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260813.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, August 13, 2026, Vol. 27, No. 161 Headlines B R A Z I L BRAZIL: Hits New Diplomatic Lows With United States and Argentina COMPANHIA SIDERURGICA: Gets Relief as $1BB Debt Exchange Approved JBS SA: Taps Filho as CEO, Posts Surprise Second-Quarter Loss NATURA COSMETICOS: Moody's Affirms 'Ba2' CFR, Alters Outlook to Neg D O M I N I C A N R E P U B L I C DOMINICAN REP: Signs Deal to Explore New Opportunities with Brazil J A M A I C A JAMAICA: Facing Used Car Trade Concern P U E R T O R I C O ASOCIACION HOSPITAL: Court OKs Start of Chapter 11 Sale Process ENTRY LLC: Case Summary & Seven Unsecured Creditors - - - - - =========== B R A Z I L =========== BRAZIL: Hits New Diplomatic Lows With United States and Argentina ----------------------------------------------------------------- Buenos Aires Times reports that visas are being denied, insults are flying, and ambassadors are caught in the crossfire: two months before Brazil's election, diplomatic tensions are flaring between President Lula's leftist administration and the right-wing governments of Argentina and the United States. "We cannot accept interference," leftist President Luiz Inacio Lula da Silva said in an interview, a day after the United States announced it had revoked the visa of Brazil's ambassador, according to Buenos Aires Times. The Trump administration's decision was "irresponsible and ill-advised," Lula told the Meteoro Brasil news outlet, the report notes. Relations between Brasília and Washington have blown hot and cold for months as Lula and his ideological opposite, Donald Trump, have clashed over tariffs, free speech and Brazil's Judiciary, the report says. Meanwhile, Brazil recalled its ambassador and downgraded diplomatic ties with Buenos Aires after repeated insults from Argentina's President Javier Milei, who said Lula was "a thief" and "corrupt," the report relays. "This decision remains in effect as long as Javier Milei's attacks on Brazilian democratic institutions persist," a source at Brazil's Foreign Ministry said on condition of anonymity, the report discloses. Both Trump and Milei are allies of Brazil's far-right Bolsonaro family, the report says. Former president Jair Bolsonaro, 71, is serving a 27-year sentence under house arrest for plotting a coup when he lost his 2022 re-election bid, the report notes. In his place, his eldest son Flavio is running for the presidency in October elections, the report relays. Brazil Demands 'Respect' Lula, 80, has made national sovereignty a key theme of his campaign for a fourth term in office, the report relates. "Brazil is not only prepared but will also confront anyone from the outside who seeks to interfere in our electoral process," he said, the report notes. Washington said it revoked the visa of Brazil's ambassador because Brasilia had not yet approved its appointment of Daniel Perez, a prominent Florida Republican, as its ambassador to Brazil, the report discloses. Lula said that with elections looming, he was not receiving new ambassadors from any country, and blamed Washington for lagging in appointing someone, the report relates. "The United States doesn't attach importance to the Embassy in Brazil. Trump has been in office for a year and a half, yet he hasn't sent an ambassador here. So, they try to send one and think we are obligated to accommodate them on the date they want?" he said. "That isn't right, nor is it feasible. We want to be treated with respect." The report notes that Lula also said Brazil was right to deny visas to two US officials last month, who Washington said were coming to discuss "election integrity" among other things. Brazil's denial of the visas came after Flavio Bolsonaro renewed debunked claims made by his father that the country's electronic voting system was insecure, the report relays. The report relates that Lula said they were coming to "meddle in, monitor, and investigate Brazil's voting machines." "I doubt their country has an electoral system more honest than ours," he added. The latest spat with the US comes just weeks after steep new tariffs came into effect, with Washington accusing the Latin American giant of unfair trade practices, the report discloses. Milei's 'Attacks' Tensions with Argentina increased after Milei attended an event launching Flavio Bolsonaro's presidential bid in July, and launched veiled insults at Lula and a Supreme Court justice, the report discloses. Milei doubled down in an interview broadcast on Argentine television, the report notes. Lula is "a thief, he's corrupt, he's been convicted of theft and corruption, he's been in prison, so it's true that we can call him a convict," Milei added, says the report. Lula, who was previously president from 2003-2010, spent 580 days in jail beginning in April 2018 after being convicted in the sprawling "Operation Car Wash" anti-corruption probe, the report relays. He was freed after his conviction was overturned on procedural grounds, with the presiding judge also later ruled to have been biased. Lula returned to the presidency in 2023. About Brazil Brazil is the fifth largest country in the world and third largest in the Americas. Luiz Inacio Lula da Silva won the 2022 Brazilian