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260715.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 Wednesday, July 15, 2026, Vol. 27, No. 140 Headlines A R G E N T I N A ARGENTINA: IMF Welcomes Milei's Reform Proposal for Central Bank ARGENTINA: Unveils $1.2B Nuclear Reactor Plan Amid CNEA Lay-Off Row PETROQUIMICA COMODORO: S&P Assigns 'B' LT ICR, Outlook Stable B R A Z I L GRUPO TOKY: Wins Judicial-Recovery Shield on USD215M Debt C A Y M A N I S L A N D S BIT ORIGIN: Liabilities Exceed Assets by $1.1M at Dec. 31 C H I L E CHILE: Fiscal Deficits Persists on Revenue Underperformance D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Ministers Approve 2027 Annual Budget Policy P U E R T O R I C O SPANISH BROADCASTING: Court Confirms Joint Prepack Chapter 11 Plan - - - - - ================= A R G E N T I N A ================= ARGENTINA: IMF Welcomes Milei's Reform Proposal for Central Bank ---------------------------------------------------------------- AFP News reports that the International Monetary Fund (IMF) has welcomed the Argentine government's proposed reform of the Central Bank aimed at strengthening its independence, the institution's spokeswoman, Julie Kozack, said. The reform of the Central Bank's charter forms part of the sweeping new financial reform agenda recently unveiled by President Javier Milei's government, according to AFP News. The package of reforms "supports Argentina's efforts to durably regain market access while maintaining flexibility regarding the timing and modalities," Kozack told a press conference, the report notes. "We also support the authorities' intention to reform the Central Bank's charter. Such a reform would strengthen the central bank's institutional safeguards that protect the independence of its policymaking," she added. AFP News relays that Milei's government wants to amend the Central Bank's charter so that the institution once again focuses solely on controlling inflation and is better insulated from government intervention. IMF Managing Director Kristalina Georgieva will visit Argentina on July 28 and 29, Kozack said, the report notes. The visit is seen as a clear signal of support for Milei's government, which is also one of the United States' closest allies in the region, the report discloses. "The visit reflects our close and constructive relationship with Argentina and will provide an opportunity to exchange views on the country's progress, challenges and opportunities," the spokeswoman added. Georgieva will meet with Milei and his economic team, as well as other non-government stakeholders, she added. The announcement comes as the IMF published its latest economic outlook, maintaining its forecast for Argentina's economy to grow by 3.5 percent in 2026 and around 4 percent in 2027, the report relays. Argentina signed a four-year US$20-billion Extended Fund Facility agreement with the IMF in 2025, and the government says it has sufficient funds to meet its 2026 debt repayments, the report discloses. The country remains the IMF's largest debtor after receiving the Fund's biggest-ever loan in 2018 under the administration of former president Mauricio Macri, AFP 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. ARGENTINA: Unveils $1.2B Nuclear Reactor Plan Amid CNEA Lay-Off Row ------------------------------------------------------------------- Buenos Aires Times reports that President Javier Milei's government disclosed the construction of a new nuclear reactor in Buenos Aires with US$1.2 billion in private investment, at a time when the National Atomic Energy Commission (CNEA) is facing a labour dispute over lay-offs denounced by its workers. The US-Argentine company Meitner Energy "will invest US$1.2 billion in the construction of a 300-megawatt modular nuclear reactor at the Atucha site" north of Buenos Aires, Presidential Spokesperson Adrián Ravier said at a press conference, according to Buenos Aires Times. This is the "first nuclear reactor financed 100 percent by private capital," added Ravier, referring to a project he estimated would create 2,000 jobs, the report notes. CNEA president Martin Porro dismissed 61 workers who "were performing mainly administrative duties," a decision that has triggered protests outside the institution's headquarters ever since, the report relays. The ATE state workers' association says that some 100 of CNEA's roughly 3,000 employees have been dismissed, and that two managers resigned in the past week, the report discloses. The union called a strike and march and said further protests would be held at CNEA offices around the country, the report says. The report notes that ATE general secretary Rodolfo Aguiar said the union held the Casa Rosada "responsible for the escalation of the conflict," warning that if the government pursued "renewed repression, it will be solely to blame for anything regrettable that occurs." He also disputed the rationale for the cuts, arguing that CNEA "does not generate losses" and is, on the contrary, "in surplus" – meaning, he said, there was "no valid argument" to justify them, the report says. The dispute stems from the severe austerity programme pursued by President Milei across almost every area of government, including the nuclear sector, the report discloses. Since he took office in