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260305.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, March 5, 2026, Vol. 27, No. 46 Headlines B A R B A D O S BARBADOS: Unveils BDS$3.9 Billion Budget BERGER PAINTS: Barbados Unit to Close All Sites on April 24 B R A Z I L AZUL SA: Advised by Davis Polk in Chapter 11 Restructuring BRAZIL: Partially Rolls Back Import Tax Hike COSAN SA: Moody's Cuts CFR to Ba3, On Review for Further Downgrade J A M A I C A JAMAICA PUBLIC: SBAJ Discusses Key Concerns JAMAICA: Economy Must Grow 4-7% Annually to Meet Debt Target P U E R T O R I C O MO-NA-C0-BIOMEDICAL CORP: Hires Nydia Gonzalez Ortiz as Counsel - - - - - =============== B A R B A D O S =============== BARBADOS: Unveils BDS$3.9 Billion Budget ---------------------------------------- Trinidad and Tobago Express reports that the Barbados government last February 24, 2026 laid its 2026–2027 budget in Parliament, outlining projected revenue and expenditure for the upcoming financial year and revised fiscal estimates for 2025–2026 ahead of debate on the Appropriation Bill, 2026, set to begin on March 2. For the current financial year 2025–2026, revised figures show total revenue on a cash basis of BDS$3.856 billion comprising BDS$3.663 billion in tax revenue and BDS$192.6 million in non-tax revenue and grants, according to Trinidad and Tobago Express. Total expenditure, exclusive of amortisation, is projected at BDS$3.939 billion, including BDS$3.419 billion in current spending and BDS$520.8 million in capital outlays, the report notes. The revised fiscal deficit stands at BDS$83.8 million on the International Financial Institution (IFI) basis, equivalent to 0.5% of gross domestic product (GDP), which is estimated at BDS$16.243 billion at market prices, the report relays. However, the primary balance is projected to record a surplus of BDS$658.4 million, or 4.1% of GDP, on a cash basis, the report says. For 2026–2027, Government projects a significant increase in revenue, the report discloses. On the accrual basis, current revenue is forecast at BDS$5.276 billion, the report says. On the cash basis, revenue is projected at BDS$5.179 billion, representing an increase of BDS$1.323 billion, or 34.3%, over the revised 2025–2026 level, the report relays. Total expenditure for 2026–2027 is estimated at BDS$6.139 billion on the accrual basis, inclusive of amortisation, the report notes. Of this amount, BDS$5.165 billion is allocated to current expenditure, while BDS$973.8 million is earmarked for capital expenditure and amortisation, the report says. On a cash basis and exclusive of amortisation, total expenditure is projected at BDS$5.076 billion, with BDS$4.186 billion in current expenditure and BDS$889.8 million in capital spending, the report discloses. Current expenditure reflects an increase of BDS$766.7 million over the revised 2025–2026 figure, the report relays. Spending on goods and services is expected to rise by Bds$376.2 million, from Bds$590.5 million to Bds$966.7 million, while current transfers are projected to increase by BDS$368.4 million, or 32%, to BDS$1.520 billion. Debt servicing costs—including repayment of principal and interest—are expected to total BDS$1.496 billion, the report notes. The primary balance for 2026–2027 is projected to record a surplus of BDS$817.5 million, equivalent to 4.8% of GDP, which is estimated at BDS$17.065 billion on a cash basis, the report says. The Estimates will form the basis of debate in Parliament as legislators consider the Appropriation Bill, 2026, the report adds. BERGER PAINTS: Barbados Unit to Close All Sites on April 24 ----------------------------------------------------------- Trinidad and Tobago Express reports that Berger Paints Barbados Ltd will begin winding down its manufacturing and site operations, with all sites closing on April 24. A release from its parent company ANSA McAL stated that this includes the plant, warehouse, Colour Shops, and administrative offices, according to Trinidad and Tobago Express. "This action has become necessary due to sustained changes in the operating environment, including the impact of Article 164, which have affected the long-term viability of local manufacturing operations for Berger Paints Barbados," the release stated, the report notes. The report relays that it explained that this is part of a new distribution model which allows for the continuation of Berger products to be manufactured within the Caribbean region and distributed in Barbados through selected partners, including Carters (via Blades and Williams) and Ace H&B Hardware, "both well-established and reputable Barbadian companies chosen to care for and carry the Berger brand forward in the market." "The brand will continue to be available at all existing hardware stores, and through this model, our loyal customers will benefit from improved pricing, consistently high product quality, and even an expanded Berger product range," the release stated the report discloses. The report notes that the company noted that it recognised that "this transition has a real and