general election. He was sworn in on January 1, 2023, as the 39th president of Brazil, succeeding Jair Bolsonaro. As reported in the Troubled Company Reporter-Latin America on July 31, 2026, DBRS, Inc. (Morningstar DBRS) confirmed the Federative Republic of Brazil's Long-Term Foreign and Local Currency - Issuer Ratings at BB in June 2026. At the same time, Morningstar DBRS confirmed the Federative Republic of Brazil's Short-term Foreign and Local Currency -Issuer Ratings at R-4. The trend on all ratings is Stable. In October 2024, Moody's Ratings upgraded the Government of Brazil's long-term issuer and senior unsecured bond ratings to Ba1 from Ba2, the senior unsecured shelf rating to (P)Ba1 from (P)Ba2; and maintained the positive outlook. S&P Global Ratings raised on Dec. 19, 2023, its long-term global scale ratings on Brazil to 'BB' from 'BB-'. Fitch Ratings affirmed on Dec. 15, 2023, Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. DBRS' credit rating for Brazil was last reported at BB with stable outlook at July 2023. COMPANHIA SIDERURGICA: Gets Relief as $1BB Debt Exchange Approved ----------------------------------------------------------------- Giovanna Bellotti Azevedo at Bloomberg News reports that Brazil's Cia. Siderurgica Nacional SA got enough support from holders to push through a debt exchange, getting it fresh financial relief as it struggles to cope with high financing costs. Debtholders tendered $1B of bonds in a debt exchange carried out by unit CSN Inova Ventures, representing 77.49% of CSN Inova's 6.75% outstanding notes due 2028, above the 70% minimum required for the exchange, according to the report. As reported in the Troubled Company Reporter-Latin America on Aug. 11, 2026, Fitch Ratings has downgraded Companhia Siderurgica Nacional's (CSN) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'CCC+' from 'B' and its National Long-Term Rating to 'CCC+(bra)' from 'BBB-(bra)'. Fitch has also downgraded to 'CCC+' with a Recovery Rating of 'RR4' the senior unsecured notes issued by CSN Inova Ventures and CSN Resources S.A., and guaranteed by CSN, from 'B'/'RR4'. JBS SA: Taps Filho as CEO, Posts Surprise Second-Quarter Loss ------------------------------------------------------------- Roberto Samora and Andre Romani at Reuters reports that Brazil's JBS SA said it had named Wesley Batista Filho as chief executive effective January ‌2027, while posting an unexpected net loss for the second quarter despite record revenue. The leadership announcement marks JBS' first CEO change in eight years and returns a member of the founding Batista family to the group's top operating role, according to Reuters. Shares in U.S.-listed JBS settled down about 5.8% after the CEO swap was revealed late in the session, the report notes. They fell an additional 2% in extended-market trading following the earnings release, the report relays. A Batista Back as CEO Batista Filho, 34, currently head of JBS USA, will replace Gilberto Tomazoni, who has been CEO since 2018, says Reuters. Tomazoni will ⁠become vice chairman of the board and a senior adviser, JBS said in a securities filing, the report notes. Batista Filho is the son of Wesley Batista, who, together with his brother Joesley Batista, controls J&F, the family holding company that controls JBS. "This is a transition defined by continuity," Batista Filho told Reuters. "A new CEO often needs time to understand the business and set a direction. That is not the case here. This transition should be very straightforward," he added. He joined JBS in 2011 and has held senior roles across several of the company's main businesses, including beef and poultry operations in Brazil and activities in Uruguay, Paraguay and Canada, before taking over JBS USA in 2023, the report recalls. The executive said JBS would focus on expanding in the Middle East, Southeast Asia and Oceania, following a deal in Indonesia last week, while also investing in higher-value products and growing its egg and fish businesses, the report notes. The last member of ‌the Batista ⁠family to serve as JBS chief executive was Jose Batista Sobrinho, the company's founder and father of Wesley and Joesley Batista, the report says. He was replaced by Tomazoni, the report discloses. The family stepped back from leadership roles after the Batista brothers became embroiled in a corruption scandal in Brazil, the report relays. Both were arrested in connection with allegations of insider trading linked to a sealed plea agreement and were later acquitted, the report notes. The brothers returned to JBS' board in 2024. Net Loss, Revenue Beat The CEO announcement came hours before JBS ⁠posted a $102 million net loss for the April-June quarter, compared to a $528 million profit a year ago, hit by non-recurring effects such as an antitrust settlement and debt tender offers, the report relays. Analysts in an LSEG poll expected a $379 million profit, the report discloses. JBS has been facing a challenging scenario for its main U.S. beef business amid a scarce cattle supply, which ⁠has hit its margins in the country, the report says. In June, it announced the closure of plants in Pennsylvania and in Tennessee, the report notes. Batista Filho said he believes the cattle supply in the U.S. will improve by the first quarter of 2027, following