbol "CNE," the OTCQX in the United States under the symbol "CNNEF" and the Bolsa de Valores de Colombia under the symbol "CNEC." The Davis Polk restructuring team includes partners Timothy Graulich and Angela M. Libby, counsel Aryeh Ethan Falk and Joanna McDonald and associates Joseph William Bretschneider, Lara Luo, Tony Sun and Mckenzie K. Whalen. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on Nov. 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: United States Leads Remittances to Country -------------------------------------------------------------- Dominican Today reports that the United States was the main source of remittances to the Dominican Republic in December 2025, accounting for 80% of formal inflows, equivalent to US$751.9 million, according to data released by the Central Bank of the Dominican Republic (BCRD). The Central Bank attributed this performance largely to the strength of the U.S. economy, particularly the services sector, where a large portion of the Dominican diaspora is employed, according to Dominican Today. The BCRD highlighted that the U.S. non-manufacturing Purchasing Managers' Index (PMI), published by the Institute for Supply Management (ISM), rose to 54.4 points in December from 52.6 in November, indicating an expansion in economic activity that supported higher remittance flows, the report notes. Spain ranked second among remittance-sending countries, contributing US$65.1 million, or 6.9% of the total, reflecting the sizable Dominican community living in that country, the report relays. Haiti emerged as a notable contributor, accounting for 1.8% of remittances received during the month, despite its ongoing economic, social, and political crisis, the report says. This is linked to the large Haitian population residing in the Dominican Republic who receive financial support from relatives abroad, the report notes. Other countries also contributed to remittance inflows, including Switzerland (1.5%), Italy (1.4%), and Canada and France among the remaining sources, 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. 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: Consumer Prices Rose 1.3% in December, STATIN Says ----------------------------------------------------------- RJR News reports that the Statistical Institute of Jamaica (STATIN) says consumer prices rose by 1.3 per cent in December, driven mainly by higher food and housing costs. According to STATIN, the All-Jamaica Consumer Price Index increased as prices for food and non-alcoholic beverages climbed by 2 per cent, the report notes. This was largely due to sharp increases in the cost of vegetables, tubers, plantains and cooking bananas, which rose by 4.5 per cent, along with fruits and nuts, which increased by 5.6 per cent, according to RJR News. STATIN says the rise in food prices continues to reflect the impact of Hurricane Melissa on agricultural production, the report discloses. Housing, water, electricity, gas and other fuels also recorded a 2.6 per cent increase, influenced mainly by higher electricity rates and increased rental costs, the report relays. Meanwhile, point-to-point inflation for December stood at 4.5 per cent, the report discloses. This was driven by price increases in food, housing, and restaurant and accommodation services, 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. In December 2025, Moody's Ratings upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to Ba3 from B1, and the senior unsecured shelf rating to (P)Ba3 from (P)B1. The outlook has been changed to stable from positive. Also in December 2025, S&P revised its outlook on Jamaica to stable from positive. At the same time, S&P affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. S&P's transfer and convertibility assessment remains 'BB+'. Fitch Ratings in November 2025, affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. JAMAICA: US Migration Still Pumping Billions Into Economy, PIOJ Say ------------------------------------------------------------------- RJR News reports that the Planning Institute of Jamaica said migration to the United States remains a key economic factor for Jamaica, even as the US moves to suspend the processing of immigrant visas from Jamaica. PIOJ data show that an average of nearly 17,000 Jamaicans migrated to the US each year between 2013 and 2022, peaking at more than 23,000 in 2016, according to RJR News. The United States has announced an indefinite suspension of immigrant visa processing from Jamaica and 74 other countries, effective January 21, the report notes. The PIOJ estimates that between 1.1 and 1.5 million Jamaicans now live in the United States, mainly in New York and Florida—making the US the largest source of remittance inflows to the Jamaican economy, the report says. The report discloses that remittances from Jamaicans living and working in the US totalled US$238 million in October last year, an 8.3 per cent decline compared with the same month a year earlier. For the period January to October, remittance inflows from the US amounted to US$2.8 billion, the report relays. These inflows accounted for just over 15 per cent of Jamaica's economic output in 2024, down from more than 18 per cent in 2022, reflecting a gradual easing in the economy's dependence on remittances, 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. In