260722.mbx

260722.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 22, 2026, Vol. 27, No. 145 Headlines A R G E N T I N A ARGENTINA: Inflation Slows to Lowest Level Since Last August ARGENTINA: Tether Invests US$20MM in Argentina's Uala PAMPA ENERGIA: OKs US$2.7BB Argentina Urea Plant Amid Shale Boom J A M A I C A JAMAICA: MSMEs Urged to Formalise, Take Advantage of Opportunities JAMAICA: Tax Revenue Fell Short of Projection for 1st 2 Mos. of FY P A N A M A BANISTMO S.A: S&P Upgrades LT ICR to 'BB' on Completed Acquisition P U E R T O R I C O BITCOIN DEPOT: Committee Seeks to Hire Willkie Farr as Counsel - - - - - ================= A R G E N T I N A ================= ARGENTINA: Inflation Slows to Lowest Level Since Last August ------------------------------------------------------------ Manuela Tobias at Bloomberg News reports that Argentina's inflation slowed for a third straight month to the lowest level since August in a victory for President Javier Milei following a surge in March due to the Iran war-related energy shock. Consumer prices rose 1.9 percent last month compared with May, just below the two percent median estimate of economists surveyed by Bloomberg. From a year ago, inflation picked up marginally to 33.5 percent from 33.2 percent, according to data published Tuesday by the statistics agency INDEC, according to Bloomberg News. Economy Minister Luis Caputo had said during a TV interview that analysts expected inflation to slow below two percent in June, after it slowed in April and May, Bloomberg News says. Seasonal prices saw the biggest increases within core inflation, which clocked in at 1.6 percent, on vegetables and tourism just ahead of winter holidays in the Southern Hemisphere, Bloomberg News relates. "Another decline in Argentine inflation in June, even if aided by favourable seasonality, suggests price pressures are contained and provides scope for the government's economic team to continue balancing disinflation objectives with other policy priorities like growth and external resilience," said Jimena Zuniga, Latin America geoeconomics analyst, Bloomberg News relates The slowing in monthly consumer price increases comes on the heels of Milei scoring rating upgrades from both S&P Global Ratings and Fitch Ratings, bringing Argentina one step closer to regaining access to international capital markets, Bloomberg News discloses. Economists surveyed by the Central Bank in June forecast a 2026 year-end inflation rate of 30 percent, down from 30.5 percent, in the previous survey, with growth of three percent, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its capital is Buenos Aires. Javier Milei is the current president of Argentina after winning the November 19, 2023 general election. He succeeded Alberto Angel Fernandez in the position. Argentina has the third largest economy in Latin America. The country’s economy is an upper middle-income economy for fiscal year 2019, according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. In March 2022, the International Monetary Fund (IMF) approved a 30-month arrangement under an Extended Fund Facility for Argentina in the amount of SDR 31.914 billion (equivalent to US$44 billion, or 1000 percent of quota) — with an approved immediate disbursement of an equivalent of US$9.65 billion. Argentina's IMF-supported program sought to improve public finances and start to reduce persistent high inflation through a multi-pronged strategy. On April 11, 2025, the IMF further approved a 48-month Extended Fund Facility (EFF) arrangement for Argentina totaling US$20 billion (or 479 percent of quota), with an immediate disbursement of US$12 billion, and a first review planned for June 2025 with an associated disbursement of about US$2 billion. The program is expected to help catalyze additional official multilateral and bilateral support, and a timely re-access to international capital markets. Fitch Ratings, on May 5, 2026, upgraded Argentina's Long-Term Foreign Currency and Local Currency Issuer Default Rating (IDR) to 'B-' from 'CCC+'. The rating Outlook is Stable. S&P Global Ratings, on Dec. 17, 2025, raised its local currency sovereign credit ratings on Argentina to 'CCC+/C' from 'SD/SD'. S&P also raised its long-term foreign currency sovereign credit rating to 'CCC+' from 'CCC' and affirmed its 'C' short-term foreign currency rating. The outlook on the long-term ratings is stable. In addition, S&P raised its issue ratings on local currency bonds to 'CCC+' from 'CCC'. Its 'B-' transfer and convertibility assessment is unchanged. Moody’s Ratings, on July 17, 2025 upgraded the Government of Argentina’s long-term foreign currency and local currency issuer ratings to Caa1 from Caa3 and changed the outlook to stable from positive. The upgrade reflects its view that the extensive liberalization of exchange and (to a lesser extent) capital controls, alongside a new International Monetary Fund (IMF) program, support the availability of hard currency liquidity and ease pressure on external finances. This reduces the likelihood of a credit event. DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local Currency Issuer Ratings to B (low) from CCC in November 2024, and confirmed such ratings in November 2025. ARGENTINA: Tether Invests US$20MM in Argentina's Uala ----------------------------------------------------- Buenos Aires Times reports that Tether has invested US$20 million in Argentine digital bank Uala, deepening its bet across Latin America as the issuer of the world's largest stablecoin grows its footprint beyond digital assets. The investment forms part of Uala's US$197-million funding round announced in March, which it plans to use to accelerate growth and expand the company's financial ecosystem across its existing markets of Argentina, Mexico and Colombia, according to Buenos Aires Times. Regulatory hurdles in these countries prevent Ualá from seeking to integrate Tether's USDT stablecoin into its platform in the short term, said Founder and Chief Executive Officer Pierpaolo Barbieri, the report notes. "We always want to stay at the forefront of new products, but today we are a bank in all of our markets, and given the regulatory environment in Argentina and Mexico, there won’t be any type of stablecoin integration," Barbieri said in an interview, the report says. "Tether is joining solely as a financial investor," he added. Tether, which has US$184 billion of tokens in circulation, has made a series of investments in the region over the past months, the report notes. In April, the company led a Series A round for Argentine crypto platform Belo, and earlier this month it announced an US$18-million investment in Brazilian crypto exchange Mercado Bitcoin, the report says. Beyond crypto, Tether last year took a controlling stake in South American agricultural company Adecoagro, building on a deal spree that has included investments ranging from brain-implant technology to sports, the report relays. Tether adds to Uala's roster of investors, a list that includes Allianz X - which led the company's last funding round - as well as firms such as Stone Ridge Holdings Group, Tencent Holdings Ltd., Soros Fund Management LLC, Table Holdings LP and D1 Capital Partners, the report discloses. The March financing valued Uala at US$3.2 billion, the report notes. "Uala's growth reflects the enormous demand across the region for financial services that are more accessible, efficient, and designed around the needs of consumers," Tether Chief Executive Officer Paolo Ardoino said in a statement, the report says. Argentine Turnaround Uala's 11 million customers across the region are concentrated in its home market of Argentina, where banks and fintechs have been grappling with rising delinquencies after a rapid expansion in credit last year was followed by soaring interest rates ahead of midterm elections, the report relates. Private-sector lenders have since pulled back on credit growth as household loan quality deteriorated, the report says. Barbieri said Uala's delinquency rates have declined over the past seven months and that its operation in Argentina should return to break-even in "the next one or two months" as credit quality improves, the report notes. That will allow the company to direct more of its capital toward growth abroad, the report discloses. Founded in 2017, Uala's expansion efforts are increasingly centered in Mexico, where the company says it sees significant room to gain share despite intensifying competition from banks and fintechs, the report notes. Mexico remains one of the least-digitized payments markets globally, with cash dominating about 85 percent of small purchases, the report says. "Mexico is an extremely young market compared to Brazil, a regional pioneer, and Argentina, which has undergone significant digitization in recent years," said Barbieri, the report relays. "There is competition in Mexico, certainly, but the total addressable market is infinite," he added. The report relays that Barbieri acknowledged the company is taking a cautious approach toward lending in Mexico while also focusing on adding new products, including a recent launch that allowed investments in US stocks and ETFs. He declined to estimate when the firm will reach break-even in Latin America's second-largest economy, the report notes. 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. PAMPA ENERGIA: OKs US$2.7BB Argentina Urea Plant Amid Shale Boom ---------------------------------------------------------------- Jonathan Gilbert at Bloomberg News reports that Pampa Energia SA is green-lighting a US$2.7-billion urea fertiliser plant on Argentina's Atlantic coast, marking the first new facility of this kind that the country has seen in about 25 years. Argentina is rushing to grow production of natural gas out of its booming shale patch Vaca Muerta, which has more recently been focused on oil as it is easier to transport and export, according to Bloomberg News. Natural gas in used in the output of fertilisers, giving drillers another customer base for the energy product, Bloomberg News says. The plant will also strengthen domestic supply chains for the crop input and reduce reliance on shipments from the Middle East, Bloomberg News notes. The plant, which will produce 2.1 million tons a year of ammonia and urea, received a final investment decision, the company said in a regulatory filing, Bloomberg News relays. The project has been closely watched by equity analysts tracking Pampa’s growth, Bloomberg News notes. It has the potential to create US$1 billion in annual revenue, executives said on an earnings call in