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260714.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 Tuesday, July 14, 2026, Vol. 27, No. 139 Headlines A R G E N T I N A ARGENTINA: Central Bank Survey Sees Inflation Dipping Below 2% ARGENTINA: Has Secured Funds for 2026 Debt Payments, Minister Says ARGENTINA: Shuns Markets For Now, Sees Investment Grade by 2031 B R A Z I L AMBIPAR PARTICIPACOES: Seeks US Recognition of Brazilian Reorg FS INDUSTRIA: Moody's Lowers CFR to B1 & Alters Outlook to Stable D O M I N I C A N R E P U B L I C [] DOMINICAN REPUBLIC: Customs Collects RD$129.2BB in 1H of 2026 P U E R T O R I C O ADVISORS GROUP: Seeks Subchapter V Bankruptcy in Puerto Rico CONVENTION CENTER: Hires Modesto Bigas Law Office as Counsel FULL HOUSE: Seeks to Hire Modesto Bigas Law Office as Counsel GOLDEN TRIANGLE: Taps Juan Valedon & Modesto Mendez as Counsel - - - - - ================= A R G E N T I N A ================= ARGENTINA: Central Bank Survey Sees Inflation Dipping Below 2% -------------------------------------------------------------- Buenos Aires Times reports that private economists, economists and financial institutions expect Argentina's monthly inflation rate to fall below two percent from August for the first time in several months. According to the Central Bank's latest poll of leading firms and experts, Argentina will record an annual inflation rate of around 30 percent in 2026, the report notes. The Central Bank's monthly Relevamiento de Expectativas de Mercado (REM) survey, released, showed analysts expect consumer prices to rise two percent in both June and July before easing to 1.8 percent in August and September, according to Buenos Aires Times. Inflation is then forecast to slow further to 1.7 percent in October and November, before edging up to 1.8 percent in December, the report relays. The June forecast was revised down by 0.1 percentage point from the previous survey, Buenos Aires Times says. Among the group of forecasters with the strongest recent track record, known as the Top 10, the median estimate for June inflation was lowered to 1.9 percent, the report notes. The Central Bank said there remained little dispersion among analysts' forecasts, suggesting a broad consensus that disinflation will continue through the second half of the year, Buenos Aires Times discloses. On the exchange rate, respondents forecast the official peso would end the year at around 1,673 per US dollar, the report says. The REM compiles forecasts from private consultancies, banks and research centres and is closely watched by investors and businesses as a gauge of market expectations, the report notes. It does not represent the Central Bank's official forecast, Buenos Aires Times 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. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. Moody’s Ratings, on July 17, 2025 upgraded the Government of 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 its view 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. ARGENTINA: Has Secured Funds for 2026 Debt Payments, Minister Says ------------------------------------------------------------------ Buenos Aires Times reports Economy Minister Luis Caputo said President Javier Milei's government has sufficient funds to meet all of this year's debt payments, adding that tapping international markets to refinance future maturities remains "an option." Caputo said that from a total of around US$19 billion in repayments, Argentina's "2026 refinancing requirements are overfulfilled by US$3.7 billion," according to Buenos Aires Times. He described the country's overall debt repayment schedule for 2027 as "less challenging," despite the presidential election set for October next year, the report relays. "We are prepared for the worst-case scenario," the minister told a press conference alongside other members of his economic team, acknowledging that the election campaign could increase uncertainty and market volatility, the report notes. "Returning to the international markets is another option, not an objective . . . the aim is to refinance at the lowest possible interest rate," Caputo said, the report says. According to the 2026 financing plan presented by the government, Argentina expects to raise an additional US$800 million this year through privatisations, receive US$1.9 billion from a new disbursement by the International Monetary Fund (IMF) and produce around US$6 billion through domestic debt issuance, the report discloses. Argentina signed a four-year US$20 billion Extended Fund Facility agreement with the IMF in 2025, the report says. Debt obligations are expected to total US$24.9 billion next year, the report notes. "We have set ourselves the long-term goal that by the end of a second term for President Javier Milei [in 2031], Argentina will have achieved investment-grade status. We believe that is achievable," Caputo said, the report says. The report relays that the S&P Global Ratings agency recently upgraded Argentina's sovereign credit rating to 'B-,' citing "reduced economic vulnerabilities and gradually improving external liquidity.” S&P attributed the upgrade to the country's sustained fiscal surplus, lower inflation and improved access to financing, the report says. Argentina returned to issuing US dollar-denominated debt in December with a placement under local legislation, marking its first such issuance in several years, the report notes. Caputo confirmed the government will issue a new US$2-billion bond imminently. The new issuance will be a 2029 bond (AO29) with the same characteristics as previous AO28 and AO29 bonds, carrying a six-percent coupon and monthly interest payments, the report discloses. The first auction will have no maximum subscription amount, as the government aims to attract part of the US$4.3 billion in funds released via Thursday's debt payment, the report says. The report notes that Caputo said "Argentina will not be given away for dollars." The bond will be issued under local law, allowing the government to avoid tapping international markets, where it would have to pay interest rates of more than eight percent, the report says. Argentina 'Will No Longer be Cheap' Caputo also said the growing inflow of US dollars expected over the coming years from the energy sector will mean that "Argentina will no longer be cheap in dollar terms," the report relays. "Argentina will no longer be a country that is cheap in dollar terms, and that is important," Caputo said at the press conference. "The currency is a reflection of the state of the economy," he added. The minister stressed that "the exchange rate is not a whim; it depends on how the economy is performing," adding that "a country that is cheap in dollar terms is a country with miserably low wages when measured in dollars," the report notes. Caputo said the expected influx of foreign currency would help underpin economic stability, which he described as one of the key foundations for the development of the country's other industries, the report says. Asked about the possibility of a swap arrangement with the United States, Caputo said it remained one of the available options, but clarified that, if needed, "we would have to start discussions again," indicating that the previous process has already concluded, the report 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. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. Moody’s Ratings, on July 17, 2025 upgraded the Government of 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 its view 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. ARGENTINA: Shuns Markets For Now, Sees Investment Grade by 2031 --------------------------------------------------------------- Manuela Tobias & David Feliba at Bloomberg News report that President Javier Milei's administration is targeting investment-grade status for Argentina by the end of a potential second term in 2031, while continuing to shun international debt markets. Economy Minister Luis Caputo, speaking at a press conference outlining the government's financing strategy, said two of the three major ratings firms believe such a path is plausible, according to Bloomberg News. The country recently received sovereign upgrades to 'B-' from Fitch Ratings and S&P Global Ratings, lifting it out of the 'CCC' category, Bloomberg News notes. Milei's economy czar said tapping international markets is just one option for refinancing debt as the South American nation relies on other funding sources to meet upcoming obligations, Bloomberg News relays. The government didn't include any international bond issuance in its financing plan for this year and next – the final two years of Milei's first term, Bloomberg News says. "Going to the market is just another option, not an objective," Caputo told reporters in Buenos Aires, Bloomberg News notes. "Our goal is to refinance maturities at the lowest possible rate," he added. Bloomberg News says that Argentina's bond yields have fallen substantially in recent months, with the spread over US Treasuries narrowing by nearly 80 basis points after the latest ratings upgrade in June and reaching their lowest level of the Milei administration. Still, yields on the benchmark 2035 bond stand at about 8.6 percent, Bloomberg News notes. Caputo nonetheless left the door open to a potential sale if borrowing costs become "reasonable and no cheaper alternatives are available, Bloomberg News says. He said Argentina has largely stayed out of international markets because of interest rates, adding that the government is seeking lower-cost alternatives to Wall Street, Bloomberg News relays. While he didn't specify the threshold rate at which the government would consider tapping markets, the economy minister pointed as a minimum to the 6.3 percent interest rate of a US$2 billion, World Bank-guaranteed facility, Bloomberg News notes. During the presentation, Caputo and his deputies laid out several financing sources to cover the remainder of this year as well as roughly US$25 billion in dollar debt payments due next year, Bloomberg News says. The government expects to finance itself largely through local dollar-denominated debt placements, after successfully issuing about US$4 billion so far this year, Bloomberg News discloses. Caputo expressed confidence the country would be able to navigate any market volatility in the 2027 election year, Bloomberg News notes. The US$20-billion swap line extended by the US Treasury during last year’s congressional midterms remains on the table, he said, but reactivation would require renewed talks, Bloomberg News discloses. Bloomberg News says that officials expect to raise an additional US$2 billion before year-end and another US$5 billion in 2027. Other sources include multilateral-backed loans, like the one from the World Bank, Bloomberg News relays. The government also recently announced the refinancing of a US$6-billion repurchase agreement at rates closer to 7.5 percent, Bloomberg News notes. The government expects this year's financing programme to generate a surplus of about US$3.7 billion that will be carried over and used next year, 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. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. Moody’s Ratings, on July 17, 2025 upgraded the Government of 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 its view 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. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. =========== B R A Z I L =========== AMBIPAR PARTICIPACOES: Seeks US Recognition of Brazilian Reorg -------------------------------------------------------------- Rick Archer at law360.com reports that nearly nine months after placing its U.S. affiliate into Chapter 11, Brazilian waste management and oilfield emergency response conglomerate Ambipar Group is asking a Texas bankruptcy judge to extend U.S. recognition to its efforts to restructure more than $1 billion in debt. As reported in the Troubled Company Reporter-Latin America in December 2025, S&P Global Ratings discontinued all of its ratings on Ambipar Participacoes e Empreendimentos S.A. (D/--). This follows its downgrade of the company after its precautionary injunction filing in September 2025 and the October bankruptcy protection filing in Brazil and the U.S. FS INDUSTRIA: Moody's Lowers CFR to B1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has downgraded to B1 from Ba3 FS Industria de Biocombustiveis Ltda (FS)'s Corporate Family Rating and the Backed Senior Unsecured notes' ratings issued by FS Luxembourg S.a r.l., fully guaranteed by FS Industria de Biocombustiveis Ltda and FS I Industria de Etanol S.A. The outlook was changed to stable from negative. RATINGS RATIONALE The downgrade of FS's ratings reflects weaker credit metrics during the company's current investment cycle, following the announcement of a fifth corn-ethanol plant while its fourth facility is still under construction. Although FS has secured funding for its expansion plan, debt has increased materially and leverage will remain elevated through FY2027. Moody's expects debt/EBITDA to peak at around 4.8x before gradually declining as new capacity ramps up and growth capital spending moderates. In June 2026, FS announced the construction of its fifth operating mill in Querencia, with total capex of BRL2.0 billion and expected completion by June 2027. The project is strategically important and is expected to complete the company's current expansion strategy. The ramp-up of the fourth plant and construction of the fifth will keep capital spending high and pressure free cash flow through the first half of FY2027. Free cash flow should turn positive after both plants are completed, provided that margins remain supportive. A sustained recovery in credit metrics will depend on the ramp-up of new capacity, lower growth capex and FS's ability to demonstrate debt reduction and disciplined capital allocation after the expansion cycle is completed. The rating action also incorporates FS's exposure to corn prices and availability, ethanol prices and co-product revenues, which could delay deleveraging if margins weaken. Ethanol prices have declined since early 2026 because of lower gasoline parity and ample supply during the 2026/27 harvest, and could remain constrained as additional corn-ethanol capacity expands in Brazil's Center-West region. FS's rating remains supported by its low-cost production base in Mato Grosso, access to competitively priced corn, modern assets, by-product revenues and low maintenance capital requirements. These strengths should allow the company to preserve margins better than higher-cost peers, even in a more challenging environment. The rating is constrained by FS's exposure to corn prices and availability, ethanol prices and co-product revenues. The rating also incorporates the benefit of Amaggi's acquisition of a 40% stake in FS, completed in early July 2026. The transaction strengthens liquidity through a $100 million primary equity injection, simplifies the corporate structure and introduces a more formal financial framework, including a dividend cap of 70% of net income while net debt/equity remains above 3.5x and limits on dividend distributions if net debt/EBITDA is above 3.0x. FS's has good liquidity. As of March 2026, the company held BRL4.4 billion in cash and equivalents, which easily covers the BRL1.4 billion in short-term debt. Following the end of the fiscal year, FS raised an additional US$360 million through a syndicated loan and secured BRL500 million in BNDES-linked lines, further strengthening its liquidity position and providing a meaningful buffer to fund the remaining investment program, manage upcoming maturities and absorb near-term execution risk. RATING OUTLOOK The stable outlook reflects Moody's expectations that FS will maintain adequate liquidity and access to diversified funding sources through the completion of the current investment cycle, and that leverage will gradually decline as the fourth and fifth plants ramp up and growth capital spending moderates. The outlook also incorporates prudent shareholder distributions, aligned with the company's financial policy framework, which should not jeopardize liquidity or leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would require FS to demonstrate a sustained track record of absolute debt reduction and disciplined capital allocation after completing its current expansion cycle, while maintaining conservative shareholder distributions and investment plans that do not weaken liquidity. Upward rating pressure would also require a more diversified business profile, sustained positive free cash flow and adequate liquidity. Quantitatively, upward rating pressure would require debt/EBITDA sustained below 4.0x, RCF/net debt sustained above 12.5%, and EBITDA/interest expense sustained above 2.5x, irrespective of the underlying market fundamentals. A downgrade could result if FS's gross leverage remains elevated (above 5.0x) beyond the current investment cycle, or if there is liquidity or operational deterioration driven by for example, weaker ethanol-corn spreads, execution delays, higher-than-expected capex, larger shareholder distributions, reduced access to funding or additional expansion commitments materially reduce free cash flow and delay deleveraging. Quantitatively, downward rating pressure would also increase if RCF/net debt remains below 8.0% on a sustained basis, EBITDA/interest expense remains below 2.0x on a sustained basis, and free cash flow remains materially negative beyond the completion/ramp-up of new plants. COMPANY PROFILE FS Industria de Biocombustiveis Ltda, headquartered in Lucas do Rio Verde, Mato Grosso, Brazil, is a corn-ethanol producer with operations concentrated in one of the country's main grain-producing regions. The company produces ethanol and commercializes co-products from the production process, including DDG, wetcake and corn oil for animal feed, as well as electricity and steam. FS is a limited liability company owned by US-based Summit Agricultural Group, Andre Maggi Participacoes S.A. (Amaggi), other minority shareholders and management. In the 2025-26 harvest year, from April 2025 to March 2026, FS generated net revenue of BRL13.0 billion, equivalent to $2.4 billion using the average exchange rate for the period, and a Moody's-adjusted EBITDA margin of 29.2%. Amaggi, headquartered in Cuiaba, Mato Grosso, is one of Brazil's largest agricultural commodity groups, with activities spanning grain origination, production, processing, trading and logistics. Its stake in FS is strategically relevant because Amaggi has a strong presence in Mato Grosso's grain supply chain and logistics network, which could support FS's corn origination and operating efficiency over time. Amaggi generated $8.8 billion of revenue in the 12 months ended March 2026, with an EBITDA margin of 7.3%. The principal methodology used in these ratings was Chemicals published in February 2026. =================================== D O M I N I C A N R E P U B L I C =================================== [] DOMINICAN REPUBLIC: Customs Collects RD$129.2BB in 1H of 2026 ---------------------------------------------------------------- Dominican Today reports that the General Directorate of Customs (DGA) collected RD$129.24 billion during the first half of 2026, a 2.6% increase over the same period last year, despite geopolitical tensions that have affected global trade. Customs revenues reached RD$24.16 billion in June alone, up 15.4% year-over-year, representing an additional RD$3.23 billion compared with June 2025, according to Dominican Today. The DGA also recorded its highest single-day revenue collection, bringing in RD$1.88 billion in single day and surpassing the previous record of RD$1.85 billion set in 2022, the report notes. Customs Director Nelson Arroyo attributed the growth to ongoing efforts to streamline cargo clearance at the country's ports and airports while strengthening customs controls, the report relays. He added that imported containers under the consumption regime increased by 1.5% during the first six months of the year, reflecting resilient trade activity despite a challenging global environment, 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. ===================== P U E R T O R I C O ===================== ADVISORS GROUP: Seeks Subchapter V Bankruptcy in Puerto Rico ------------------------------------------------------------ Advisors Group General Contractors Corp. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico, San Juan Division, on July 2, 2026. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. The Chapter 11 Small Business Subchapter V Plan is due by September 30, 2026. About Advisors Group General Contractors Corp. Advisors Group General Contractors Corp. is a Carolina, Puerto Rico-based commercial and institutional building construction firm providing general contracting services. Advisors Group General Contractors Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03091) on July 2, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The Debtor is represented by Javier Vilarino, Esq. of Vilarino & Associates LLC. CONVENTION CENTER: Hires Modesto Bigas Law Office as Counsel ------------------------------------------------------------ Convention Center Parking, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. of Modesto Bigas Law Office to serve as legal counsels. The attorneys will provide these services: (a) represent the Debtors in the above captioned bankruptcy proceedings; (b) provide legal advice and representation in connection with the remaining matters in these cases; (c) handle multiple legal issues and multiple court appearances related to the three related Chapter 11 cases; and (d) provide services involving bankruptcy law matters, related civil law matters, and notarial services required in the prosecution of all available remedies which the attorneys have forecasted will be required in the three above captioned cases. Juan Carlos Bigas Valedon and Modesto Bigas Mendez will bill the Debtors on the basis of $350 per hour, plus expenses, for each work performed or to be performed separately by each of the proposed attorneys. An initial retainer of $10,000 was paid by the Debtors' President to Juan Carlos Bigas Valedon, subsequently supplemented by an additional payment of $20,000, also to Juan Carlos Bigas, and an additional $5,000 also paid to Juan Carlos Bigas. Juan Carlos Bigas Valedon and Modesto Bigas Mendez are "disinterested persons" as defined in 11 USC §101(14), according to court filings. The firm can be reached at: Modesto Bigas Mendez, Esq. MODESTO BIGAS LAW OFFICE P.O. Box 7462 Ponce, PR 00732-7462 Telephone: (787) 844-1444 Facsimile: (787) 842-4090 E-mail: mbigasmendez@gmail.com - and - Juan C. Bigas Valedon, Esq. 83-D Granada Street Ponce, PR 00730 Home: (787) 845-1252 Office: (787) 259-1000 Fax: (866) 521-7440 Cellular: (787) 633-1253 E-mail: cortequiebra@yahoo.com About Convention Center Parking Convention Center Parking, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04516) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $1 million in assets and $45,229,691 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. FULL HOUSE: Seeks to Hire Modesto Bigas Law Office as Counsel ------------------------------------------------------------- Full House Development, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. of Modesto Bigas Law Office as legal counsels. The attorneys will provide these services: (a) represent the Debtors in the above-captioned Chapter 11 proceedings; (b) provide legal advice and assistance in bankruptcy law matters; (c) provide services related to civil law and notarial matters required in the prosecution of all available remedies; (d) appear before the Bankruptcy Court and handle multiple legal issues and court appearances involved in the three related cases; and (e) file any interim and final compensation applications as required by the Court. Juan Carlos Bigas Valedon and Modesto Bigas Mendez will bill the Debtors on the basis of $350 per hour, plus expenses, for each work performed or to be performed separately by each of the proposed attorneys. An initial retainer of $10,000 was paid by the Debtors' President to Juan Carlos Bigas Valedon, subsequently supplemented by an additional payment of $20,000, also to Juan Carlos Bigas, and an additional $5,000 also paid to Juan Carlos Bigas. Juan Carlos Bigas Valedon and Modesto Bigas Mendez stated that they are disinterested persons as defined in 11 U.S.C. Sec. 101(14), since they do not represent any of the Debtors' creditors, equity security holders or insiders; they do not and were not, within two years before the date of the filing of the petition, a director, officer or employee of the Debtors; and they do not have or hold an interest materially adverse to the interest of the estate or of any class of creditors or equity holders. The attorneys can be reached at: Modesto Bigas Mendez, Esq. MODESTO BIGAS LAW OFFICE P.O. Box 7462 Ponce, PR 00732-7462 Telephone: (787) 844-1444 Facsimile: (787) 842-4090 E-mail: mbigasmendez@gmail.com - and - Juan Carlos Bigas Valedon, Esq. P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com About Full House Development Full House Development, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04515) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $700,000 in assets and $45,229,691 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. Alexis Fuentes-Hernandez, Esq., represents the Debtor as counsel. GOLDEN TRIANGLE: Taps Juan Valedon & Modesto Mendez as Counsel -------------------------------------------------------------- Golden Triangle Realty, S.E. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. to serve as legal counsels. The attorneys will provide these services: (a) represent the Debtors in these bankruptcy proceedings; (b) provide legal services related to multiple legal issues and multiple court appearances involved in the three related cases; (c) provide services involving bankruptcy law matters, related civil law matters, and notarial services as required in the prosecution of all available remedies; and (d) prepare and file separate applications for interim and final compensation with the Court. Both proposed attorneys will bill the Debtors on the basis of $350 per hour, plus expenses, for each work performed or to be performed separately by each of the proposed attorneys. An initial retainer of $10,000 was paid by the Debtors' President to Juan Carlos Bigas Valedon, subsequently supplemented by an additional payment of $20,000, also to Juan Carlos Bigas, and an additional $5,000 also paid to Juan Carlos Bigas. Juan Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. are disinterested persons as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Juan Carlos Bigas Valedon, Esq. P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com - and - Modesto Bigas Mendez, Esq. MODESTO BIGAS LAW OFFICE P.O. Box 7462 Ponce, PR 00732-7462 Telephone: (787) 844-1444 Facsimile: (787) 842-4090 E-mail: mbigasmendez@gmail.com About Golden Triangle Realty Golden Triangle Realty S.E. is engaged in activities related to real estate. Golden Triangle Realty, S.E. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04514) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $19,811,659 in assets and $47,255,382 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. ********* 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. 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