December 2023, CNEA's budget has been cut by 58 percent, according to a calculation by fact-checking outlet Chequeado based on government data, the report relays. Argentina has three nuclear power plants in operation – Atucha I, Atucha II and Embalse – which together account for around eight percent of the nation's electricity generation, the report notes. It is one of three Latin American countries, along with Brazil and Mexico, to have the technology, 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. PETROQUIMICA COMODORO: S&P Assigns 'B' LT ICR, Outlook Stable ------------------------------------------------------------- On July 13, 2026, S&P Global Ratings assigned its 'B' long-term issuer credit rating to Petroquimica Comodoro Rivadavia S.A. (PCR) and 'B' issue rating to the proposed unsecured notes. The stable outlook reflects S&P's expectations that the company will sustain its oil and gas production while it ramps up its recent power generation investments and that leverage will fall below 3.0x in 2027 after reaching 3.0x-3.5x in 2026 amid larger investments. PCR and its subsidiary Luz de Tres Picos S.A. intend to issue, on a joint and several basis, up to $350 million of senior unsecured notes due 2033. PCR will use the proceeds for debt repayment, capital expenditure, and strengthening liquidity. S&P's view of PCR's credit quality reflects its limited scale and exposure to risky Argentine and Ecuadorian jurisdictions. However, cash flow stability from the power generation segment, resilient Ecuadorian cash flow, and U.S. expansion help mitigate these risks. PCR's limited operational scale and meaningful exposure to the high-risk jurisdictions of Argentina and Ecuador constrain creditworthiness, in our view. Macroeconomic volatility and currency controls in the shifting regulatory landscapes weigh on the company's credit risk. Furthermore, the small scale of PCR's exploration and production (E&P) operations limits its capacity to absorb significant commodity price shocks. S&P projects that PCR's hydrocarbon production will remain modest, with an expected output of approximately 20,000 barrels of oil equivalent (boe) per day over the next two to three years, reflecting a more mature production base relative to larger regional E&P players. The company's E&P operation in Ecuador is partly conducted under service contracts, with partially regulated prices and capped benefits from a very low-cost production structure, resulting in consistent and resilient cash generation. Business diversification serves as a critical hedge against some risks. PCR's portfolio spans upstream oil and gas (E&P), a power generation segment, and a small cement operation. S&P views the power generation segment as a pillar of PCR's creditworthiness, providing stable cash flow that partially offsets upstream cyclicality. With a total installed capacity of 545 megawatts (MW) at the end of 2025, PCR is the third-largest renewable power generator in Argentina. A substantial portion of this capacity is secured through long-term power purchase agreements, some of which benefit from guarantees from Argentina's Fund for the Development of Renewable Energy (FODER). This feature provides an extra layer of payment assurance. The renewable business has low maintenance capital expenditure (capex) needs. S&P expects this business to be responsible for about 50% of the company's consolidated EBITDA in the next two to three years and provide a reliable source of free operating cash flow (FOCF), which allows the company to fund the more volatile E&P segment. Consequently, the synergy between predictable utility-like income and E&P growth potential creates a more resilient financial structure than a pure E&P player. Furthermore, PCR's incipient but growing footprint in U.S. E&P operations could gradually improve its jurisdictional risk profile, adding exposure to a more economically developed country with more stable macroeconomic conditions. S&P said, "We expect S&P Global Ratings-adjusted gross leverage, measured as adjusted debt to EBITDA, to peak at 3.0x-3.5x in 2026. While our base case assumes positive FOCF in 2027 and 2028, we believe these projections are sensitive to capital allocation. "Our leverage forecast could shift if potential growth opportunities arise, such as E&P expansion in the U.S., operational extensions in Ecuador, or new power generation projects in Argentina. While these could enhance long-term value, they would require capital outlays that could temporarily elevate leverage against our base-case scenario. "In this regard, PCR holds additional renewable capacity awards with dispatch priority for 567 MW that it could develop, as well as a 1.5 gigawatt-hour growth pipeline that we don't incorporate in our base case. That said, the company has a history of good investment execution balanced with conservative leverage, which supports our view of its financial discipline. "The proposed senior unsecured notes issuance should improve financial flexibility. PCR plans to issue up to $350 million in senior unsecured notes. We view this as a proactive liability management exercise to address near-term obligations and extend the maturity profile." By using proceeds to repay shorter-term debt, PCR reduces immediate refinancing risks and diversifies its funding base. As a result, this strategic refinancing should provide the necessary liquidity to manage both existing debt service and potential future capital investment. The company remains significantly exposed to Argentina's volatile business environment, with approximately 75% of EBITDA generated within the country. However, S&P believes PCR possesses the resilience to withstand the financial stress of a hypothetical Argentine default. S&P said, "Consequently, the 'B' long-term issuer credit rating on PCR is one notch above our long-term sovereign rating on Argentina (B-/Stable/B). We base this uplift on the company's geographic diversification outside of Argentina and a solid hard-dollar cash position. We also consider that a portion of revenue derives from exports, which includes approximately 23% of oil and gas production and 18% of cement volumes in Argentina destined for international markets. "The stable outlook reflects our expectations that PCR will maintain conservative credit metrics, with debt to EBITDA dipping below 3x in 2027 as the company ramps up recent power generation investments and E&P production stabilizes following the exit from the Medanito field. "We could lower the rating on PCR following a downward revision to our transfer and convertibility (T&C) assessment for Argentina. "In addition, we could downgrade PCR if debt to EBITDA remains above 3.0x while the FOCF-to-debt ratio remains below 5%. This could occur if the company undertakes larger investment projects than we expect, or if weaker business performance erodes EBITDA generation. "We could revise the stand-alone credit profile upward if the FOCF-to-debt ratio improves to above 10% while debt to EBITDA remains close to 2.0x. An upgrade would require an upward revision of both the stand-alone credit profile and the T&C assessment for Argentina." =========== B R A Z I L =========== GRUPO TOKY: Wins Judicial-Recovery Shield on USD215M Debt --------------------------------------------------------- The Rio Times reports that a Sao Paulo court has approved judicial recovery for Grupo Toky. It is a court-supervised restructuring of the holding company, which owns the furniture chains Tok&Stok and the digital retailer, Mobly. According to the report, the Sao Paulo court approved the process and froze creditor enforcement for 180 days while the group prepares a plan to deal with about BRL1.1 billion, some USD215MM, in total debt. The petition explicitly seeks to keep all 63 physical stores and the Mobly digital channel operating, protecting roughly 2,278 jobs while the restructuring proceeds under court supervision, notes the report. Rio Times says the company blames high interest rates, tight credit and indebted households, which have cut furniture sales. A troubled 2024 merger and a bitter fight with the founding Dubrule family added further strain, it notes. =========================== C A Y M A N I S L A N D S =========================== BIT ORIGIN: Liabilities Exceed Assets by $1.1M at Dec. 31 --------------------------------------------------------- Bit Origin Ltd's stockholder's deficit was US$1.1 million at Dec. 31, 2025. There was no stockholder's deficit at June 30, 2025. At Dec. 31, 2025, the Company had total assets of US$12.9 million and total liabilities of US$14.7 million. At June 30, 2025, the Company had total assets of US$3.5 million and total liabilities of US$0.4 million. For the six months ended Dec. 31, 2025, and 2024, the Company discloses it incurred net losses of $8,639,336 and $2,819,073, respectively, with net cash used in operating activities of $2,087,601 and $2,925,202, respectively. As of Dec. 31, 2025, and June 30, 2025, accumulated deficit amounted to $106,648,626 and $88,265,410, respectively. As of Dec. 31, 2025, the Group only had a cash balance of $484,970. These conditions, the Company says, particularly the recurring losses from operations and the low cash balance as of the balance sheet date, raised substantial doubt about the Group's ability to continue as a going concern for a period of twelve-month after the date these unaudited condensed consolidated financial statements are issued. The Company says that to address these conditions, management has developed and executed certain measures. On July 13, 2025, the Company entered into an equity purchase facility agreement ("EPFA") with an accredited investor, committing the investor to purchase up to $400,000,000 in newly issued Class A Ordinary Shares over a term expiring in August 2028. On April 16, 2026, the Company entered into a new securities purchase agreement for up to $5,000,000 convertible notes convertible into Class A Ordinary Shares. An initial tranche of $500,000 notes maturing April 16, 2030, was issued on the same date with an initial conversion price of $2.76 per share. Net proceeds will be used for general corporate and working capital purposes. According to the Company, its management is actively building and managing a Dogecoin treasury as part of the Group's digital-asset strategy. The Group holds this treasury as a source of liquidity that management may monetize through sales of Dogecoin when market conditions are favorable, thereby generating cash inflows to support working capital. Management believes that the successful execution