personal impact on our employees and their families." "The company is committed to handling this process in a way that is fair, respectful, and centred on its people,”" it stated, the report says. The report relays that it continued: "A formal consultation process commences. This process is designed to ensure that employees are engaged directly, given time to ask questions, and supported through every step of the transition." It did not say how many employees will be affected, the report says. The report notes that beyond the regulatory requirements, Berger Paints Barbados stated that it is providing additional support to its employees such as: -- All Berger Paints Barbados employees will continue to have access to the ANSA McAL Group's Employee Assistance Program, which includes well-being support services, and financial planning assistance. -- Financial counselling sessions are also being scheduled for employees. -- To further support affected employees, ANSA McAL will provide employees with resume-writing support, and career-planning guidance. "These measures are intended to give employees practical support, space, and resources as they navigate this transition," it stated, the report relays. As the operating model evolves, the company stated that it will still be serving businesses and homes across Barbados with products now supplied through this new distribution model, the report notes. The report discloses that director at Carters and Blades & Williams, Michael Edwards, said: "We are proud to support the continued presence of the Berger brand in Barbados and to ensure it is represented with the care and consistency customers expect." The report says that managing director, ACE H&B Hardware and Lumber Inc, Jason Pinto, added: "Berger is a trusted name that our customers know and depend on. We take pride in being chosen to maintain the brand in Barbados, ensuring continuity, availability, and the high standards associated with the Berger products." General manager of Berger Paints Barbados, Rhea Singh, said: "For more than 65 years, the Berger brand has been a trusted part of the Barbados landscape, and we look forward to its continued evolution. We are extremely grateful to our employees for their dedication over the years. The brand would not be where it is without them, and we are committed to supporting them through this transition," the report adds. =========== B R A Z I L =========== AZUL SA: Advised by Davis Polk in Chapter 11 Restructuring ---------------------------------------------------------- Davis Polk served as lead counsel to Azul S.A. and its subsidiaries ("Azul" or "the company") in connection with the company's comprehensive restructuring under chapter 11 of the Bankruptcy Code. On December 19, 2025, Judge Sean H. Lane, United States Bankruptcy Judge for the Southern District of New York, entered an order confirming the company's overwhelmingly consensual plan of reorganization. On February 20, 2026, Azul completed its restructuring and emerged from bankruptcy. Pursuant to its approved plan, Azul (i) received $850 million of equity investments in a rights offering conducted at emergence, including investments from the company's prepetition bondholders and from United Airlines, (ii) secured an investment from American Airlines for an incremental $100 million equity investment in the form of mandatorily exercisable warrants, subject to antitrust approval, (iii) raised $1.375 billion of secured exit financing, (iv) equitized certain prepetition claims, reducing the company's loans and financing debt by approximately $1.1 billion and its annual interest expense by over 50% and (v) optimized its fleet through the renegotiation of aircraft lease agreements, reducing fleet debt by nearly 40% without reducing operating capacity. Azul's plan was unanimously approved across all voting classes. The consummation of Azul's plan has resulted in a significant deleveraging, enhanced the company's liquidity and operational profile and preserved the jobs of over 15,000 Azul crewmembers. Azul's financial and operational transformation was successfully completed in less than nine months, significantly faster than the in-court restructurings of its competitor airlines. Azul is the largest airline in Brazil measured by cities served and direct domestic routes, with more than 800 daily flights to 137 destinations. With a fleet of approximately 200 aircraft, Azul operates a network of 250 direct routes. Azul's flight network also includes select international destinations. The Davis Polk restructuring team included partner Timothy Graulich, counsel Jarret Erickson, Richard J. Steinberg, Stephen D. Piraino and Joshua Y. Sturm and associates Andrew Frisoli, Benjamin Weissler, Kaitlyn Kelleher Otero and Naomi R. Philhower. The capital markets team included partner Manuel Garciadiaz, counsel Konstantinos Papadopoulos and associate Alexandre Diniz. The finance team included partner James A. Florack and counsel Yuko Sin. Partner Yan Zhang provided structured products advice. Associate Ben Isaacs provided antitrust advice. Members of the