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260723.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 23, 2026, Vol. 27, No. 146 Headlines A R G E N T I N A ARGENTINA: Neuquen Province to Pitch First US bond Since 2017 PROVINCE OF NEUQUEN: S&P Rates Proposed US$500MM Notes 'B-' YPF SA: Argentina IPO Pipeline Grows as Unit Files For US Listing B R A Z I L CONSTELLATION OIL: S&P Rates Proposed Senior Secured Notes 'B+' E C U A D O R ECUADOR: IDB OKs $7.5 Billion Support for 2040 Growth Agenda J A M A I C A [] JAMAICA: DBJ Launches GEMINI Plus P U E R T O R I C O ADVISORS GROUP: Diana Torres-Cancel Named Subchapter V Trustee BITCOIN DEPOT: Committee Hires Berkeley as Financial Advisor - - - - - ================= A R G E N T I N A ================= ARGENTINA: Neuquen Province to Pitch First US bond Since 2017 ------------------------------------------------------------- Ignacio Olivera Doll & Jonathan Gilbert at Bloomberg News report that Argentina's Neuquen Province will pitch foreign investors in New York on its first new international bond in nearly a decade as the local government reaps the rewards of a shale oil boom, according to two people with direct knowledge of the matter. Provincial officials are heading to Wall Street for an investor roadshow starting July 20, according to Bloomberg News. They're seeking to secure a bullet bond with interest rates ranging between seven percent and eight percent and a five- to seven-year maturity, according to the people, who asked not to be named before the trip begins, Bloomberg News notes. Neuquen's legislature has already approved the issuance of up to US$500 million in new bonds, which would be the province's first since 2017, Bloomberg News relays. As President Javier Milei avoids returning the national government to global markets for now, Argentina's provinces are taking advantage of investor optimism about his economic overhaul to issue new bonds abroad, Bloomberg News says. If Neuquen goes ahead with the issuance, it would join Cordoba, Chubut, and Buenos Aires City, among others, that have sold abroad in recent months as bond spreads have narrowed, Bloomberg News discloses. Oil and gas companies that operate in Neuquen, such as Pampa Energía SA and Pluspetrol SA, have also tapped global markets to seize on optimism around Argentina's energy outlook, Bloomberg News notes. Bloomberg News says that the province is home to a shale oil and gas boom in an outpost of Patagonia that's taken on new significance as companies pour billions of dollars, ramping up production that's on track to reach one million barrels a day of oil by the end of the decade. An added incentive arrived recently when Milei's government amended its investment programme known as RIGI to allow shale drilling projects to qualify for tax breaks and legal protections, Bloomberg News relays. That change has lured big-ticket projects from producers including Chevron Corp, 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. PROVINCE OF NEUQUEN: S&P Rates Proposed US$500MM Notes 'B-' ----------------------------------------------------------- S&P Global Ratings assigned a 'B-' issue rating to the Province of Neuquen's proposed US$500 million notes (TIPDeN). The 'B-' rating on the issuance is the same as the foreign-currency issuer credit rating (B-/Stable/--) on the Province of Neuquen. The 'B-' rating on the Province of Neuquen reflects S&P's expectation that balanced fiscal performance, as well as access to financing, will facilitate timely payment of its relatively low debt service in the next 12 months. S&P anticipates that revenue gains from increased hydrocarbon production will be partly counterbalanced by spending pressures. If hydrocarbon momentum continues and if further infrastructure projects in the pipeline financed by the private sector materialize, there could be further revenue upside for Neuquen, supporting its financial profile. In S&P's view, the province's low liquidity continues to constrain its creditworthiness, although this could be mitigated somewhat by market access. Furthermore, the volatile and underfunded institutional framework for Argentine local governments and Argentina's broader macroeconomic challenges continue to weigh on our credit rating on Neuquen. The proposed notes will be the province's first international issuance since 2017. In the interim, Neuquen has tapped the local capital market in both local and foreign currency. It restructured its unsecured and secured international notes in November 2020, which S&P considered a distressed debt exchange. Neuquen will use the proceeds of the new notes to execute infrastructure spending and repay upcoming debt maturities. S&P expects higher borrowing compared with recent years won't significantly raise the debt burden, which it estimates at 20% of operating revenue in 2026-2027. While over 90% of Neuquen's debt is in foreign currency, dollar-linked revenue from the hydrocarbon sector serves as a natural hedge, partially mitigating the risks of accessing hard currency to service international debt. Market conditions have become more favorable for Argentine issuers over the past 12 months. After being virtually cut off from international debt markets over the past eight years, Argentine provinces have issued $4 billion in new debt since July 2025, mainly for refinancing. YPF SA: Argentina IPO Pipeline Grows as Unit Files For US Listing ----------------------------------------------------------------- Vinicius Andrade at Bloomberg News reports that the power-generation unit of Argentina's state-run energy firm YPF SA has filed for a US initial public offering, joining a growing pipeline of Argentine companies seeking New York listings. YPF Energia Electrica SA posted net income of US$7.4 million on revenue of US$640.8 million in 2025, versus net income of US$263 million on revenue of $524.2 million a year earlier, according to a filing with the US Securities and Exchange Commission, Bloomberg News notes. The Buenos Aires-based firm said BNR Power Investments BV, an investment vehicle indirectly owned by General Electric Co. and China's Silk Road Fund, is selling shares in the offering, according to Bloomberg News. Argentine companies are vying to become the country's first IPO in the US since 2019. Earlier this month, power producer Genneia SA also filed to go public in New York, Bloomberg News relays. Goldman Sachs Group Inc, Bank of America Corp and Citigroup Inc are serving as global coordinators for the offering, Bloomberg News says. BNP Paribas, Itau BBA, JPMorgan Chase & Co and Banco Santander SA are joint bookrunners, Bloomberg News notes. The shares are expected to trade on the New York Stock Exchange under the ticker YLUZ, Bloomberg News adds. About YPF SA YPF SA, an energy company, engages in the oil and gas upstream and downstream activities in Argentina. Its upstream operations include the exploration, exploitation, and production of crude oil, and natural gas. The company's downstream operations include petrochemical production and crude oil refining; transportation and distribution of refined and petrochemical products; commercialization of crude oil, petrochemical products, and specialties. As reported in the Troubled Company Reporter-Latin America in June 2026, Fitch Ratings upgraded YPF S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'B-' from 'CCC+'. Fitch has also upgraded YPF's outstanding senior unsecured notes to 'B-' from 'CCC+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. =========== B R A Z I L =========== CONSTELLATION OIL: S&P Rates Proposed Senior Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Constellation Oil Services Holding S.A.'s proposed 7NC3 amortizing senior secured notes of up to US$625 million with final maturity in 2033. S&P also assigned its '2' (rounded estimate: 85%) recovery rating to the proposed notes. The company will use the cash proceeds to refinance its existing US$650 million 9.375% senior secured notes due November 2029. The issue rating is one notch above the issuer credit rating on Constellation (B/Stable/--), given the collateral package and our expectation of substantial recovery. The notes are guaranteed jointly and severally by all of Constellation's subsidiaries and with a first-priority lien on substantially all of the material assets of the issuer and guarantors. The collateral includes: -- Each collateral drilling rig, pursuant to a mortgage; -- All rights, title, interest and benefits in all insurance policies relating to each collateral drilling rig, including, all rights to receive payments with respect to any claim under each such insurance policies; and -- The equity interests of each of the collateral drilling rig subsidiaries S&P acknowledges a few changes to the collateral package under the proposed notes, relative to the existing notes: -- The exclusion of all rights, title, interest, and benefits (including, without limitation, receivables) in all onshore and offshore agreements related to any collateral drilling rig; -- The exclusion of all rights, title, interest, and benefits in all deposit accounts and securities accounts with respect to the above; -- The exclusion of the asset Atlantic Star as part of the material subsidiaries definition; and -- Priority claims (first-out obligations) including hedge obligations and a new revolving facility of up to $100 million. In S&P's view, the collateral package still maintains the most relevant first lien on the assets, which would allow for substantial recovery compared with the amount of debt. Indeed, after Constellation emerged from judicial reorganization (equivalent to Chapter 11 bankruptcy protection in the U.S.) in 2022, the original lenders took possession of the assets and have been able to secure new charter agreements. Similar to the existing notes, the proposed senior secured notes have financial covenants of incurrence (not acceleration). To raise new unsecured debt, the company would need to maintain a fixed-charge coverage ratio above 2x (with the new debt). And to raise new secured debt, it would need to maintain net secured debt to EBITDA below 1.5x. The existing notes have restrictive covenants limiting dividend payments if net leverage is above 1.25x. For the proposed notes, the net leverage thresholds are 2.25x (measured from April 1, 2006, through the first quarter of 2027) and 1.5x (from the second quarter of 2027 until the proposed notes mature). Issue Ratings--Recovery Analysis Key analytical factors -- S&P's hypothetical default scenario contemplates a prolonged deterioration in cash flows stemming from a significant decline in capital spending for offshore oil and gas exploration and development. This would decrease demand for offshore drilling service providers. -- S&P evaluates the company on a discrete asset value basis, which is consistent with its treatment of other contract drilling companies. -- S&P assumes a 5% annual depreciation rate and a 50% realization rate on the company's drilling equipment. Simulated default assumptions -- Simulated default year: 2029 -- Jurisdiction: Brazil Simplified waterfall -- Net enterprise value (after 5% administrative adjustment): $885 million -- Priority claims: $102 million (revolving credit facility and hedge) -- Secured debt: $545 million (proposed senior secured notes, net of prescheduled principal amortizations) -- Recovery expectation for the proposed senior secured notes: 85% (rounded estimate) ============= E C U A D O R ============= ECUADOR: IDB OKs $7.5 Billion Support for 2040 Growth Agenda ------------------------------------------------------------ Inter-American Development Bank Group (IDB Group) President Ilan Goldfajn disclosed $7.5 billion in support from the institution to accompany Ecuador's development over the next five years. This financial package could reach up to $10.5 billion, depending on the evolution of enabling conditions for investment and implementation. The support, aligned with the new Country Strategy between Ecuador and the IDB Group, will combine sovereign financing and private-sector operations through IDB Invest and IDB Lab, as well as technical assistance and support for reforms to foster growth and improve the lives of Ecuadorians. Ecuador Crece: Supporting the Implementation of the Ecuador 2040 Agenda As part of this support, the IDB Group launched Ecuador Crece, a new initiative to advance the implementation of the Ecuador 2040 Growth Agenda promoted by the government of Ecuador. Ecuador Crece is part of LAC Crece, an IDB Group initiative designed to support private investment-led growth across the region. “Ecuador has defined a clear agenda to accelerate growth. Our commitment is to support that agenda with financing, knowledge, and technical assistance. Ecuador Crece will be the initiative to help turn the 2040 Agenda into concrete results for Ecuadorian families and businesses,” President Goldfajn said. Ecuador Crece will focus its support on sectors with high growth potential, including energy, mining, agribusiness, manufacturing, tourism, and housing. It will also promote improvements in regulation, access to finance, logistics infrastructure, human capital, and security. Expected results from Ecuador Crece include expanding access to housing and mortgage financing for 23,800 families, training and certifying 265,000 people, and supporting approximately 500 small and medium-sized enterprises to increase their exports. New Guarantee to Support the Reduction of Chronic Child Malnutrition As part of the support for the country, President Goldfajn also announced that the IDB Executive Board today approved a policy-based guarantee of up to $250 million to support Ecuador’s efforts to reduce chronic child malnutrition. The guarantee will back the country’s issuance of a results-linked financing instrument, expected to mobilize approximately $500 million in international capital markets. Through this operation, the IDB will support Ecuador in closing structural gaps in governance, financing, and health service delivery to achieve sustained reductions in chronic child malnutrition. The program will benefit 250,000 pregnant women and 500,000 children under the age of two, with special attention to vulnerable populations. Broad Agenda During President Goldfajn’s Visit The announcements were made during President Goldfajn’s visit to the country, where he met with government authorities and private-sector representatives. Together with President Daniel Noboa, he participated in the launch of the Ecuador 2040 Growth Agenda and visited the Miti-Miti social housing program, which the IDB has supported since its initial stages. For this program, the IDB also recently approved another $250 million guarantee that enabled the mobilization of $500 million for mortgage financing. ============= J A M A I C A ============= [] JAMAICA: DBJ Launches GEMINI Plus ------------------------------------ RJR News reports that Jamaica's small businesses are set to gain a new pathway to financing as the Development Bank of Jamaica prepares to relaunch its GEMINI + programme later this month. RJR News notes that Dr. David Lowe, Managing Director of the DBJ said Gemini Plus started as a pilot project for capacity building that would support entrepreneurs "who can't be quite capital ready for equity or debt . . . . to do things like bring their financial records into place, putting governance systems, streamline their efficiency so they can now be recognized as a formal identity." He said there were "some challenges" with how it the initiative was introduced, according to RJR News. "I think what happened is that we relied on too few people to help to execute the program so we funded it, executed it, and what we recognize is that, at the end of the evaluation period, there were some big changes we had to do. So we have now revamped it, and added a lot more value to it." The report relays that Dr. Lowe explained that the revamped program will provide entrepreneurs with capacity building support, including assistance to formalized businesses, and strengthen governance. The DBJ says the redesigned initiative will feature a simpler application process, and a broader network of incubators and business support organizations to improve delivery, the report notes. "Before, it was very complicated, to be frank; there was a long evaluation process. Now it's more efficient and much more focused on outcomes. And we are aiming in the first year to target a number of people across the different sector, so we don't want a bias where it's only somebody who's in agriculture. Creatives need to get access to funding. People who have the ability to not get regular access to capital throwback. We wanna make a bridge for that," he added. The relaunch also complements recent initiatives aimed at improving access to capital for MSMEs, including the Jamaica Stock Exchanges, Micro Market, 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. ===================== P U E R T O R I C O ===================== ADVISORS GROUP: Diana Torres-Cancel Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Advisors Group General Contractors Corp. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Advisors Group General Contractors Corp. 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. Advisors Group General Contractors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-03091) on July 2, 2026, with $1 million to $10 million in both assets and liabilities. Modesto Estrada Diaz, president of Advisors Group General Contractors, signed the petition. Javier Vilarino, Esq., at Vilarino & Associates, LLC represents the Debtor as legal counsel. BITCOIN DEPOT: Committee Hires Berkeley as Financial Advisor ------------------------------------------------------------ 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 Berkeley Research Group, LLC as financial advisor. The firm will provide these services: a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the Committee with such strategies, including development of recovery models for use by the unsecured creditors; b) monitor liquidity and cash flows throughout the Cases and scrutinize cash disbursements and capital requirements, including, but not limited to, critical vendor payments, lease and rent payments, and other payments permitted pursuant to first day motions; c) develop and issue periodic monitoring reports to enable the Committee to effectively evaluate the Debtors' performance relative to projections and any relevant operational issues, including liquidity, any 363-sale processes, and subsequent wind-down activities on an ongoing basis; d) advise and assist the Committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors, including, schedules of assets and liabilities, statement of financial affairs, and monthly operating reports; e) advise and assist the Committee with respect to use of cash collateral including evaluation of asserted liens thereon; f) analyze both historical and ongoing intercompany and/or related party transactions and/or material unusual transactions of the Debtors and non-debtor affiliates; g) advise and assist the Committee in its assessment of the Debtors' employee needs and related costs, including any recent (including prepetition) employee bonuses or retention payments and providing expert testimony related thereto; h) advise and assist the Committee in reviewing and evaluating any court motions (including any assumption or rejection motions or objections thereto), applications, or other forms of relief filed or to be filed by the Debtors, or any other parties-in-interest; i) advise and assist the Committee and Counsel in their review of any potential prepetition liens of secured parties; j) advise the Committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; k) identify and assess the value of unencumbered assets; l) as appropriate and in concert with the Committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; m) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; n) monitor the Debtors' claims management process, including analyzing guarantees and claims by entity, including preparing related summaries; o) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors including, if applicable, the development and analysis of any bankruptcy plans proposed by the Committee to assess their achievability; p) attend Committee meetings, court hearings, and auctions as may be required; q) work with the Debtors' bankruptcy professionals on matters outlined above, as necessary; and r) provide other services as may be requested from time to time by the Committee and its counsel, consistent with the role of a financial advisor including rendering expert testimony, issuing expert reports and/or preparing for litigation, valuation and/or forensic analyses that have not yet been identified but as may be requested from time to time by the Committee and its Counsel. The firm will be paid at these rates: Mark Renzi $1,450 Evan Hengel $1,350 Michael Canale $1,300 Alex Probst $1,000 Managing Directors $1,180 - $1,450 Associate Directors & Directors $950 - $1,150 Professional Staff $475 - $925 Support Staff $195 - $415 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Hengel 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: Evan Hengel Berkeley Research Group, LLC 2200 Powell Street, Suite 1200 Emeryville, CA 94608 Telephone: (510) 285-3300 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 * * *