the Trump administration's lifting of a ban on imports of Mexican cattle, the report discloses. Adjusted earnings before ⁠interest, taxes, depreciation and amortization (EBITDA) stood at $1.43 billion, down 18.5% from a year before but in line with the $1.44 billion estimated in the LSEG poll, the report says. The adjusted EBITDA margin stood at 6.0%, down from 8.4% in the year-earlier period, the report relates. Meanwhile, net revenue reached a record $23.9 billion, beating the $22.9 billion expected in the analyst poll, the report adds. JBS S.A. is a Brazilian company that is a large meat processing enterprise, producing factory processed beef, chicken, salmon, pork, and also selling by-products from the processing of these meats. It is headquartered in Sao Paulo. It was founded in 1953 in Anapolis, Goias. As reported in the Troubled Company Reporter-Latin America in August 2021, S&P Global Ratings revised the global scale outlook on JBS S.A. (JBS) and its fully owned subsidiary JBS USA Lux S.A. (JBS USA) to positive from stable and affirmed its 'BB+' issuer credit rating. The recovery expectations remain unchanged, and S&P affirmed the 'BB+' ratings on the senior unsecured notes and the 'BBB' ratings on the secured term loans. NATURA COSMETICOS: Moody's Affirms 'Ba2' CFR, Alters Outlook to Neg ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 corporate family rating of Natura Cosmeticos S.A. At the same time, Moody's affirmed the Ba2 backed senior unsecured rating of Natura &Co Luxembourg Holdings S.A.R.L. The outlook on both entities was changed to negative from stable. The negative outlook reflects Moody's expectations that Natura's recovery will take longer than previously anticipated because of continued execution challenges and a weaker operating environment. Moody's expects profitability, free cash flow generation and credit metrics to remain under pressure through 2026, with a more gradual recovery than previously assumed. The outlook also reflects reduced visibility into Natura's ability to rebuild financial flexibility ahead of its 2028 maturities. While liquidity remains adequate and near-term refinancing risk is limited, sustained improvement in profitability and cash generation will be important to support future refinancing activities. Natura's Ba2 ratings continue to reflect its strong market position in Latin America, recognized brands, sizeable direct-selling platform, growing omnichannel capabilities, adequate liquidity and good access to capital markets. The ratings are constrained by weak profitability, negative free cash flow, elevated execution risk and exposure to volatile macroeconomic conditions. These strengths are balanced against weak current profitability, negative free cash flow, elevated execution risk and exposure to challenging macroeconomic conditions. The ratings also incorporate risks related to the Avon recovery plan, the need to stabilize consultant productivity and the company's financial policy. Future shareholder distributions, including dividends, share repurchases or incentive-plan-related cash uses, will need to remain balanced against deleveraging and liquidity preservation. RATINGS RATIONALE Since 2023, Natura has significantly simplified its business profile through the divestitures of Aesop, The Body Shop and Avon International, refocusing operations on Brazil and key Hispanic Latin American markets, mainly Mexico and Argentina. These actions reduced operating complexity and allowed management to focus on markets where the company has stronger brand recognition, distribution capabilities and direct-selling expertise, but they also reduced the group's scale and geographic diversification. Despite this simplification, Natura has not yet demonstrated a consistent recovery in profitability and free cash flow generation. Operational disruptions, transition costs and execution challenges, particularly in Brazil, have delayed the margin and cash flow recovery that supported the stable outlook assigned in September 2025, weakening visibility into the timing and magnitude of the company's recovery. Execution risk remains elevated. Natura is implementing several operational and commercial initiatives at the same time, including systems stabilization, manufacturing transitions, commercial model adjustments and the Avon relaunch. Preliminary second-quarter 2026 results, with revenue declining approximately 9%-10% year over year, indicate that the cumulative impact of these initiatives has been greater and more persistent than previously anticipated. Although many of these disruptions may prove temporary, they have extended the recovery horizon and increased the risk that profitability, cash generation and credit metrics remain below Moody's prior expectations for longer. The operating environment has also become less supportive, with slower growth in the Brazilian beauty market, weaker macroeconomic conditions, pressure on consumer purchasing power and increased competition in key categories such as fragrances, skincare and makeup. Weak cash generation is an important driver of the negative outlook. Continued pressure on profitability and recurring execution issues have delayed Natura's ability to consistently generate positive free cash flow. While cash generation should improve as operating performance stabilizes, the pace and sustainability of that improvement remain uncertain and will depend on the company's ability to restore margins, stabilize operations in Brazil, improve Avon performance and maintain disciplined capital allocation. Natura continues to maintain adequate liquidity, a manageable maturity profile and good access to domestic and international capital markets. However, sustained improvement in profitability and cash generation will become increasingly important as the company approaches its 2028 maturities. The negative outlook reflects the risk that, absent a more consistent recovery, Natura could enter this refinancing period with less financial flexibility than previously anticipated. In July 2026, Advent International disclosed an 8.0% economic interest in Natura and is expected to appoint two members to the company's reconstituted board. Moody's views the investment as credit neutral because it does not involve a change in control or additional capital to the company. Nevertheless, Advent's participation introduces a shareholder with significant experience in retail, consumer products, beauty and direct selling that could support execution and governance as Natura works to improve profitability and cash generation. The rating also assumes that Natura maintains a prudent financial policy and that shareholder distributions, including dividends, share repurchases and other capital allocation initiatives, remain balanced against deleveraging, liquidity preservation and future refinancing needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely in the near term given the negative outlook. Moody's could stabilize the outlook if Natura demonstrates a sustained recovery in profitability and cash generation, restoring visibility into its operating trajectory and supporting financial flexibility ahead of its 2028 maturities. Stabilization would also require evidence that recent operational disruptions have been resolved, that free cash flow generation is becoming more consistent, and that the company's evolving governance structure supports a prudent financial policy. This would include clear indications that shareholder distributions, including dividends, share repurchases and other capital allocation initiatives, will remain balanced against deleveraging, liquidity preservation and future refinancing needs. The ratings could be downgraded if Natura fails to demonstrate a sustained recovery in profitability and cash generation, resulting in reduced financial flexibility ahead of its 2028 maturities. Negative rating pressure could arise if continued execution challenges or weaker market conditions delay the recovery trajectory beyond Moody's current expectations, if Moody's-adjusted RCF / Net Debt remains below 18% on a sustained basis, or if shareholder distributions and other capital allocation decisions weaken the company's ability to preserve liquidity and strengthen its financial profile. Downward pressure could also result from EBITA / interest expense remaining below 2.5x or Moody's-adjusted gross debt / EBITDA remaining above 4.0x without clear prospects for improvement. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. Natura Cosmeticos S.A. is one of the leading beauty and personal care companies in Brazil and Latin America. The company operates principally through the Natura and Avon brands, with a multichannel strategy that includes direct selling, retail, e-commerce and digital platforms. Natura's focus on Brazil and Hispanic Latin America reflects the company's strategic decision to simplify its structure and concentrate on markets where it has stronger brand recognition and operating capabilities. For the 12 months ended March 2026, Natura reported approximately $4.0 billion in revenue and a Moody's-adjusted EBITDA margin of 11.7%. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REP: Signs Deal to Explore New Opportunities with Brazil ------------------------------------------------------------------ Dominican Today reports that the Embassy of the Dominican Republic in Brazil and the Getulio Vargas Foundation (FGV) signed a Memorandum of Understanding to promote joint research, technical studies, seminars, and publications on issues of mutual interest. The agreement, signed at FGV headquarters in Rio de Janeiro, seeks to generate information to identify new trade, investment, and cooperation opportunities between the Dominican Republic and Brazil, according to Dominican Today. Dominican Ambassador to Brazil Robert Takata highlighted the potential to strengthen economic ties amid changes in global trade routes and supply chains, the report notes. He stressed that while existing trade between the two countries is known, there is still a need to identify products and sectors that could create new opportunities, the report says. Takata also emphasized the Dominican Republic's role as a gateway to the U.S. market through DR-CAFTA, saying joint research could help identify areas with potential to expand bilateral commerce, the report relays. Under the agreement, researchers from both institutions will collaborate and share information on areas of common interest, the report notes. The Dominican Embassy also committed to facilitating access to statistics, documents, and