Davis Polk team are based in the New York, Sao Paulo and Brussels offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Azul S.A. Azul S.A. and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11176) on May 28, 2025, listing up to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell LLP and Togut, Segal & Segal LLP as counsel. On June 13, 2025, the United States Trustee for Region 2 appointed the Committee under section 1102 of the Bankruptcy Code. BRAZIL: Partially Rolls Back Import Tax Hike -------------------------------------------- globalinsolvency.com, citing Reuters, reports that Brazil's government partially rolled back a controversial increase in import tariffs approved earlier this year, the Ministry of Development, Industry, Trade and Services said. The move, previously reported by Reuters, citing sources, restores a zero tariff on items that had been taxed after losing exemptions granted under the government's policy to attract data centers to the country, according to globalinsolvency.com. In February, President Luiz Inacio Lula da Silva's administration raised import duties on more than 1,200 capital and technology goods, the report notes. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. COSAN SA: Moody's Cuts CFR to Ba3, On Review for Further Downgrade ------------------------------------------------------------------ Moody's Ratings has downgraded Cosan S.A. ("Cosan") Corporate Family Rating to Ba3 from Ba2 and placed the rating under review for further downgrade. Similarly, Moody's downgraded Cosan Overseas Limited's backed senior unsecured notes rating to Ba3 from Ba2 and placed the ratings under review for further downgrade. Previously, the outlook for both entities was negative. RATINGS RATIONALE/FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The downgrade incorporates the uncertainties regarding the capital restructuring and adequacy which will be undertaken by Raizen S.A. (Caa1 negative), Cosan's key shared control subsidiary, and the increased risk perception towards the Cosan group. Cosan does not guarantee the debt of Raizen limiting direct contagion from the deterioration of the subsidiary, but the situation at Raizen is still developing and there is a high level of uncertainty regarding the possible effects of such restructuring to creditors and stakeholders. Stakeholders of the Cosan group are likely to remain more cautious observing the developments at Raizen, which may delay or restrict terms of asset sales and market access for Cosan and key subsidiaries. Moody's do not expect any dividends to be paid from Raizen in the next 2 harvests, therefore the dependence on a sustained stream from Compass and other subsidiaries increases. The review for downgrade will observe further developments in Raizen's capital restructuring and adequacy, and possible indirect effects that may exacerbate the risk perception towards the Cosan group. A downgrade could result from the company's inability to continue reducing the debt at the holding level. For instance, if Cosan was to increase direct support to Raizen delaying the deleveraging trend at the holding. A weakening in liquidity, including broad declines in equity valuations or tightening credit conditions such that asset sales or capital market access becomes unattractive or inaccessible could also build negative pressure to the rating. Weakening of credit quality or operating performance of any of Cosan's key subsidiaries, such that the upstream of dividends is affected, could also result in a downgrade. Moody's downgraded Raizen on February 9th after the announcement that it had engaged with financial and legal advisors to assist the company in developing alternatives to strengthen its liquidity position and optimize its capital structure. Given the high debt balance of the company, still developing operating performance, and uncertainty regarding a possible equity injection by shareholders Shell Plc (Shell, Aa2 stable) and Cosan S.A., Moody's views that the risks of a distressed exchange or a default like transaction at Raizen had increased and needed to be incorporated into its rating. Governance is a key factor in the rating assessment of Cosan and it mirrors the a lack of a timely and effective oversight to avoid and remediate the aggressive debt-driven expansion and sustained negative free cash flow which led to the deterioration in Raizen's financial profile. Cosan's Ba3 CFR reflects its diversified portfolio of businesses, including the entire sugar-ethanol chain; fuel distribution, including convenience stores, natural gas, lubricants, and logistics operations; and its good liquidity profile. Historically Compass and Raizen had been the key contributors of dividends, but since 2021-2022 Moody's have observed an increasing capacity of other subs to increase dividend upstream, such as Rumo S.A. (Ba2 stable), Moove, and Radar. The holding company's diversified sources of dividends mitigates volatility of cash flow streams from specific segments. Following a BRL10.5 capital injection the holding company has reduced its debt balance