of these plans, in particular the Group's ability to issue additional Class A Ordinary Shares under the $400,000,000 EPFA equity purchase facility, together with the convertible notes issued in April 2026 and the planned reduction in operating expenses, will provide sufficient liquidity to meet its obligations and fund operations for at least one year from the date these unaudited condensed consolidated financial statements are issued. Accordingly, after considering these plans, which management believes are probable of being effectively implemented and of mitigating the conditions that initially raised substantial doubt, management has concluded that the substantial doubt about the Group's ability to continue as a going concern has been alleviated. A portion of the Group's Dogecoin holdings, amounting to 40,543,745 coins as of Dec. 31, 2025, is subject to restrictions under a Security and Pledge Agreement entered into with the collateral agent of the convertible debenture holders. Under the terms of the agreement, the pledged Dogecoins are held in a controlled custodial account and are subject to the collateral agent's consent for any transfer or disposition. Notwithstanding such restrictions, the Group retains the ability to request and obtain consent from the collateral agent for the sale or transfer of the pledged Dogecoins, and management does not consider the restriction to be substantive in limiting the Group's ability to realize these assets within the next twelve months. The restriction serves as a protective mechanism for the debenture holders rather than a prohibition on disposition. Accordingly, the Group has classified these Dogecoins as current assets based on its expectation that the assets can be realized in the ordinary course of operations, subject to obtaining the required consent. The Group will continue to evaluate the nature of the restriction and its impact on classification in future reporting periods. The nature and extent of the restriction are disclosed to provide transparency regarding the Group's liquidity and asset availability. As of Dec. 31, 2025, the Group's net operating loss carry forward was approximately $31.2 million. The net operating loss carry forwards are available to reduce future years' taxable income for unlimited years but limited to 80% use per year in the U.S., for 20 years in Canada, and for unlimited years in Singapore. Management believes that the realization of the benefits from these losses appears uncertain due to the Group's operating history and continued losses. If the Group is unable to generate taxable income in its operations, it is more likely than not that it will not have sufficient income to utilize its deferred tax assets. Accordingly, the Group has provided a 100% valuation allowance on its net deferred tax assets of approximately $6.5 million related to its operations as of Dec. 31, 2025. A full-text copy of the Form 6-K is available at https://tinyurl.com/56yjjzrz About Bit Origin Ltd Bit Origin Ltd was incorporated in 2018 under the laws of the Cayman Islands. Bit Origin holds all of the outstanding share capital of these entities: SonicHash Inc., SonicHash Pte. Ltd., SonicHash LLC and Bit Origin Pte. Ltd., and holds 55% of the outstanding share capital of Sonic Auspice DC LLC. The Company and its subsidiaries is focused on the cryptocurrency related operations and management. The Group started Bitcoin mining business in May 2022. ========= C H I L E ========= CHILE: Fiscal Deficits Persists on Revenue Underperformance ----------------------------------------------------------- The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Chile. The authorities have consented to the publication of the Staff Report prepared for this consultation. According to the report, economic activity has remained robust, with GDP growing at 2.5 percent in 2025 driven by strong non‑mining domestic demand. Inflation declined to the central bank's target in early 2026 but has since increased due to higher energy prices associated with the conflict in the Middle East. Fiscal deficits have persisted due to revenue underperformance, but public debt remains moderate. The financial system is sound overall, although vulnerabilities persist in construction and real estate. GDP growth is expected to soften to 1.8 percent in 2026, rising to 2.6 percent in 2027 supported by higher copper prices. Inflation is expected to remain temporarily above target in 2026 and early 2027 before converging back to target. The implementation of announced fiscal consolidation measures should help gradually narrow the fiscal deficit over the medium term. However, achieving the government’s objective of reaching structural balance by 2030 and keeping the debt-to-GDP ratio below 45 percent will require additional fiscal efforts. The external position is expected to remain broadly in line with medium‑term fundamentals. The outlook remains subject to elevated uncertainty, with near‑term risks tilted to the downside. A more prolonged period of high oil prices could weigh on growth and inflation, and the central bank should stand ready to tighten monetary policy, if necessary. At the same time, persistently high copper prices and a successful implementation of growth‑enhancing reforms could strengthen medium‑term