relevant contacts in the Dominican Republic to support the research, the report discloses. Both sides agreed that the initiative should lead to concrete projects and measurable results aimed at strengthening economic and institutional ties between the two countries, 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. ============= J A M A I C A ============= JAMAICA: Facing Used Car Trade Concern -------------------------------------- RJR News reports that President of the Jamaica Used Car Dealers Association Lynvalle Hamilton is urging the Government to tighten regulations governing entry into the used car trade. Mr. Hamilton said there are concerns that lottery scammers are entering the sector and using used car dealerships as a front to launder illicit funds; a practice he alleges has been occurring for years but is becoming more serious, according to RJR News. Mr. Hamilton says legitimate dealers are being placed at a disadvantage because businesses allegedly involved in money laundering can sell vehicles at prices significantly below market rates, the report notes. He warns that, if left unchecked, the practice could undermine the entire used car industry, while depriving the Government of tax revenue and the economy of legitimate jobs, the report relays. Mr. Hamilton's comments follow claims that two Jamaican men indicted in the United States for lottery scamming told investigators that they directed victims to wire money to used car dealers in Jamaica as part of efforts to legitimise the funds, 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 U E R T O R I C O ===================== ASOCIACION HOSPITAL: Court OKs Start of Chapter 11 Sale Process --------------------------------------------------------------- Stephanie L. Lopez of W Journal reports that a federal bankruptcy court has cleared El Maestro Hospital to proceed with its sale after confirming the hospital's Chapter 11 reorganization plan satisfies the requirements of the U.S. Bankruptcy Code. Judge Enrique Lamoutte approved the plan in a July 27 ruling following a confirmation hearing held earlier in the month. At the hearing, the hospital said it had reached settlements with major creditors, including the U.S. Department of Health and Human Services, eliminating all active objections to the restructuring proposal. The agreements paved the way for court approval of the plan. El Maestro also informed the court that it amended its asset purchase agreement with González Group LLC, which is set to acquire the hospital for $15.6 million. The revised agreement extends the closing deadline to Sept. 1, 2026, giving both parties additional time to finalize the transaction, the report states. As part of the amendment, González Group agreed to fund the hospital's operating needs until closing and maintain its non-refundable deposits. The hospital entered Chapter 11 in August 2025 after reporting total liabilities of $39.6 million, including $14.2 million in secured debt and $6.1 million in unsecured debt, according to report. About Asociacion Hospital Del Maestro Inc. Asociacion Hospital Del Maestro Inc., also known as Hospital El Maestro, is a nonprofit general medical and surgical hospital located in San Juan, Puerto Rico, that was founded in 1955 to serve the teaching community and has since expanded to provide services to the broader population. The hospital operates about 126 staffed beds and offers emergency care, intensive care, radiology, surgery, hemodialysis, and a range of medical specialties for children and adults. It is accredited by the Joint Commission and functions as a 501(c)(3) organization with a focus on healthcare, education, and community service. Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on August 25, 2025. In its petition, the Debtor reports total assets of $13,396,955 and total liabilities of $39,669,466. Judge Enrique S. Lamoutte Inclan handles the case. The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. a financial consultant; and IEC Consulting, LLC as investment consultant. Banco Popular de Puerto Rico, as secured creditor, is represented by Luis C. Marini-Biaggi, Esq. and Carolina Velaz-Rivero, Esq. at Marini Pietrantoni Muniz, LLC. ENTRY LLC: Case Summary & Seven Unsecured Creditors --------------------------------------------------- Debtor: Entry LLC 30 N Gould St Ste N Sheridan, WY 82801 Business Description: Entry LLC provides online visa, passport, immigration-document and business-filing assistance to travelers, individuals and entrepreneurs worldwide through Entry.com and related service platforms. Based in Sheridan, Wyoming, the company offers guided application preparation, document review, application tracking and travel-document support, while operating as a private service provider unaffiliated with government agencies. Chapter 11 Petition Date: July 27, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-03455 Debtor's Counsel: Juan C Bigas, Esq. JUAN C. BIGAS LAW PO Box 7011 Ponce, PR 00732-7011 Tel: (787) 259-1000 E-mail: cortequiebra@yahoo.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Scott Jason Zuckerman as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BLLJQHQ/ENTRY_LLC__prbke-26-03455__0001.0.pdf?mcid=tGE4TAMA ********* 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 * * *