December 2025, Moody's Ratings upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to Ba3 from B1, and the senior unsecured shelf rating to (P)Ba3 from (P)B1. The outlook has been changed to stable from positive. Also in December 2025, S&P revised its outlook on Jamaica to stable from positive. At the same time, S&P affirmed its 'BB' long-term and 'B' short-term foreign and local currency sovereign credit ratings on Jamaica. S&P's transfer and convertibility assessment remains 'BB+'. Fitch Ratings in November 2025, affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' and revised its Outlook to Stable from Positive. =========== M E X I C O =========== CARESTREAM HEALTH: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Carestream Health Inc. to 'CCC' from 'CCC+'. The negative outlook reflects the elevated risk that the company will undertake a distressed exchange in the next 12 months. Carestream announced it has completed the divestiture of its business entities that operate in various markets outside the U.S. to Midea Group Co. Ltd. S&P believes the transaction has weakened the company's business by reducing its scale, narrowing its geographic reach, and increasing its dependance on rapidly declining film-based sales in China. Furthermore, Carestream's debt is trading at distressed levels, which increases the likelihood it will undertake a distressed exchange using the proceeds from the divestiture. S&P would likely view such a transaction as tantamount to a default. The downgrade reflects the increased likelihood of a distressed exchange. On Dec. 31, 2025, Carestream completed the divestiture of certain assets of its wholly owned business entities that operate in various markets outside the U.S. (OUS) to Midea Group Co. Ltd. for an undisclosed amount. The company's remaining operations include its commercial and manufacturing operations in the U.S., its film manufacturing operations in Mexico, and its film operations and commercial sales in China (including non-destructive testing operations). While Carestream has not disclosed the impact of the divestiture on its revenue and EBITDA, we think it could be significant given its sizable OUS operations, which will further weaken its credit metrics (absent debt repayment). Carestream's S&P Global Ratings-adjusted leverage was 3.8x as of Sept. 30, 2025. S&P said, "We also understand that the company has not yet determined how it will use the proceeds from the divestiture. However, Carestream's debt is trading at distressed levels-- about 50 cents on the dollar--amid the secular declines in its digital print film segment. We believe this creates an incentive for the company to undertake a distressed exchange, which we would likely view as tantamount to a default. While the company periodically repurchased its debt on the open market in 2024-2025, we did not view these transactions as distressed given their relatively modest amounts and smaller discount to par value." While a broader debt exchange would likely significantly reduce Carestream's leverage and interest burden, its lenders would receive materially less than they were promised under the original securities. "That said, because the company does not face any immediate refinancing requirements (its revolver matures March 2027 and the term loan matures September 2027) and we believe its credit agreement may not require it to use the divestiture proceeds for debt repayment, management may opt to retain the proceeds and address its capital structure at a later date. Still, we believe Carestream's refinancing risk is high, given its rapidly declining revenue, thus we could consider another downgrade if it fails to address its approaching debt maturities at least six months before they come due. "Operating performance over the first nine months of 2025 continued to reflect challenging market conditions. While the divestiture simplifies the company's business, we believe it also reduces its scale and geographic reach by increasing its dependence on film-based products in China. In the first nine months of 2025, Carestream's revenue from its Value Tier segment, which largely reflects its film-based sales in China and other markets, declined by 34% to $200 million (from $302 million previously). The decline stemmed primarily from the accelerating transition to digital technologies in various Chinese provinces. While we believe that the company's digital radiography (DR) segment in the U.S. could benefit from modest growth in 2026, supported by its new product launches, the headwinds in its Value Tier will likely continue to reduce its top-line revenue." The negative outlook reflects the elevated risk that, following its recent divestiture, Carestream may undertake a distressed exchange in the next 12 months. S&P could lower its rating on Carestream if: -- S&P believes a default or distressed exchange is likely in the next six months; or -- The company announces a transaction that S&P would view as a distressed debt exchange or restructuring (i.e., a large debt repurchase at a significant discount relative to par value). S&P could consider taking a positive rating action on Carestream if it no longer believe a default or distressed exchange is likely in the next 12 months. This could occur if the company uses the proceeds from the transaction to pay down debt