prospects. Rebuilding fiscal and external buffers, including continuing with the reserve accumulation plan, while advancing structural reforms, will be critical to maintain resilience and enhance Chile's long‑term growth potential. Executive Board Assessment Executive Directors agreed with the thrust of the staff appraisal. They commended Chile’s very strong policies and institutional frameworks that have supported the economy’s resilience amid heightened global uncertainty. Directors welcomed the authorities’ commitment to improve structural fiscal balances, strengthen fiscal and external buffers, and advance structural reforms to preserve macroeconomic stability and enhance sustainable and inclusive growth. Directors welcomed the authorities’ plans to reduce the structural fiscal deficit to 1.5 percent of GDP by 2030 and to keep debt below 45 percent of GDP. While welcoming enhanced realism in macroeconomic assumptions, they noted that additional measures would be needed to achieve these objectives amid rising spending pressures. In this context, Directors welcomed proposed measures to rationalize expenditures, enhance spending efficiency, and support medium term growth. They emphasized that reforms under the National Reconstruction Plan should be carefully prioritized and sequenced, and that the fiscal costs and growth impact of tax and other reforms should be carefully considered to ensure fiscal sustainability. Directors noted that better targeting of the minimum guaranteed pension and consolidation of fragmented social programs could further strengthen spending efficiency while protecting the most vulnerable. They also encouraged further refinements to the already strong fiscal framework. Directors highlighted the central bank’s robust inflation targeting framework, encouraging the authorities to stand ready to tighten monetary policy should second round inflation effects materialize. They also welcomed the central bank’s international reserve accumulation program that will strengthen resilience against external shocks, reinforcing the support from the FCL. Directors agreed that the financial sector remains resilient and well supervised. Positively noting recent regulatory improvements, Directors encouraged the authorities to continue advancing the outstanding 2021 FSAP recommendations and welcomed progress made in strengthening the AML/CFT framework. Monitoring sectoral vulnerabilities in the real estate and construction sectors remains important. Directors also stressed the need to implement the recent pension reform in a well coordinated and gradual manner to avoid abrupt asset reallocations. Directors supported the authorities' objective of fostering higher medium term growth, including through deregulation. They encouraged the authorities to also pursue complementary reforms to narrow labor market skill and gender gaps, as well as measures to improve the minimum wage setting process. Reform efforts to facilitate trade and support innovation and diversification would further boost productivity and investment. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Ministers Approve 2027 Annual Budget Policy --------------------------------------------------------------- Dominican Today reports that President Luis Abinader and Vice President Raquel Pena led the 59th meeting of the Council of Ministers, where the government approved the 2027 Annual Budget Policy, outlining spending priorities aligned with the country's Meta RD 2036 development strategy. Following the meeting, Minister of the Presidency Jose Ignacio Paliza said the budget will prioritize investments in human capital, infrastructure, productivity and institutional strengthening while maintaining social programs and responsible fiscal management, the report notes. He said the policy is designed to direct public resources toward projects that generate the greatest impact on sustainable development and citizens' well-being, the report says. The government will maintain education spending at 4.05% of gross domestic product (GDP), continue implementing the Horizon 2034 Plan, expand school infrastructure and transportation, and invest in hospitals, primary healthcare units, the National Emergency Network and social protection programs, according to Dominican Today. Infrastructure projects will include highways, integrated transportation systems, aqueducts, sanitation works and housing improvements, while additional funding will also support the judiciary, citizen and border security, including the construction of the smart border fence and new correctional facilities, 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 ===================== SPANISH BROADCASTING: Court Confirms Joint Prepack Chapter 11 Plan ------------------------------------------------------------------ Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware approved the Disclosure Statement and confirmed the Joint Pre-Packaged Chapter 11 Plan of Reorganization of Spanish Broadcasting System, Inc. and Its Debtor Affiliates. The Disclosure Statement is approved as having adequate information as contemplated by section 1125(a)(1) of the Bankruptcy Code. Claims in Class 2 (Existing Notes Claims) are Impaired, and the holders thereof have accepted the Plan in accordance with section 1126(c) of the Bankruptcy Code. However, Class 5 (Intercompany Claims) (in the event that Intercompany Claims are not reinstated), Class 6 (Intercompany Interests) (in the event that Intercompany Interests are not reinstated), Class 7 (Issuer Preferred Equity Interests), Class 8 (Issuer Common Equity Interests), and Class 9 (Section 510(b) Claims against Issuer) (collectively, the "Rejecting Classes") are Impaired, and the holders of Claims or Interests in such Classes are conclusively presumed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Thus, the Plan does not satisfy section 1129(a)(8) of the Bankruptcy Code. Nevertheless, the Plan is still confirmable because it satisfies section 1129(b) of the Bankruptcy Code. The Court finds: (i) The New Secured Notes, New Superpriority Secured Notes (A) are an essential element of the Plan, and (B) are in the best interests of the Debtors, their Estates, and their stakeholders. (ii) The terms and conditions of the New Secured Notes Documents and New Superpriority Secured Notes Documents: (A) have been negotiated in good faith and at arm's-length, without the intent to hinder, delay, or defraud any of the Debtors' creditors; (B) are fair and reasonable; (C) represent a valid exercise of the Debtors' business judgment consistent with their fiduciary duties; (D) are supported by reasonably equivalent value and fair consideration; and (E) are in the best interests of the Debtors, their Estates, and their stakeholders. The availability of the financing provided by the New Secured Notes and New Superpriority Secured Notes is necessary to the consummation of the Plan and the operation of the Reorganized Debtors. (iii) The guaranties, pledges, Liens, and security interests granted in connection with the New Secured Notes Documents and New Superpriority Secured Notes are being granted in good faith as an inducement to the New Secured Noteholders and New Superpriority Secured Noteholders to extend credit. The Court finds: (i) The issuance of the New Common Stock: (A) is an essential element of the Plan, and (B) is in the best interests of the Debtors, their Estates, and their stakeholders. (ii) The terms and conditions of the New Corporate Governance Documents: (A) have been negotiated in good faith and at arm's-length, without the intent to hinder, delay, or defraud any of the Debtors' creditors; (B) are fair and reasonable; (C) represent a valid exercise of the Debtors' business judgment; (D) are supported by reasonably equivalent value and fair consideration; and (E) are in the best interests of the Debtors, their Estates, and their stakeholders. The Plan is approved in its entirety and confirmed pursuant to section 1129 of the Bankruptcy Code. Any objections to the adequacy of the Disclosure Statement, the confirmation of the Plan, and the assumption or rejection of the Executory Contracts and/or Unexpired Leases have been settled, withdrawn, resolved, or overruled and denied on the merits by this Court. As shared by the Troubled Company Reporter, InsideRadio reported that the plan eliminates approximately $240 million in debt and hands ownership of the reorganized broadcaster to its creditors, primarily senior noteholders, once all closing conditions are met. The confirmation followed revisions addressing concerns raised by the U.S. government and digital royalty collector SoundExchange. SBS agreed to language reaffirming the FCC's exclusive authority over broadcast license transfers and preserving government rights to collect tax obligations. As a result, the government withdrew its objection, leaving SoundExchange's royalty dispute as the primary contested issue during the hearing, the report said. SoundExchange maintained that an audit identified roughly $1.37 million in unpaid royalties, late fees and audit costs covering 2020 through 2022, while arguing that its claims should not be treated as unimpaired. SBS countered that it intends to satisfy any valid obligations and emphasized that confirmation would not impair SoundExchange's ability to pursue future litigation over royalty payments, according to the report. Despite securing confirmation, SBS acknowledged it will remain in Chapter 11 until it receives FCC approval, a process the company expects could take several weeks or months. In the meantime, the broadcaster will continue operating under its existing debtor-in-possession financing, explore the sale of a significant non-core real estate asset, and implement a restructuring that includes new secured notes and an equity-based management incentive program. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated July 1, 2026, is available at https://urlcurt.com/u?l=C39J0S from PacerMonitor.com. About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company's business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026. In its petition, Spanish Broadcasting System disclosed estimated assets and liabilities between $100 million and $500 million each. The case is jointly administered in Case No. 26-10708. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Robert J. Dehney, of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent and administrative advisor. ********* 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. 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