260716.mbx

260716.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, July 16, 2026, Vol. 27, No. 141 Headlines A R G E N T I N A ARGENTINA: IMF Confirms 3.5% Growth Forecast in 2026 ARGENTINA: Milei Wants US-Style 'Shutdown' Mechanism for Gov't. B R A Z I L GENERAL SHOPPING: Exchange Offer Closes With No Valid Tenders C A Y M A N I S L A N D S APPLE TREE: Cayman Judge Removes VC's Management APPLE TREE: Taps Vernon Flynn Sonecha, Akash Sonecha as Counsel D O M I N I C A N R E P U B L I C DOMINICAN REP: Air Transport Main Driver of Growth in Tourism DOMINICAN REPUBLIC: Launches Trade Talks With Ecuador P U E R T O R I C O ADVISORS GROUP: Case Summary & 20 Largest Unsecured Creditors ROYAL PRODUCT: Seeks Chapter 11 Bankruptcy in Puerto Rico - - - - - ================= A R G E N T I N A ================= ARGENTINA: IMF Confirms 3.5% Growth Forecast in 2026 ---------------------------------------------------- Buenos Aires Times reports the International Monetary Fund (IMF) remains bullish on Argentina, predicting that the economy will expand by 3.5 percent in 2026 and four percent in 2027. The forecasts were included in the latest edition of the IMF's World Economic Outlook (WEO) report, which was unveiled at a press conference in Washington, according to Buenos Aires Times. The IMF had already revised down its forecast at the end of 2025 from the projection it had issued a year earlier, which had anticipated growth of 4.5 percent for 2026, the report notes. It has now chosen to retain its estimate, the report relays. Argentina remains the IMF's largest debtor, with the President Javier Milei's government operating under the new US$20-billion EFF programme agreed in 2025, the report recalls. The programme was designed both to refinance part of the country's previous US$44.5-billion IMF arrangement, agreed in 2018, and to support Milei's efforts to dismantle currency controls, rebuild Central Bank reserves and regain access to international capital markets, the report says. The country is due to begin principal repayments in September from its 2018 arrangement, the report notes. IMF Managing Director Kristalina Georgieva will visit Argentina at the end of July for talks, Economy Minister Luis Caputo confirmed, the report relates. "I am pleased to announce that, later this month, we will welcome IMF Managing Director Kristalina Georgieva to Argentina. She will visit our country at the invitation of President Javier Milei," Caputo revealed in a social media post, the report says. The report relays that Caputo said the visit "comes in the context of the excellent relationship and constructive dialogue between this government and the Fund, within the framework of the successful economic programme currently under way, and will allow us to continue strengthening our joint work and the IMF's support for consolidating the progress achieved in terms of stability and economic growth." Global Outlook Zooming out, the IMF slightly trimmed its 2026 global growth projection again, flagging "uncertainty and risks" to the economic outlook as fighting reignited in the Middle East, the report says. Global economic growth is estimated at three percent this year, said the International Monetary Fund, down from 3.1 percent in its April forecast, the report notes. The projection was made prior to midweek exchanges of fire between the United States and Iran, the report discloses. "Developments overnight illustrate the uncertainty and risks that surround the outlook," said Petya Koeva Brooks, deputy director at the IMF's research department, the report relays. Her comments Wednesday came after US President Donald Trump declared Washington's ceasefire with Tehran over, before adding that US forces would strike Iran hard in the coming night, the report notes. It is the second time this year that the fund has lowered its overall growth expectations, the report relays. The growth rate marks a cooling from 2025 as well, the report says. Global inflation is anticipated to accelerate to 4.7 percent this year, higher than earlier projected. "The disinflationary trend that had been taking shape since early 2024 has stalled," Koeva Brooks stressed, the report discloses. The report notes that the IMF official said that "the global outlook is being shaped by two powerful forces pulling in opposite directions: the lingering effects of the energy crisis stemming from the war in the Middle East, and an investment boom driven by technological advances." The Fund expects "a V-shaped recovery: weaker growth this year compared with our pre-war forecasts, followed by a rebound next year," she added. 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: Milei Wants US-Style 'Shutdown' Mechanism for Gov't. --------------------------------------------------------------- Buenos Aires Times reports that President Javier Milei says his government is designing a mechanism that would "shut down" the state once budget funding runs dry, borrowing a device unique to the United States, where recurring shutdowns have idled federal agencies for weeks at a time. In an interview with the Neura streaming platform, Milei said government officials in his government are working on a bill that would allow state agencies to shut down automatically once they run out of money, according to Buenos Aires Times. "We are working on designing the Executive branch's 'shutdown' - in reality, the political system's shutdown. When you run out of budget, the state switches off," Milei said, the report notes. In the United States, a shutdown occurs when Congress fails to pass, or the President refuses to sign, funding for federal agencies before existing appropriations expire. Non-essential functions grind to a halt and employees are furloughed or made to work without pay, though essential services continue, the report relays. The mechanism has become a recurring feature of Washington gridlock in recent decades, the report discloses. The longest shutdown in US history ran from October 1 to November 12, 2025, lasting 43 days in a standoff over healthcare subsidies, the report notes. Milei gave no details on how such a mechanism would work under Argentina's constitutional framework, where budget powers are shared between the Presidency and Congress, the report says. The government shutdown clause is part of a wider reform package Milei said he is finalising with Economy Minister Luis Caputo, Central Bank Governor Santiago Bausili and Deregulation & State Transformation Minister Federico Sturzenegger, the report relays. It also touches the Central Bank's charter, capital markets rules and a new 'Fiscal Innocence' bill, said Milei. Government officials first trailed the package following a meeting with lawmakers from Milei's La Libertad Avanza party, the report notes. In the interview, Milei said the proposed reforms are an attempt to "repair 91 years of fraud by politicians against decent Argentines," the report discloses. Among the biggest changes would be a proposal to prohibit the Central Bank from issuing money to finance the state, the report relays. "It will be explicitly prohibited – with criminal penalties – to violate the Central Bank's independence by financing the Treasury," Milei said in the streaming interview, the report notes. "Printing money will be punishable because it is fraud. In fact, the Criminal Code defines fraud, and counterfeiting currency is a criminal offence. "Monetary policy does not exist in a vacuum," said the President, 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. =========== B R A Z I L =========== GENERAL SHOPPING: Exchange Offer Closes With No Valid Tenders ------------------------------------------------------------- General Shopping e Outlets do Brasil S.A. (B3: GSHP3) announced on July 10, 2026, the settlement results of the exchange offer by its subsidiary General Shopping Investments Limited, a Cayman Islands exempted company, in respect of any and all of the Issuer's outstanding 10%/12% Regulation S Senior Secured PIK Toggle Notes due 2026 (CUSIP No. G3812T AB7; ISIN No. USG3812TAB73), pursuant to the exchange offer memorandum dated June 26, 2026. The Exchange Offer commenced on June 26, 2026. Eligible Holders who validly tendered their Reg S Notes at or prior to 5:00 p.m. (New York City time) on July 2, 2026 would have been eligible to receive the Early Exchange Consideration of 5,523 quotas issued by Clear Fundo de Investimento Imobiliario Responsabilidade Limitada per US$1,000 outstanding principal amount of Reg S Notes validly tendered and accepted for exchange. Eligible Holders who validly tendered their Reg S Notes after the Early Tender Date but at or prior to 5:00 p.m. (New York City time) on July 9, 2026 would have been eligible to receive the Late Exchange Consideration of 5,021 Quotas per US$1,000 outstanding principal amount of Reg S Notes validly tendered and accepted for exchange. The Exchange Offer expired at the Expiration Time. As of the Expiration Time, the Issuer had not received any valid tenders of Reg S Notes in accordance with the requirements set forth in the Exchange Offer Memorandum. Accordingly, the Issuer has not accepted any Reg S Notes for exchange, no Exchange Consideration (whether Early Exchange Consideration or Late Exchange Consideration) will be delivered, and the full US$8,923,000 aggregate principal amount of Reg S Notes remains outstanding. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Exchange Offer Memorandum. The Exchange Offer and the Quotas offered thereby have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws or the laws of any other jurisdiction. Settlement Results Because the Issuer had not received any valid tenders of Reg S Notes in accordance with the requirements set forth in the Exchange Offer Memorandum at or prior to the Expiration Time, no Reg S Notes have been accepted for exchange and no Exchange Consideration will be delivered. No settlement will occur under the Exchange Offer. The full US$8,923,000 aggregate principal amount of Reg S Notes remains outstanding and continues to be subject to its existing terms and conditions. Conditions and Reservations of Rights Information and Exchange Agent D.F. King & Co., Inc. is acting as Information and Exchange Agent for the Exchange Offer. Holders of Reg S Notes can contact the Information and Exchange Agent: D.F. King & Co., Inc. 28 Liberty Street, 53rd Floor New York, NY 10005 Telephone: (800) 515-4479 Toll-free: (646) 759-4548 E-mail: generalshopping@dfking.com Requests for documentation should be directed to the Information and Exchange Agent. The Issuer, the Company, the Fund and their respective affiliates reserve the right, in their sole and absolute discretion, to purchase or make offers to purchase, to make offers to exchange or to redeem in accordance with the terms and conditions of the Reg S Notes, any Reg S Notes that remain outstanding and, to the extent permitted by applicable law, to purchase Reg S Notes in the open market, in privately negotiated transactions or otherwise. The terms of any such purchase or offer could differ from the terms of the Exchange Offer. The Exchange Offer was made solely pursuant to the Exchange Offer Memorandum, and only to such persons and in such jurisdictions as are permitted under applicable law. THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR THE SOLICITATION OF AN OFFER TO SELL OR EXCHANGE ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE SUCH OFFER IS PROHIBITED, AND SUCH SECURITIES MAY NOT BE OFFERED, SOLD OR EXCHANGED IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT. NONE OF THE COMPANY, THE ISSUER OR THE FUND INTENDS TO REGISTER ANY SECURITIES TO BE DELIVERED IN THE EXCHANGE OFFER IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SUCH SECURITIES IN ANY JURISDICTION. THE EXCHANGE OFFER WAS MADE SOLELY PURSUANT TO THE EXCHANGE OFFER MEMORANDUM. NEITHER THE EXCHANGE OFFER MEMORANDUM NOR ANY OF THE OTHER DOCUMENTS RELATING TO THE EXCHANGE OFFER HAVE BEEN FILED WITH OR REVIEWED BY THE FEDERAL OR ANY STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY OF ANY COUNTRY, NOR HAS ANY SUCH COMMISSION OR AUTHORITY PASSED UPON THE ACCURACY OR ADEQUACY OF THE EXCHANGE OFFER MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL AND MAY BE A CRIMINAL OFFENSE. NONE OF THE INFORMATION AND EXCHANGE AGENT, THE ISSUER, THE COMPANY, THE FUND OR THEIR RESPECTIVE AFFILIATES HAS MADE ANY RECOMMENDATION IN CONNECTION WITH THE EXCHANGE OFFER AS TO WHETHER OR NOT ANY ELIGIBLE HOLDER OF REG S NOTES SHOULD HAVE TENDERED OR REFRAINED FROM TENDERING THEIR REG S NOTES, AND NO PERSON HAS BEEN AUTHORIZED BY ANY OF THEM TO MAKE SUCH A RECOMMENDATION. ELIGIBLE HOLDERS ARE URGED TO READ THE EXCHANGE OFFER MEMORANDUM AND CONSULT WITH THEIR FINANCIAL, LEGAL AND TAX ADVISORS. This announcement contains forward-looking statements and information that is necessarily subject to risks, uncertainties and assumptions. No assurance can be given that the transactions described herein will be consummated or as to the terms of any such transactions. No person assumes any obligation to update or correct the information contained in this announcement. This communication is only being distributed to and is only directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129. The Quotas are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with qualified investors. This communication and its contents should not be acted upon or relied upon in any member state of the EEA by persons who are not qualified investors. This communication does not constitute a "prospectus" for the purposes of the Prospectus Regulation. In the United Kingdom, this communication is only being distributed to, and are only directed at, "qualified investors" within the meaning of paragraph 15 of Schedule 1 of the POATRs that are: (i) investment professionals falling within Article 19(5) of the Order, (ii) high net worth entities or other persons falling within Article 49(2)(a) to (d) of the Order, or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA), in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This communication should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. This communication is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. The Quotas are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this communication or any of its contents. This communication does not constitute a "prospectus" for the purposes of the POATRs and the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook. About General Shopping e Outlets do Brasil S.A. GSB is a Brazilian shopping mall developer and operator. As of December 2025, it managed 15 projects with an owned GLA of 80,910 sqm. =========================== C A Y M A N I S L A N D S =========================== APPLE TREE: Cayman Judge Removes VC's Management ------------------------------------------------ Gwendolyn Wu, writing for Bio Pharma Dive, reports that a Cayman Islands court has ruled that Seth Harrison, the general partner of biotechnology venture capital firm Apple Tree Partners, should relinquish control of the longtime startup backer. The report says the decision issued Friday could hand the fund's management over to two court-appointed independent directors, Alexander Lawson and Barry Lynch of consulting firm Alvarez & Marsal. It was handed down more than a year after ATP and its main funders -- called Rigmora Biotech Investors and associated with Russian billionaire Dmitry Rybolovlev -- sued and countersued one another in two different courts. A separate U.S. bankruptcy court proceeding, though, is still underway, the report relates. In that case, ATP aims to implement a restructuring plan that would enable it to continue funding its portfolio companies. And Harrison has emerged as a bidder for those startups, a spokesperson for the firm told BioPharma Dive Tuesday, adds the report. About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on Dec. 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. APPLE TREE: Taps Vernon Flynn Sonecha, Akash Sonecha as Counsel --------------------------------------------------------------- Apple Tree Life Sciences, Inc., et al. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Vernon Flynn KC, Esq., Akash Sonecha, Esq., and Anson Cheung, Esq., individual professionals practicing law in Delaware, to serve as supplemental Cayman Islands counsel. The professionals will provide these services: (a) prepare for and represent the Debtors' interests in the Cayman Proceedings and perform the full range of services normally associated with being leading counsel in the Cayman Proceedings, including (but not limited to) advising, acting for, and appearing on behalf of the Debtors in the Cayman Proceedings before the Courts of the Cayman Islands; (b) provide legal services in connection with the upcoming Cayman Proceedings at Walkers' direction and instruction; and (c) provide additional services from the Barristers beyond the Cayman Proceedings or additional barristers pursuant to the Notice Procedure. Vernon Flynn KC will receive a flat fee of $2,014,950 representing an hourly rate of $2,400 for the services outlined herein. Akash Sonecha will also receive a flat fee of $445,741 representing an hourly rate of $637.88 for the services outlined herein, to be paid in two equal installments. Anson Cheung will receive a flat fee of $600,255 representing an hourly rate of $627.28 for the services outlined herein, to be paid in four equal installments. The Barristers do not represent or hold any interest adverse to the Debtors or to their estates, according to court filings. The firm and professionals can be reached at: Vernon Flynn KC, Esq. BRICK COURT CHAMBERS 7-8 Essex Street London, WC2R 3LD United Kingdom Telephone: +44 (0)20 7379 3550 E-mail: vernon.flynn@brickcourt.co.uk - and - Akash Sonecha, Esq. Anson Cheung, Esq. ESSEX COURT CHAMBERS 24 Lincoln's Inn Fields London, WC2A 3EG United Kingdom Telephone: +44 (0)20 7381 8131 E-mail: asonecha@essexcourt.com acheung@essexcourt.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on Dec. 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Air Transport Main Driver of Growth in Tourism ------------------------------------------------------------- Dominican Today reports that air transport continues to be the main driver of growth in Dominican tourism. During the first half of 2016, the Dominican Republic received 37,895 commercial flights, a record figure representing a 7.7% increase compared to the same period in 2015, equivalent to 2,694 additional operations, according to Dominican Today. Furthermore, the country surpassed pre-pandemic levels by 24.5%, with 7,448 more flights than in January-June 2019, the report recalls. This performance is due to the sustained increase in international demand and the strengthening of the country's air connectivity, both of which have boosted tourist arrivals at the main national tourist destinations, the report notes. Punta Cana continues to solidify its position as the country’s main air gateway, the report says. The airport accounted for 53% of all air operations recorded in June, followed by Las Americas International Airport (AILA) with 28% and Cibao International Airport with 12%. Puerto Plata and El Higüero followed with 3% each, while La Romana and Samana each contributed 1%, the report relays. According to statistics from the Ministry of Tourism (Mitur), as reported by areocoa.com, the distribution demonstrates the importance of the Eastern region within the Dominican tourism industry, driven by its wide range of hotels, beaches, and direct connections to the main source markets, the report