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260717.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 Friday, July 17, 2026, Vol. 27, No. 142 Headlines A R G E N T I N A ARGENTINA: To Repay US$4 Billion, Defying Critics Who Doubted Tack B R A Z I L BRASKEM S.A.: Chapter 15 Case Summary ONCOCLINICAS: Files Debt Restructuring, Boosting Shares C A Y M A N I S L A N D S APPLE TREE: Provides Update Following Recent Cayman Court Order J A M A I C A DERRIMON TRADING: Reports J$2BB Loss; Corrects System Issue DERRIMON TRADING: Trading Resumes for Company Shares M E X I C O TPI COMPOSITES: Court Confirms Joint Ch. 11 Plan of Liquidation X X X X X X X X LATAM: IDB & Canada Sign Guarantee to Mobilize $1BB New Financing - - - - - ================= A R G E N T I N A ================= ARGENTINA: To Repay US$4 Billion, Defying Critics Who Doubted Tack ------------------------------------------------------------------ David Feliba at Bloomberg News reports that Argentina is set to make a major payment on its dollar bonds this week, pulling off a feat few investors thought possible while the country refuses to tap global debt markets. The government says it has already secured the funds needed to cover the US$4.3-billion semi-annual obligation, split between principal and interest on its foreign-currency bonds, according to Bloomberg News. It has also identified further financing sources that eliminate the need to tap international debt markets for the rest of President Javier Milei's term, which runs through the end of 2027, Bloomberg News notes. Investors had urged Economy Minister Luis Caputo to seize a window of opportunity to raise capital before the war in the Middle East rattled markets, Bloomberg News says. Instead, the government held off, arguing borrowing costs remained too high, Bloomberg News relays. Caputo doubled down, unveiling a financing plan that excludes international debt issuance this year, relying instead on local dollar bonds, multilateral-backed loans and other lower-cost sources, Bloomberg News says. "Going to the market is just another option, not an objective," Caputo told reporters. The government's goal, he said, is to refinance debt as cheaply as possible. Officials added that the Treasury already holds about US$4 billion in dollar deposits for this week's payment and that proceeds from multilateral-backed financing would arrive before the bonds come due, Bloomberg News notes. This will be Argentina's second major debt repayment for 2026, after the South American nation paid a similar sum to bondholders at the start of the year, Bloomberg News relays. Since March, the Treasury has raised roughly $4 billion through sales of bonares, or locally issued dollar-denominated bonds, Bloomberg News notes. The notes mature in 2027 and 2028, at yields averaging 6.9 percent – well below the roughly 8.6 percent investors estimate Argentina would currently pay abroad, Bloomberg News discloses. Caputo announced plans to raise another US$2 billion through similar domestic placements by year-end, while also relying on multilateral-backed loans with interest rates of about six percent to seven percent, Bloomberg News notes. The government formalized part of that strategy by confirming up to US$3.2 billion in loans from BBVA, Santander and Deutsche Bank, backed by guarantees from the World Bank and the Inter-American Development Bank, Bloomberg News relays. While the bedrock of Caputo's current strategy is the domestic market, it marks a sharp shift from the spree of international bond sales during his time under former president Mauricio Macri. In the months leading up to now key deadline, many investors insisted Argentina would need to sell global bonds to meet the bulk of its 2027 payments, Bloomberg News notes. "Investors were very vocal at the beginning of the year about the need for Argentina to come to markets, much like Ecuador did," said Gustavo Medeiros, head of research at Ashmore Group, pointing to widely-held concerns about Argentina's international reserve levels. However, the government has been very successful in accumulating dollars this year, he added. Many investors still expect Milei's sweeping economic reforms to ultimately pave the way for a long-awaited return to Wall Street, Bloomberg News discloses. That could come later this year if spreads keep tightening, Medeiros said, Bloomberg News says. Joe Delvaux, portfolio manager at Amundi, says that while issuance in the second half of 2026 is a possibility, it’s more likely to get pushed toward the start of 2027, Bloomberg News recalls. At the moment, though, the Argentine Treasury says it can finance itself more cheaply at home while waiting for global bond spreads to tighten, Bloomberg News notes. The debt still trades wide of similarly rated peers, with benchmark dollar bond yields in the high eight percent range - above what officials say is justified given the country’s stronger fiscal position and improving exports, Bloomberg News says. "It's proven to be the right strategy so far," said Graham Stock, senior emerging-markets strategist at RBC BlueBay Asset Management. "Demonstrating market access