at par value and successfully addresses its upcoming maturities. =========== P A N A M A =========== MERCANTIL HOLDING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned Mercantil Holding Financiero Internacional, S.A. (MHFI) a Long-Term Issuer Default Rating (IDR) at 'BB-', Short-Term IDR at 'B', Viability Rating (VR) at 'bb-' and a Government Support Rating (GSR) at 'No Support' ('ns'). The Rating Outlook of the Long-Term Ratings is Stable. Key Rating Drivers Operating Environment with Moderate Influence: Panama's banking system shows adequate system-wide credit growth, asset quality, and profitability, despite lower GDP growth and high interest rates. Despite this, the operating environment (OE) score of 'bb+' is below the implied category of 'bbb'. Fitch expects GDP per capita and Operational Risk Index (ORI) to remain stable, preserving operating conditions for banks. Consolidated Group Business Profile: In Fitch's opinion, MHFI's business profile benefits from its international operations and regional presence, which provide a variety of financial services, mainly in Panama and Venezuela, through its subsidiaries. The organic and inorganic growth of these subsidiaries has improved revenue generation, operational scale, and MHFI's market position, highlighting Mercantil Banco, S.A.'s (MBSA) recent acquisition and merger by absorption of Capital Bank, Inc. and subsidiaries (CB). As of June 2025, the holding company's annualized total operating income was USD164 million, above the four-year average (2021-2024) of USD 121 million; therefore, Fitch expects structural total operating income generation to rise over the rating horizon, supporting the business profile. Moderate Deterioration in Asset Quality: Given the significant recent growth the holding company has experienced, including the acquisition of CB's portfolio, its asset quality indicators are under pressure. As of June 2025, the Stage 3 loans-to-gross-loans ratio deteriorated to 3.9% from its four-year average (2021-2024) ratio of 3.5% (YE24: 4.1%), above levels observed prior to the merger (2019-2021 average: 1.7%). Consequently, Stage 3 loan coverage decreased to 33.4% (2021-2024: 57.0%). To mitigate this pressure, the company has adopted portfolio cleanup measures, resulting in write-offs above historical levels. Fitch expects impairment metrics to improve over the medium term as portfolio normalization measures take effect. Stable Profitability Levels: MHFI has maintained a stable profitability trend, with an operating profit-to-risk-weighted assets (RWA) ratio of 1.5% as of June 2025, in line with its four-year (2021-2024) average of 1.5%. This consistency is driven by a resilient net interest margin and controlled provisioning and operating expenses. Additionally, the double-digit growth of its loan portfolio has helped expand its business volume and revenue generation. Fitch anticipates that the consolidation of MHFI's businesses will continue to strengthen its profitability, supported by non-financial income from complementary services and insurance operations. Stronger Capitalization Metrics: MHFI's capitalization has improved, recovering from 2022 due to adequate earnings retention. As of June 2025, MHFI's Fitch Core Capital (FCC) to RWA ratio was 12.9% (2024: 12.6%; 2022: 9.1%). Considering MHFI's capital management strategy, Fitch expects capitalization to remain broadly stable and to support projected credit growth, although it could face pressure if there is significant unforeseen deterioration. Healthy Funding Profile: As of June 2025, MHFI's loans-to-deposits ratio was 87.2%, comparing favorably with its local peers. Deposits are the main source of funding, representing 87.4% of the holding company's total funding. The issuer's funding structure is characterized by low cost and moderate concentrations. Likewise, its funding profile includes relatively diversified non-deposit funding sources, which enhance its financial flexibility and liquidity levels. GSR: The GSR of 'ns' reflects Fitch's view that support from the central authorities is unreliable given the banking system's large size relative to the economy and the weak support stance due to Panama's lack of a lender of last resort. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Deterioration of the asset quality, business or financial profile of the companies comprising the holding, reflected in MHFI's operating-profit-to-APR ratio consistently below 1.25%, and an FCC ratio below 10%. -- There is no downside potential for the GSR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Consolidation of the business and market position of the subsidiaries' commercial operations, consistently supporting the entity's total operating income, with operating-profit-to-APR ratio above 2.5% on a sustained basis, FCC above 15%, and improved asset-quality ratios. -- As Panama is a dollarized country with no lender of last resort, an upgrade of the GSR is unlikely. VR ADJUSTMENTS The operating environment score of 'bb+' is below the 'bbb' category implied score due to the following adjustment reason: Sovereign rating (Negative). The business profile score of 'bb-' is above the "'b' and below" category implied score due to the following adjustment reason: Group benefits and risks (Positive). ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *