Light has filed for bankruptcy protection in the U.S., a step by the Brazilian electric utility company to complete a restructuring deal that creditors approved in May in its home country, WSJ Pro Bankruptcy reported. Light on Tuesday filed for chapter 15 in the U.S. Bankruptcy Court in Houston. Light, which provides energy for most of Rio de Janeiro, began a reorganization in Brazil in 2023, as well as in England in July. The company has assets of $582.1 million and carries more than $2.1 billion in debt, including two issuances of U.S. notes totaling $600 million.

Argentina lost a bid at the U.K. Supreme Court to hear its appeal on a ruling that would force the South American nation to pay $1.5 billion in damages to holders of the country’s growth-linked bonds, Bloomberg News reported. In an order signed Monday, the U.K.’s top court refused to hear an appeal over payments to hedge funds including Palladian Partners LP. The holders of those notes argued the losses were a result of a change by a previous Argentine government in how it calculated gross domestic product.

Azul SA is rushing to raise cash as part of a deal it reached last week with its aircraft lessors, a key step in the Brazilian carrier’s attempt to again rework its debt, Bloomberg News reported. The company was able to strike an agreement with lessors and parts suppliers that reduces its debt by 3 billion reais ($540 million) in exchange for 100 million new preferred shares. The announcement sent shares rallying as much as 22%. But the boost proved short-lived.

Brazil's central bank chief Roberto Campos Neto said on Tuesday that stablecoins and asset tokenization should be regulated in the country next year, as he delivered remarks in a video recorded for market intelligence firm Uqbar, Reuters reported. Stablecoins are pegged to real-world assets, such as the U.S. dollar, and therefore fluctuate much less than other crypto assets like bitcoin.

Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to decide the ownership of oil refiner Citgo Petroleum, threatening to derail an auction to compensate more than a dozen companies for unpaid debts and expropriations by the country, Reuters reported. At least two groups of holders have resorted to other U.S. courts to enforce their claims, pursuing the same Citgo assets that industrial conglomerates, mining and oil firms have been pursuing for years.

Argentina's triple-digit inflation, the world's highest, is starting to slow but this offers little relief for residents whose salaries have stayed the same while costs of basic goods sky-rocketed and the government slashed state subsidies, Reuters reported. "We're losing track of what's expensive and what's cheap," said university professor Daniel Vazquez while shopping in Buenos Aires. "Prices keep going up and the only thing that isn't going up is salaries." "The gap is very, very big," he said.

Azul’s shares jumped 16% in Sao Paulo trading after the Brazilian air carrier reached an agreement with its lessors and parts suppliers that helps cut its debt load, Bloomberg News reported. The deal allows the airline to slash 3 billion reais ($547 million) of debt in exchange for 100 million new preferred shares, according to a regulatory filing. “This agreement with lessors should ease the negotiations with other creditors,” Bradesco BBI analyst Victor Mizusaki writes in a note.

Brazil’s annual inflation sped up roughly in line with estimates in September as a historic drought pressured electricity and food prices in Latin America’s largest economy, Bloomberg News reported. Official data released Wednesday showed prices rose 4.42% from a year earlier, just below the 4.44% median estimate of economists surveyed Bloomberg. On the month, they increased 0.44%. Policymakers are raising interest rates as price pressures build and investors grow uneasy about the stewardship of Brazil’s economy.

Root Capital, a Rio de Janeiro-based firm specializing in credit, is launching a distressed-debt fund as filings for bankruptcy protection reach record highs in Brazil, Bloomberg News reported. “We continue to see stress in Brazil’s credit markets, the companies continue to go broke, the agribusiness sector is horrible, and the interest rates that people thought would start to fall now are going up again,” said Rafael Fritsch, partner and chief investment officer at Root Capital.

Latam Airlines Group SA is tapping global debt markets for the first time since the carrier emerged from its chapter 11 bankruptcy, Bloomberg News reported. The Santiago-based airline is selling $1.2 billion in dollar notes maturing in 2030. Initial price talks are taking place at a yield in the low-to-mid 8% range. Latam, the largest carrier in South America, exited the chapter 11 process in late 2022 with 35% less debt, placing a renewed focus on customer service. It recently returned to the New York Stock Exchange, with an offering of American depositary shares.