would be positive, but they're right to say it shouldn't be at any cost," he added. However, Argentina’s current funding mix leaves little wiggle room should any of its financing sources fail, market conditions deteriorate before next year's presidential vote or should any election-related volatility push sovereign spreads wider, Bloomberg News relays. "They are being very careful on not issuing at high rates, likely out of concern on the impact this can have on deficit metrics," said Jimena Zuniga, Argentina economist at Bloomberg Intelligence, Bloomberg News notes. "That's a reasonable concern, but it carries significant risks because there could be shocks undermining those plans for 2027 – and they could be missing a good issuance window now," he added. Bloomberg News relates that Argentina has about US$25 billion in dollar debt due in 2027, which it plans to pay with US$5 billion of local bond sales next year, as well as dollar purchases from the central bank, International Monetary Fund disbursements, proceeds from privatizations, and carryover cash from this year's financing surplus. "From an investor's perspective, we'd feel more comfortable if they were to get it done ahead of next year," said Jared Lou, portfolio manager at William Blair, Bloomberg News notes. "You have no idea what kind of volatility you’ll have going into the election cycle," he 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. =========== B R A Z I L =========== BRASKEM S.A.: Chapter 15 Case Summary ------------------------------------- Lead Debtor: Braskem S.A. Rua Eteno No. 1.561, Polo Industrial de Camacari Municipio de Camacari, Estado da Bahia, CEP 42816-200 Brazil Business Description: Braskem S.A. is a Brazilian publicly held chemical and petrochemical company that produces thermoplastic resins, including PE, PP, and PVC, as well as basic chemical inputs such as ethylene, propylene, butadiene, aromatics, and solvents. Founded in 2002, the company serves as a central strategic entity within Grupo Braskem and operates industrial units in Brazil, the United States, Germany, and Mexico. Chapter 15 Petition Date: June 26, 2026 Court: United States Bankruptcy Court Southern District of New York Six affiliates that concurrently filed voluntary petitions for relief under Chapter 15 of the Bankruptcy Code: Debtor Case No. ------ -------- Braskem S.A. (Lead Case) 26-11522 Braskem Netherlands B.V. 26-11523 Braskem Netherlands Inc. B.V. 26-11524 Braskem Netherlands Finance B.V. 26-11526 Braskem Trading & Shipping B.V. 26-11527 Braskem America Finance Company 26-11528 Judge: Hon. Michael E Wiles Foreign Representative: Antonio Reinaldo Rabelo Filho R Barao da Torre, 550, Ap 201, Ipanema Rio de Janeiro, RJ Brazil Foreign Proceeding: Brazilian Proceeding Foreign Representative's Counsel: Thomas S. Kessler, Esq. Richard J. Cooper David Z. Schwartz CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, New York 10006 Tel: 212-225-2000 Fax: 212-225-3999 E-mail: tkessler@cgsh.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Lead Debtor's Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LCQPPGY/Braskem_SA_and_Antonio_Reinaldo__nysbke-26-11522__0001.0.pdf?mcid=tGE4TAMA ONCOCLINICAS: Files Debt Restructuring, Boosting Shares ------------------------------------------------------- Reuters reports that Brazilian oncology treatment provider Oncoclinicas has filed for an out-of-court restructuring to renegotiate and reprofile about 5.1 billion reais ($993.8 million) in unsecured financial debt along with other intercompany claims, sending its shares higher on Tuesday, July 14. According to the report, the move comes ‌as a growing number of Brazilian companies are seeking to renegotiate debt with creditors while avoiding the costs of formal bankruptcy protection proceedings. So far this year, 33 companies have followed this path, it adds. =========================== C A Y M A N I S L A N D S =========================== APPLE TREE: Provides Update Following Recent Cayman Court Order --------------------------------------------------------------- Following the Cayman Court order issued July 10 and publicly posted on July 13, 2026, and in the context of the active and ongoing Chapter 11 restructurings of certain Apple Tree Partners (ATP) affiliates and portfolio companies, Apple Tree Partners issues the following statement to correct misinformation and provide a factual update: "Notwithstanding the Cayman Court order, nothing has been decided that affects any ATP entity under US law, and ATP and its portfolio companies continue to operate as usual. Any claims or reports of a change of control at ATP having taken effect under US law are false. The US court has not recognized the officeholders named in the Cayman Court order, and the managing director of ATP GP III Ltd. remains Seth Harrison, M.D. "Questions related to the management and operations of ATP, its affiliates, and its portfolio will be decided by the US Bankruptcy Court in due course. The outcome in Cayman Court does not alter any of the findings of the US Bankruptcy Court, nor does it impact in any way the authority that the Delaware court has clearly and repeatedly reserved for itself solely to decide the go-forward plan for the Fund and the ATP portfolio companies. "Two Delaware courts have ruled that preservation of the portfolio companies and continuation of their research and development activities are in the public interest, and in the best interest of the bankruptcy estate. Moreover, in its findings the Delaware Bankruptcy Court has respected the ability of the portfolio companies to function as independent entities that are encouraged to conduct business as usual, including partnerships and other transactions. ATP III GP Ltd, controlled by Seth Harrison, remains in Chapter 11, and the US Bankruptcy Court recently ordered that any changes to ATP portfolio company boards or senior management must be approved by ATP III GP Ltd. "ATP has made a funding motion to Justice Silverstein as part of the restructuring proceedings that it believes will adequately fund the portfolio companies through 2026, with the goal of ensuring that the portfolio companies will be able to exit Chapter 11 and thrive in a robust funding environment free from Rigmora's liquidity issues, funding defaults and other contractual breaches that are the root causes of the litigation." 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. ============= J A M A I C A ============= DERRIMON TRADING: Reports J$2BB Loss; Corrects System Issue ----------------------------------------------------------- RJR News reports that Derrimon Trading Company has reported that, following a comprehensive audit, it has now rectified the enterprise resource planning system issue that disrupted the margins reported within its retail division. The group reported a net loss of J$2.58 billion for the year ending December 31, mainly because of a stock write off, the report notes. This was mainly driven by significant differences between the physical quantities and the inventory or stock taking system, according to RJR News. These financial statements were restated to account for discrepancies which took place during the years 2023 to 2025, the report relates. The company said the restatement affected its cost of sales, gross profits and retained earnings during the period December 31, 2023 to December 31, 2025, the report says. CEO Ian Kelly said the impact of this problem on the business and its shareholders led to a deliberate and thorough response and the decision to identify the root cause, the report discloses. He added that this led to the independent audit and the restating of its results to present an accurate financial position, the report notes. Kelly also stressed that the systems of governance have now been reinforced and stakeholders can now have full confidence in its financial results, the report says. He said, with those major issues corrected the group's first quarter unaudited results reflect the turn around, the report adds. DERRIMON TRADING: Trading Resumes for Company Shares ---------------------------------------------------- RJR News reports that trading has resumed in the shares of Derrimon Trading Company on the Jamaica Stock Exchange. The JSE said it has lifted the suspension on the company's shares with immediate effect after Derrimon brought its financial reporting up to date, according to RJR News. According to the Exchange, on July 6 the company submitted its audited financial statements for 2025 along with its unaudited first quarter financial report for the period ended March 31, 2026, the report notes. The JSE said the decision to resume trading was made in keeping with its Junior Market rules which allow a suspension to be lifted once a listed company satisfies its outstanding financial reporting requirements, the report relays. Derrimon Trading shares are listed on the Junior Market of the Jamaica Stock Exchange, the report adds. =========== M E X I C O =========== TPI COMPOSITES: Court Confirms Joint Ch. 11 Plan of Liquidation --------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, approved the Disclosure Statement and confirmed the Amended Joint Chapter 11 Plan of Liquidation of TPI Composites, Inc. and Certain of Its Affiliated Debtors. On May 22, 2026, TPI Composites, Inc., TPI Texas, LLC, TPI International, LLC, TPI Turkey, LLC, TPI APAC, LLC, TPI APAC II, Inc., TPI Turkey II, LLC, TPI Turkey Izbas, LLC, TPI Composites Services, LLC, TPI Mexico, LLC, TPI Mexico II, LLC, TPI Mexico III, LLC, TPI Mexico IV, LLC, Ponto Alto Holdings, LLC, TPI Arizona, LLC, TPI Iowa, LLC, TPI Iowa II, LLC, Composite Solutions, Inc., TPI Holdings Mexico, LLC, and TPI Technology, Inc. (collectively, the "RemainCo Debtors"), as debtors and debtors in possession in the above captioned chapter 11 cases (collectively with TPI Mexico V, LLC and TPI Mexico VI, LLC, the "Debtors"), proposed and filed the Amended Joint Chapter 11 Plan of Liquidation of TPI Composites, Inc. and Certain of Its Affiliated Debtors (the "Plan"), and filed the Disclosure Statement for Amended Joint Chapter 11 Plan of Liquidation of TPI Composites, Inc. and Certain of Its Affiliated Debtors (the "Disclosure Statement"). The Disclosure Statement is approved on a final basis as having adequate information as contemplated by section 1125(a)(1) of the Bankruptcy Code. The holders of Claims in Class 3 (Senior Secured Term Loan Claims) are Impaired under the Plan and voted to accept the Plan in the numbers and amounts required by section 1126 of the Bankruptcy Code at each RemainCo Debtor. The holders of Claims in Class 4 (General Unsecured Claims) are Impaired under the Plan and voted to accept or were deemed to accept the Plan at all but six of the RemainCo Debtors. The Plan and each of its provisions are confirmed pursuant to section 1129 of the Bankruptcy Code. Any objections to approval of the Disclosure Statement or confirmation of the Plan are overruled on the merits and denied. As shared by the Troubled Company Reporter, the Bankruptcy Court permitted TPI Composites Inc. to sell Property, free and clear of all liens, claims, interests, and encumbrances. The Debtors are wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. The Debtor sought approval for the sale of certain Transferred Assets of a Debtor, including the assignment of Finished Goods Inventory and accounts Receivables by APAC II. The Court authorized the Debtor to sell the Property to Vestas Wind Technology India Private Limited. 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=XRbKfP from Pacermonitor.com. About TPI Composites TPI Composites, Inc., is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Turkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain. On August 11, 2025, TPI Composites, Inc., and several subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-34655). TPI disclosed $591,709,000 in total assets against $1,077,146,000 in total debt as of June 30, 2025. The Hon. Christopher M Lopez is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies LLC is serving as financial advisor, and Alvarez & Marsal North America, LLC is serving as restructuring advisor to TPI. Kroll is the claims agent. Sullivan & Cromwell LLP and Moelis & Company are serving as advisors to senior secured lenders. The official committee of unsecured creditors tapped Lowenstein Sandler LLP as counsel, Munsch Hardt Kopf & Harr, P.C., as co-counsel., and Berkeley Research Group, LLC, as its financial advisor. =============== X X X X X X X X =============== LATAM: IDB & Canada Sign Guarantee to Mobilize $1BB New Financing ----------------------------------------------------------------- The Inter-American Development Bank (IDB) and the government of Canada signed a landmark $200 million guarantee agreement to support up to $1 billion in new financing for projects in critical-mineral value chains and resilient infrastructure across Latin America and the Caribbean. The agreement, signed in Guatemala City by IDB Group President Ilan Goldfajn and Canada's Secretary of State (International Development) Randeep Sarai, will enable the IDB to expand its lending capacity while preserving its financial strength and strong credit-risk rating. The guarantee will be anchored in two key areas for Latin America and the Caribbean: Critical minerals: The guarantee will bolster IDB LAC Minerals, a regional initiative to strengthen value chains in critical minerals. It will support projects that expand processing capacity and develop the infrastructure needed to add value to the supply chain through responsible mining, as well as connect Latin America and the Caribbean to global markets. Resilient infrastructure: The guarantee is also aligned with the IDB Group’s Ready and Resilient Americas initiative, which helps countries prepare for and recover from natural disasters. It will support investments in resilient transport, energy, water, and digital infrastructure that keep essential services operating during shocks. "This guarantee will support up to $1 billion in additional financing for projects that strengthen economic resilience - roads, ports, electricity, and water systems that can better withstand disasters - and strengthen critical-mineral value chains," said Goldfajn. "By using our balance sheet more effectively, we can deliver more for our member countries. Canada is a valued and longstanding partner, and this agreement reflects our shared commitment to growth across the region." "Canada and IDB have been steadfast partners for over 6 decades," said Sarai. "Today, we are reinforcing that partnership by jointly signing a guarantee agreement to unlock sustainable development across Latin America and the Caribbean. Together, we are investing in the future of the region by supporting economic growth through strengthening critical minerals value chains and building climate-resilient infrastructure to help secure a more stable and prosperous world." The guarantee covers a portion of the IDB’s sovereign-guaranteed exposure portfolio, allowing the Bank to optimize its balance sheet and expand lending capacity without requiring additional shareholder capital. The additional financing will support solely IDB projects in critical minerals and resilient infrastructure that meet the Bank's environmental, social, integrity, and fiduciary standards. ********* 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 * * *