consistently which will help it to observe an adequate interest coverage going forward. Also supporting the ratings is the shareholding agreement with the addition of new shareholders BTG Pactual Asset Management (Banco BTG Pactual S.A., Ba1 stable long-term deposit rating) and Perfin Infra Administração de Recursos Ltda, joining controlling shareholder, Aguasanta, which was diluted but still holds 50.1% of the shares under the agreement. Cosan's ratings are constrained by the acquisitive growth history of the company and its subsidiaries. Additionally, the uncertainty regarding Raizen's capital restructuring developments and its indirect effects for Cosan and other companies in the group are a constraint. Headquartered in São Paulo, Cosan S.A. is a holding company with a shared control of Raizen S.A. (sugar-ethanol; fuel distribution, including convenience stores), via a joint-venture with Shell Plc (Aa2 stable); controlling stakes in Compass Gás e Energia S.A. (natural gas), Rumo S.A. (railways and logistics), Moove Lubricants Holdings (lubricants), Radar Gestão de Investimentos S.A. (land management), among other investments. The principal methodology used in these ratings was Investment Holding Companies and Conglomerates published in April 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. ============= J A M A I C A ============= JAMAICA PUBLIC: SBAJ Discusses Key Concerns ------------------------------------------- RJR News reports that members of the Small Business Association of Jamaica (SBAJ) recently met with the management team of the Jamaica Public Service Company (JPS) to discuss several pressing issues impacting small businesses across the island. The delegation, led by SBAJ President Garnet Reid, outlined key concerns affecting the sector. Among the matters raised were the high fixed generation costs, the company's - and the country's - vulnerability to natural disasters such as Hurricane Melissa, the practice of passing disaster-related costs on to consumers, and the limited financial buffers available to small business operators, according to RJR News. The group also expressed concern about frequent power outages, noting that these disruptions continue despite recent rate increases, the report notes. The SBAJ delegation emphasised the need for fair, transparent, and practical solutions to address these challenges, underscoring their importance to the growth, resilience, and long-term sustainability of Jamaica's business sector and wider economy, the report adds. JAMAICA: Economy Must Grow 4-7% Annually to Meet Debt Target ------------------------------------------------------------ RJR News reports that Finance Minister Fayval Williams says Jamaica's economy must grow between four and seven per cent each year to keep the country on track to meet its debt target. She said stronger growth is needed to generate enough tax revenue to bring the debt down to 60 per cent of GDP, while also paying the public sector wage bill and funding basic social services and infrastructure, according to RJR News. Over the past 10 years, the Jamaican economy has grown by an average of just 0.8 per cent per year, the report relays. That is in line with the 40-year average. The minister says this slow growth is limiting the government's ability to reduce debt and cover rising expenses, the report notes. She notes that the effects of the COVID-19 pandemic and natural disasters have also contributed to revenue shortfalls. Looking ahead, the finance minister is projecting a 4.5 per cent contraction this year and a further 0.5 per cent decline next year, the report discloses. Growth is expected to rebound to 3.3 per cent in the 2027–2028 fiscal year, followed by 2.6 per cent the next year and one per cent in 2029–2030, 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 ===================== MO-NA-C0-BIOMEDICAL CORP: Hires Nydia Gonzalez Ortiz as Counsel --------------------------------------------------------------- MO-NA-C0-BIOMEDICAL, CORP seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Nydia Gonzalez Ortiz, Esq. of Santiago & Gonzalez Law to serve as legal counsel. Ms. Gonzalez Ortiz will represent the Debtor in the instant case. Ms. Gonzalez Ortiz will receive a $6,000 retainer fee, which has been advanced by Debtor, and hourly rates of $300 for work performed by Nydia Gonzalez Ortiz, $225 for work performed by the firm's associates, and $75 for paralegal services, plus expenses, upon application(s) and approval of the Court. Santiago & Gonzalez Law and Nydia Gonzalez Ortiz, Esq. are "disinterested persons" as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Nydia Gonzalez Ortiz, Esq. SANTIAGO & GONZALEZ LAW 11 Betances Street Yauco, PR 00698 Telephone: (787) 267-2205 (787) 267-2252 E-mail: bufetesg@gmail.com About MO-NA-C0-BIOMEDICAL,CORP MO-NA-C0-BIOMEDICAL, CORP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-00578) on February 13, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. Santiago & Gonzalez Law is the Debtor's legal counsel. ********* 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 * * *