says. The data also shows that the United States remains the primary source market for flights, accounting for 53% of total operations. It is followed by Panama (7%), Colombia (6%), Puerto Rico (6%), and Canada (5%), markets that maintain consistent connectivity with the country, the report discloses. Among the busiest routes are the connections between New York (JFK) and Santiago (STI), New York (JFK) and Santo Domingo (SDQ), as well as flights from Panama (PTY), San Juan (SJU), and Miami (MIA) to Punta Cana, reflecting the importance of the US market, the Caribbean and Central America in the national tourism dynamic, the report notes. The increase in air operations is closely linked to the growth in tourist arrivals, the report says. Between January and June 2026, the Dominican Republic received 4,963,542 tourists by air, a 10% increase compared to the same period in 2025, representing an additional 449,449 visitors, the report relays. Compared with 2019, this growth is 38.8%, confirming the country’s consolidation as one of the fastest-recovering and fastest-expanding tourist destinations in the region, the report notes. These results reflect the strengthening of international connectivity, the opening of new routes, and increased airline frequencies, elements that continue to position the Dominican Republic as the main tourist hub in the Caribbean and one of the most competitive destinations in Latin America, 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. DOMINICAN REPUBLIC: Launches Trade Talks With Ecuador ----------------------------------------------------- Dominican Today reports that Ecuador and the Dominican Republic have launched negotiations on a partial trade agreement aimed at expanding reciprocal access to each other's markets, according to Ecuador's Ministry of Production, Foreign Trade and Investment. The first round of talks, being held virtually, focuses on market access, rules of origin, trade facilitation, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, dispute settlement, and institutional matters, according to Dominican Today. The agreement is expected to establish clearer trade rules and strengthen the competitiveness of businesses in both countries, the report notes. Trade between the two nations has continued to grow, the report relays. Ecuador exported US$148 million worth of goods to the Dominican Republic in 2025, while imports from the Caribbean nation totaled US$19 million, resulting in a US$128 million trade surplus for Ecuador, the report says. Ecuadorian exports to the Dominican Republic also increased by 11.4% during the first quarter of 2026 compared with the same period last year, the report discloses. Key exports include raw tobacco, electrical equipment, metal products, shrimp, and flowers, the report notes. A second round of negotiations is scheduled to take place in person in the Dominican Republic in the coming weeks, 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: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Advisors Group General Contractors Corp. Ave. Roberto Sanchez Vilella GL-19 URB. Country Club Carolina, PR 00982 Business Description: Advisors Group General Contractors Corp. is a Carolina, Puerto Rico-based general contractor that provides commercial and residential construction, remodeling, project management, and related engineering services. Chapter 11 Petition Date: July 2, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-03091 Debtor's Counsel: Javier Vilarino, Esq. VILARINO AND ASSOCIATES LLC P.O. Box 9022515 San Juan, PR 00902 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Modesto Estrada Diaz as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MKD3U4A/ADVISORS_GROUP_GENERAL_CONTRACTORS__prbke-26-03091__0001.0.pdf?mcid=tGE4TAMA ROYAL PRODUCT: Seeks Chapter 11 Bankruptcy in Puerto Rico --------------------------------------------------------- On June 19, 2026, Royal Product Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Puerto Rico. According to court filings, the Debtor reports between $100,000 and $500,000 in debt owed to 1-49 creditors. About Royal Product Group LLC Royal Product Group LLC is a Ponce, Puerto Rico-based manufacturer of sanitary paper products serving the personal hygiene market. The company manufactures products primarily under the Gala Diapers and Gala Adult Care brands from its production facility in Ponce. Its product portfolio includes adult diapers, wet wipes, bed pads, pet pads, and sanitary towels. The manufacturer has also been a member of the Asociación Hecho en Puerto Rico and has employed an estimated 50 to 100 workers. Royal Product Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02805) on June 19, 2026, with $100,001 to $500,000 in both assets and liabilities. Juan Carlos Bigas Valedon, Esq., at Juan C Bigas Law Office represents the Debtor as bankruptcy 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 * * *