May, Bloomberg News discloses. The company, chaired by Argentine business mogul Marcelo Mindlin, is already a major power generator and natural gas producer and has been making a push in shale oil, Bloomberg News says. The plant, to be built over three years in Argentina’s petrochemicals hub in Bahía Blanca, underscores a broader trend of the nation finding ways to monetise its vast shale gas reserves, Bloomberg News relays. These include the Southern Energy SA liquefied natural gas project, in which Pampa has a stake, and another bigger LNG venture involving Italy’s Eni SpA and Adnoc, Abu Dhabi’s national oil company, which still needs to secure financing, Bloomberg News notes. Profertil SA, an existing Argentine fertilizer operation, is also considering a big expansion, Bloomberg News discloses. Pampa's final investment decision is another major coup for RIGI, President Javier Milei's marquee investor programme featuring major tax breaks, Bloomberg News says. RIGI approval is "essential," it said in the filing and pending, Bloomberg News notes. RIGI has drawn a slew of applications in shale-drilling areas and in pipeline and processing infrastructure – supercharging development in the Vaca Muerta, Bloomberg News adds. As reported in the Troubled Company Reporter-Latin America on May 19, 2026, Fitch Ratings has upgraded Pampa Energia S.A.'s Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) to 'B+' from 'B'. Fitch also affirmed Pampa's senior unsecured notes at 'B+' and revised the Recovery Rating to 'RR4' from 'RR3', including the tap on its 2037 senior notes. The Outlook is Stable. ============= J A M A I C A ============= JAMAICA: MSMEs Urged to Formalise, Take Advantage of Opportunities ------------------------------------------------------------------ RJR News reports that Permanent Secretary in the Ministry of Industry, Investment and Commerce, Sancia Templer, is urging micro, small and medium-sized enterprises (MSMEs) to formalise their businesses to take advantage of new growth opportunities. Speaking on Radio Jamaica's Real Business, Mrs. Templer said businesses must be formally registered and tax compliant to qualify for government contracts and access other financing opportunities, according to RJR News. She noted that under the government's procurement policy, 20 per cent of public sector contracts will be reserved for MSMEs, but only businesses that are formalised and tax compliant will be eligible, the report notes. Mrs. Templer also said entrepreneurs hoping to raise between $50 million and $100 million through the recently launched Micro Market of the Jamaica Stock Exchange will also have to meet those requirements, the report says. Her comments came during the Small Business Association of Jamaica's Growth and Resilience Conference at the Jamaica Pegasus Hotel, the report relays. Chief Executive Officer of Jamaica Life Learners, Trudy Lee Panton, has also encouraged small business operators to formalise their businesses and become members of the Small Business Association of Jamaica, the report discloses. Ms. Panton said joining the association provides valuable opportunities to network with other entrepreneurs and gain a better understanding of the business environment, the report notes. Speaking on Real Business, she said she gained valuable insights from the SBAJ's Growth and Resilience Conference, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. JAMAICA: Tax Revenue Fell Short of Projection for 1st 2 Mos. of FY ------------------------------------------------------------------ RJR News reports that the Ministry of Finance has revealed that tax revenue fell well below target during the first two months of the fiscal year, with shortfalls recorded across several major tax categories. According to the Ministry's latest fiscal report, collections from taxes on income and profits were $18.8 billion, or about 24 per cent, below the $77.8 billion budgeted, coming in at only $59 billion during the April to May period, the report notes. Taxes paid by companies recorded one of the largest gaps, falling 30.9 per cent below target. The government collected $27 billion, compared with the $39.9 billion that had been projected, according to RJR News. Special Consumption Tax collections also missed expectations by 65.9 per cent, with only $2.15 billion collected out of the $6.4 billion budgeted, RJR News says. The report also shows that hotel accommodation tax receipts were 21.7 per cent below target, while travel tax collections fell 35.1 per cent short of expectations, RJR News relays. Taxes on dividends were 22.7 per cent below budget, while collections from taxes on individuals were 59.4 per cent lower than projected, RJR News notes. RJR News discloses that international trade taxes came in 3.3 per cent below target; customs duties were 8.6 per cent below expectations, and education tax collections missed the target by 8.3 per cent. The Ministry also reported that production and consumption taxes were approximately 2.4 per cent below budget during the period under review, RJR News adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. On Feb. 21, 2025, Fitch Ratings affirmed Jamaica's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-', with a positive rating outlook. In October 2023, Moody's upgraded the Government of Jamaica's long-term issuer and senior unsecured ratings to B1 from B2, and senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has been changed to positive from stable. In September 2024, S&P affirmed 'BB-/B' longterm foreign and local currency sovereign credit ratings on Jamaica and revised outlook to positive. =========== P A N A M A =========== BANISTMO S.A: S&P Upgrades LT ICR to 'BB' on Completed Acquisition ------------------------------------------------------------------ S&P Global Ratings raised its long-term global scale issuer credit rating on Banistmo S.A. to 'BB' from 'BB-'. At the same time, S&P affirmed its 'B' short-term issuer credit rating on the bank. The outlook on the long-term rating is stable. On June 30, 2026, Grupo Financiero BSC (BSC) completed acquisition of Banistmo S.A. Therefore, the ratings on the latter are no longer influenced by those on its previous parent and Colombia (BB-/Stable/B). S&P said, "In our opinion, Banistmo will play a key role in the new owner's regional strategy and would benefit from extraordinary support, if necessary. Moreover, BSC's consolidated operations reflect a diversified business profile and steady capitalization. We therefore assess BSC's group credit profile at 'bb'." Following the acquisition's completion, the 'BB' rating on Banistmo reflects its core subsidiary of BSC and the removal of previous credit ceilings associated with the credit quality of Colombia and Grupo Cibest. The prior 'BB-' rating on Banistmo reflected the group credit profile (GCP) of its previous ultimate parent, Grupo Cibest, which was capped by the sovereign rating on Colombia. Following the acquisition, Banistmo will become part of a financial group based in Panama (BBB-/Stable/A-3) and will represent the majority of the group's assets and operations, underscoring the subsidiary's core status. S&P said, "Based on our consolidated credit analysis--which is heavily influenced by Banistmo's creditworthiness--we estimate the bank will account for two-thirds of BSC's operations. Therefore, we have assessed BSC's GCP at 'bb'. The latter captures BSC's exposure to countries with higher economic risk than that of Panama. Moreover, our opinion of Banistmo's relevance for BSC is based on its full integration with the group--specifically regarding product offerings, target markets, operating efficiencies, risk controls, and corporate governance--which we believe could provide additional sources of support, if necessary. Consequently, the rating on Banistmo aligns with its parent's GCP." BSC acquired 100% of Banistmo's shares from Grupo Cibest for $1.418 billion. The acquisition was executed through BSC's Panamanian vehicle, Banco La Hipotecaria, facilitating the eventual consolidation of both banks. By using a domestic entity, the group reduced execution risks and streamlined the integration process. The transaction was financed through equity and credit facilities granted to BSC and Banco La Hipotecaria. As of March 2026, Banistmo maintained a relevant market position in Panama with total assets and loans totaling $10.5 billion and $7.6 billion, respectively, supported by $1.2 billion in common equity. Banistmo's risk profile will remain its main credit weakness. The Panamanian bank has been unable to recover since the pandemic's economic shock, which had weakened the payment capacity of some of its borrowers. S&P said, "Moreover, the bank still has a significant delinquent exposure related to the construction segment, which we anticipate to remain on its lending book for the next 12 months. Despite Banistmo's efforts to contain further asset quality deterioration, we still consider its risk profile weaker than those of rated peers in the region. The bank's nonperforming assets (NPAs) stood at 9.1%, while net charge-offs (NCOs) were 1.5% in March 2026. These metrics are weaker than those of the Panamanian banking system averages of 2.9% and 0.9%, respectively. We anticipate that after the acquisition, BSC will maintain its adequate underwriting standards, which would cascade to Banistmo and could gradually improve the consolidated asset quality indicators." Banistmo's stand-alone credit profile remains unchanged at 'bb+'. S&P said, "We anticipate Banistmo will maintain its position as the second-largest lender in Panama in terms of loans and deposits, along with diversified operations through a wide range of products including retail and wholesale services. In our view, the bank's still sound business franchise and diversity somewhat compensate for its business stability pressures. Moreover, we expect Banistmo's capitalization levels will remain stable, with a risk-adjusted capital ratio of about 8.0% in the next two years. The ratio incorporates our expectation that the bank's profitability will remain limited and below that of regional peers, but compensated by modest loan portfolio growth, which should result in manageable capital needs. In addition, we anticipate the bank will continue benefitting from a broad and highly diversified deposit base, which we consider more stable during economic downturns than wholesale funding sources." Finally, Banistmo will maintain a healthy liquidity position thanks to a very comfortable debt maturity profile with modest short-term needs that result in low refinancing risk. The stable outlook on Banistmo for the next 12 months reflects its key role for BSC's diversification and growth strategy in Central America. S&P said, "The outlook also incorporates our expectation that the parent will maintain its credit fundamentals. More specifically, BSC, on a consolidated basis, will maintain asset quality indicators slightly worse than those of regional peers with NPAs plus NCOs of slightly over 5% following the acquisition of Banistmo. The outlook also incorporates our expectations that the group will maintain stable solvency levels, a diversified deposit base, and an adequate liquidity profile with low refinancing risks for the next two years. Finally, the outlook reflects our expectation that the group will maintain its business diversification in terms of geography and products, which ultimately supports its business stability." S&P said, "We could lower the ratings on Banistmo if its parent's creditworthiness deteriorates. This could happen if the group backtracks on its strategy to improve asset quality indicators after the acquisition, resulting in weaker NPAs plus NCOs than those of peers, coverage levels consistently below 90%, and a cost of risk hampering profitability and pressuring the group's capital adequacy. "We could upgrade Banistmo if its parent improves its asset quality indicators, mainly in its Panama-based subsidiary, posting NPAs plus NCOs below 5% in a consolidated basis. An upgrade would also require the subsidiary to control the cost of risk and gradually enhance its coverage levels toward 100%, coupled with steady and internal capital generation that strengthens the bank's solvency metrics." ===================== P U E R T O R I C O ===================== BITCOIN DEPOT: Committee Seeks to Hire Willkie Farr as Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Bitcoin Depot Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Willkie Farr & Gallagher LLP as counsel. The firm's services include: a. assisting and advising the Committee in connection with various forms of relief sought by the Debtors, including with respect to "first day" motions; b. assisting and advising the Committee in the evaluation and preservation of any claims and on any litigation matters, including avoidance actions, releases, and claims against directors and officers and any other party; c. assisting and advising the Committee in any matter relevant to the Debtors' tax attributes and the preservation of such attributes under a plan or through a sale of assets; d. assisting and advising the Committee in connection with the Debtors' proposed debtor-in-possession financing facility; e. assisting the Committee in the review, analysis, and negotiation of any chapter 11 plan(s) of reorganization or liquidation that may be filed, and assisting the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any such plan(s); f. assisting and advising the Committee in analyzing claims asserted against and interests in the Debtors, their affiliates and related parties, negotiating with the holders of such claims and interests, and bringing or participating in objections or estimation proceedings with respect to such claims and interests; g. assisting and advising the Committee in connection with the Bankruptcy Local Rules and the practices in the Southern District of Texas; h. generally preparing on behalf of the Committee all necessary motions, applications, answers, orders, reports, replies, responses, and papers in support of positions taken by the Committee, and appearing, as appropriate, before this Court and any appellate courts, and protecting the interests of the Committee before those courts and before the U.S. Trustee with respect to any of the above; and i. performing all other necessary legal services in these chapter 11 cases. The firm will be paid at these rates: Partners and Senior Counsel $1,950 to $2,795 per hour Associates/Law Clerks $790 to $1,850 per hour Paraprofessionals $420 to $680 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following information is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months pre-petition, disclose your billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: N/A. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Willkie will prepare a proposed staffing plan and budget through August 31, 2026 to comply with the U.S. Trustee's requests for information and additional disclosures, and any other orders of the Court, recognizing that in the course of these chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Committee and Willkie. Mr. Miller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brett H. Miller, Esq. Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 728-8000 About Bitcoin Depot Inc. Bitcoin Depot, Inc., is a Delaware corporation with its principal place of business in Georgia that operates the largest cryptocurrency kiosk network in North America, claiming to operate more than 8,400 Bitcoin ATMs across the United States, Canada, and Puerto Rico. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In the petition signed by W. Alexander Holmes, director, the Debtor disclosed up to $50 million in both assets and liabilities. Paul E. Heath, at Vinson & Elkins LLP, represents the Debtor as legal counsel. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *