TCRLA_Public/170111.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, January 11, 2017, Vol. 18, No. 8


                            Headlines



A R G E N T I N A

PAMPA ENERGIA: S&P Assigns 'B-' CCR & Rates Proposed Notes 'B-'


B A H A M A S

BAHA MAR: VAT Exemptions for Resort Trigger Outrage


C A Y M A N  I S L A N D S

ANGALO HOLDINGS: Shareholders Receive Wind-Up Report
CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19
CHCAY LIMITED: Shareholders Receive Wind-Up Report
CHPG FINANCE: Shareholders Receive Wind-Up Report
GEOLOGIC RESOURCE: Shareholder Receives Wind-Up Report

GEOLOGIC RESOURCE FUND: Shareholder Receives Wind-Up Report
HAFU DEAL II: Shareholders Receive Wind-Up Report
KARA DEAL: Shareholders Receive Wind-Up Report
LVRF FUNDING: Shareholders Receive Wind-Up Report
MWAM CBO 2001-1: Shareholders Receive Wind-Up Report

NUFU DEAL: Shareholders Receive Wind-Up Report
PROTECTED CREDIT: Shareholders Receive Wind-Up Report
STONE TOWER: Shareholders Receive Wind-Up Report


D O M I N I C A N   R E P U B L I C

AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating on New Sr. Bonds

* DOMINICAN REPUBLIC: Tows Hulk Ships in Ambitious Harbor Cleanup


M E X I C O

CEMEX SAB: Revises Trinidad Cement Takeover Offer


P U E R T O    R I C O

POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10
PUERTO RICO: Gov. Seeks More Time on Fiscal Plan, Lawsuit Freeze


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Operating With Reduced Fleet


                            - - - - -



=================
A R G E N T I N A
=================


PAMPA ENERGIA: S&P Assigns 'B-' CCR & Rates Proposed Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' corporate credit rating on
Pampa Energia S.A.  At the same time, S&P assigned a 'B-' issue-
level rating to the company's proposed senior unsecured notes.
The outlook is stable.

The ratings reflect Pampa Energia's competitive position as a
strong player in the Argentine energy sector, which is tempered by
exposure to the country's fragile economy and volatile regulatory
framework, as well as Pampa's limited geographic diversification.
In addition, although Pampa's consolidated leverage pro forma
after the Petrobras Argentina acquisition is moderate, S&P expects
the company to post a free operating cash flow shortfall in the
next two years, weighing on the rating.  The ratings also reflects
S&P's view that Pampa's credit quality is limited by that of the
sovereign, considering the dependence of the energy sector on the
regulatory framework and government support, and S&P's belief that
in a hypothetical sovereign default scenario high inflation, sharp
devaluation, and overall macroeconomic conditions would undermine
Pampa's financial flexibility.

By acquiring Petrobras Argentina (PESA), Pampa increased its
market share in Argentina's energy sector, diversified its
operations towards less regulated markets, and improved cash flow
generation predictability.  At the same time, Pampa is focusing on
integrating its energy supply chain, especially by expanding its
generation business, amid expected improvements in the regulatory
framework and tariff mechanisms in the sector.  Thus, S&P believes
that in the medium term, the company will benefit from improved
cash generation from the electric generation and distribution
sectors, while still focusing on the production of natural gas,
given its relevance in the country's energy matrix in the long
term.  Nevertheless, the business profile constraint is Pampa's
narrow geographic presence, because its operations are exclusively
in Argentina, resulting in risks stemming from weak economy and
unstable rule of law.


=============
B A H A M A S
=============


BAHA MAR: VAT Exemptions for Resort Trigger Outrage
---------------------------------------------------
Caribbean360.com reports that the Perry Christie administration
has stirred outrage in the Bahamas as startling revelations
surface that developers of the heavily touted Baha Mar project
have been exempted from paying Value Added Tax (VAT).

Details of the arrangement emerged from an email circulated by the
project's general contractor, A China Construction America, to its
subcontractors and suppliers, obtained by the Bahamas Tribune
newspaper, according to Caribbean360.com.

"It's agreed with the Government that the sub-contractors and
suppliers of (CCA) shall be entitled to have the full benefit of a
full exemption from the payment of the Value Added Tax for works
carried out on the Baha Mar project," the email stated, the report
notes.

It further urged subcontractors, suppliers and service providers
to submit invoices for goods or services to recover any VAT
already paid, the report relays.

Deputy leader of the Opposition Free National Movement, K P
Turnquest was adamant that the government must come clean on the
deal which he charged could see the struggling economy losing as
much as $60 million in VAT revenues, the report notes.

"This is not a cute deal by any stretch of the imagination," he
told the Tribune, as he questioned whether the project was of any
real value to Bahamians. "You're talking at least $60 million or
so [foregone]. Who's paying? The Bahamian people are paying. They
are invested in this project, not indirectly but directly, through
the incentives and tax breaks granted. Yet the Government has the
gall to say they're transparent and acting in the best interests
of the Bahamian people."

As questions loom about the real value of the concessions granted
to the developers of the mega tourism project, Attorney General
Allison Maynard-Gibson seemingly defended the arrangement,
insisting that such deals were not new, the report notes.

She told the Nassau Guardian newspaper: "It is not unusual for a
government to grant incentives or concessions that the government
believes would benefit the country. That's what the FNM did, not
only in relation to Baha Mar, but in relations to other
investments, and that is what the PLP has done as well."

She stressed that the benefits far outweighed the concessions
granted to the developers.

"What's the benefit to the people? A resort that not only will be
completed by a developer that is world class, but an operator that
is world class, who has the capacity to complete it, as well as to
operate it successfully," she added, notes the report.


                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson,
Esq.,
and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is
Kobre
& Kim LLP.  The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime
Clerk
LLC.


==========================
C A Y M A N  I S L A N D S
==========================


ANGALO HOLDINGS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Angalo Holdings Limited received on Dec. 26,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Delio Jose De Leon Mela
          Salduba Building, Third Floor
          53rd East Street
          Marbella, Panama City
          Panama
          Telephone: (507) 269-2641
          Facsimile: (507) 263-8079


CAL DIVE: Shareholder to Hear Wind-Up Report on Jan. 19
-------------------------------------------------------
The shareholder of Cal Dive West Africa, Ltd will hear on Jan. 19,
2017, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Quinn J. Hebert
          c/o Sarah T. Hunt
          Telephone: (225) 248-2084
          Facsimile: (225) 248-3084
          8555 United Plaza Blvd
          Baton Rouge, LA 70809
          U.S.A


CHCAY LIMITED: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of CHCAY Limited received on Jan. 6, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


CHPG FINANCE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of CHPG Finance Limited received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


GEOLOGIC RESOURCE: Shareholder Receives Wind-Up Report
------------------------------------------------------
The shareholder of Geologic Resource Opportunities Fund, Ltd.
received on Dec. 28, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Geologic Resource Partners LLC
          c/o Ridhiima Kapoor
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


GEOLOGIC RESOURCE FUND: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Geologic Resource Fund, Ltd. received on
Dec. 28, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Geologic Resource Partners LLC
          c/o Ridhiima Kapoor
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


HAFU DEAL II: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Hafu Deal II Limited received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


KARA DEAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Kara Deal Limited received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


LVRF FUNDING: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of LVRF Funding I Ltd received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


MWAM CBO 2001-1: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of MWAM CBO 2001-1. Ltd received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


NUFU DEAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of Nufu Deal Limited received on Jan. 6, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


PROTECTED CREDIT: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Protected Credit Notes Limited received on
Jan. 6, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


STONE TOWER: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Stone Tower CLO VIII Ltd received on Jan. 6,
2017, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          David Dyer
          P.O. Box 1984 Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345)949-8244
          Facsimile: (345)949-5223


===================================
D O M I N I C A N   R E P U B L I C
===================================


AEROPUERTOS DOMINICANOS: S&P Assigns 'BB-' Rating on New Sr. Bonds
------------------------------------------------------------------
S&P Global Ratings assigned a 'BB-' rating to Aeropuertos
Dominicanos Siglo XXI S.A.'s new senior secured bonds.
Additionally, S&P affirmed its 'BB-' long-term corporate credit
and existing debt ratings.  The outlook on Aerodom remains stable.

Although total leverage is likely to slightly increase after the
refinancing, S&P views debt refinancing as strengthening Aerodom's
credit quality, given that it will improve the company's debt
maturity profile, eliminating refinancing risk, and introducing
certain credit enhancements such as the debt service reserve
account.  Under S&P's new base-case scenario, it expects Aerodom
to post net debt to EBITDA of 3.5x-3.7x, funds from operations to
debt of about 15% in 2017, and interest coverage of 2.5x-2.6x,
which are still in line with an aggressive financial risk profile
assessment.

Following Aerodom's intention to issue senior secured amortizing
debt to refinance 100% of its existing bullet notes, S&P has
analyzed the impact on the company's financial risk profile, which
changed S&P's base-case assumptions.  S&P is now considering that
Aerodom successfully issues amortizing senior secured debt for
about $536 million maturing in 2029, consisting of an
international bond and a bank loan.  S&P expects the company to
use most of the proceeds to refinance 100% of its outstanding
$484 million bullet notes due 2019, fund a six-month debt service
reserve account (required under the senior secured bank loan), and
for capital expenditures (capex).


* DOMINICAN REPUBLIC: Tows Hulk Ships in Ambitious Harbor Cleanup
-----------------------------------------------------------------
Dominican Today reports that the removal of boats on the Ozama and
Isabela rivers began in compliance with an Environment Ministry
resolution which a shipyard sought to challenge with a Cease and
Desist court order.

The Dominican Port Authority and the Dominican Navy tow the metal
hulks out to the Caribbean Sea, enforcing the Resolution which
orders ridding the channels of these rivers of boats whose
deadline to affect repairs has expired, according to Dominican
Today.

In a statement, APD director V°ctor G¢mez Casanova, and Navy
commander Miguel Enrique Pena said they appointed Navy Capt. Jose
David Rojas to head the operations to tow the vessels, together
with Port Authority Environmental adviser and marine biologist
Oswaldo Vasquez, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


===========
M E X I C O
===========


CEMEX SAB: Revises Trinidad Cement Takeover Offer
-------------------------------------------------
RJR News reports that CEMEX SAB has revised its Trinidad Cement
Limited takeover offer.

The initial period offered for TCL to agree to sell its assets to
CEMEX through one of its indirect subsidiaries, Sierra Trading,
has been extended to January 24, according to RJR News.

The initial period was January 10 with an offer by CEMEX of
TT$4.50 per share, the report notes.

CEMEX has raised its offer to J$5.07, the report relays.

TCL has stated that if the shares were bought at the initial price
offered, the company would have been devalued, the report notes.

The latest information regarding the possible buy-over was
confirmed by TCL officials, the report says.

TCL's main operations are in Trinidad and Tobago, Jamaica and
Barbados.

TCL, which is privately owned, is the majority shareholder of
Caribbean Cement Company, the main cement producer in Jamaica.

CEMEX is a global building materials company that provides
products and services to customers in more than 50 countries.

As reported in the Troubled Company Reporter-Latin America on
July 27, 2016, Fitch Ratings affirmed CEMEX, S.A.B. de C.V.'s
(CEMEX) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has
also upgraded the company's National Scale Long-Term Rating to
'A(mex)' from 'A- (mex)' and affirmed the company's National Scale
Short-Term rating at 'F2 (mex)'. The Rating Outlook remains
Stable.


======================
P U E R T O    R I C O
======================


POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10
-----------------------------------------------------------------
Judge Tim J. Ellis of the U.S. Bankruptcy Court for the District
of Wyoming extended Powell Valley Health Care, Inc.'s exclusive
periods for filing a plan and obtaining acceptances to the plan
through January 10, 2017 and March 10, 2017, respectively.

Absent the extension, the Debtor's exclusive plan filing period
would have expired on December 14, 2016.  The Debtor previously
had until February 14, 2017 to obtain acceptance of the plan.

The Debtor sought the extension of its exclusive periods, telling
the Court that it was negotiating terms of a consensual plan with
the Creditor Committee.  The Debtor further told the Court that
unfortunately, while many of the key provisions of the plan may be
agreed upon prior to December 14, 2016, the drafting of the plan
itself would not be completed prior to the current deadline.

            About Powell Valley Health Care, Inc.

Powell Valley Health Care, Inc. provides healthcare services to
the greater-Powell, Wyoming community.  The Company filed for
Chapter 11 bankruptcy protection (Bankr. D. Wyo. Case No. 16-
20326) on May 16, 2016.  The petition was signed by Michael L.
Long, CFO.

The Debtor is represented by Bradley T. Hunsicker, Esq., at Markus
Williams Young & Zimmermann LLC.  The case is assigned to Judge
Cathleen D. Parker.  The Debtor estimated assets and debts at $10
million to $50 million at the time of the filing.

The Debtor has retained Hammond Hanlon Camp, LLC as its financial
advisor and investment banker.

No trustee or examiner has been appointed in the case.

The United States Trustee appointed Larry Heiser, Veronica
Sommerville, Michelle Oliver, and Joetta Johnson to serve on the
Official Committee of Unsecured Creditors.  The Official Committee
of Unsecured Creditors tapped Spencer Fane LLP as counsel and
EisnerAmper LLP as its Accountant.


PUERTO RICO: Gov. Seeks More Time on Fiscal Plan, Lawsuit Freeze
----------------------------------------------------------------
Nick Brown at Reuters reports that Puerto Rico's new governor is
seeking more time to present a fiscal turnaround plan for the
struggling U.S. territory, saying the Jan. 31 deadline set by the
commonwealth's federal oversight board is too tight.

In a letter to the board dated Jan. 4, a representative for
Governor Ricardo Rossello, who was sworn in, sought at least a 45-
day extension, which would push the deadline to present a plan to
March 17, according to Reuters.

Under the territory's federal rescue law known as PROMESA, passed
last year, Puerto Rico's governor has to present a blueprint for
the island's financial future that must be approved by the
federally-appointed board tasked with managing its dire fiscal
position, the report notes.

The report relays that the board last year set a Jan. 31 deadline
for the plan, but Elias Sanchez, Mr. Rossello's liaison to the
board, said the deadline would give the administration too little
time to assess Puerto Rico's finances or attempt restructuring
talks.

The governor also sought a 75-day extension of PROMESA's so-called
automatic stay provision, which prevents creditors from suing
Puerto Rico over missed debt payments. With the stay set to expire
on Feb. 15, Mr. Rossello asked the board to extend it until May 1,
the report notes.

That would give the island more time to try to negotiate
restructuring talks with holders of $70 billion in debt issued by
Puerto Rico and its public agencies, the report relays.

If the deadline expired in February, it could force Puerto Rico or
the board to preemptively push some public agencies into a legal
process under PROMESA akin to U.S. bankruptcy protection, known as
Title III, the letter said, the report says.

"We are very concerned that a rushed process to certify a fiscal
plan by January 31, 2017, and a view that the movement of the
PROMESA stay on February 15, 2017, is an intractable deadline,
could prematurely precipitate Title III filings for some or all"
of the government's public debt issuers, the letter stated, the
report discloses.

Puerto Rico owes $18 billion in general obligation debt, backed
only by a constitutional promise; $15 billion in so-called COFINA
debt backed by sales tax proceeds, and billions more in debt at
myriad public entities, such as the PREPA power authority and
PRASA water utility, the report notes.

The island has an unemployment rate more than twice the U.S.
average, its 3.5 million population is shrinking as locals flock
to the mainland and nearly half of those who remain live in
poverty, the report adds.

                           *     *     *

The Troubled Company Reporter-Latin America reported on June 15,
2016, that the U.S. Supreme Court struck down a Puerto Rico law
that would have let its public utilities restructure their debt
over the objection of creditors leaving it to Congress to help the
island resolve its fiscal crisis.  Siding with bondholders
challenging the law, the court ruled 5-2 that the measure was
barred under federal bankruptcy law.

Justice Clarence Thomas, writing for the majority in the 5-to-2
decision, said the law was at odds with the federal bankruptcy
code, which bars states and lower units of government from
enacting their own versions of bankruptcy law.

Puerto Rico is struggling with $72 billion in debt and has argued
that it needs to restructure at least some of it under Chapter 9,
the part of the bankruptcy code for insolvent local governments.
But Puerto Rico is not permitted to do so, because Chapter 9
specifically excludes it.

The federal law, Justice Thomas wrote, "bars Puerto Rico from
enacting its own municipal bankruptcy scheme to restructure the
debt of its insolvent public utilities." Chief Justice John G.
Roberts Jr. and Justices Anthony M. Kennedy, Stephen G. Breyer and
Elena Kagan joined him.

Consequently, Puerto Rico opted to default on $911 million in
constitutionally guaranteed debt, or roughly half of the $2
billion in principal and interest that came due July 1, EFE News
reported.

The reported further noted that Puerto Rico enacted a debt
moratorium due to liquidity restraints -- a move that coincided
with a new U.S. law signed by President Obama that installs a
financial control board to restructure the island's debt and
provides a retroactive stay on lawsuits by bondholders.

On July 11, 2016, the TCR-LA reported that S&P Global Ratings has
downgraded the Commonwealth of Puerto Rico's general obligation
secured debt to 'D' (default) from 'CC' following the
commonwealth's default.

On July 7, 2016, Fitch Ratings has downgraded the Commonwealth of
Puerto Rico's Long-Term Issuer Default Rating (IDR) to 'RD' from
'C' and general obligation (GO) bond rating to 'D' from 'C'
following the payment default on certain GO bonds on July 1, 2016.
Both ratings are removed from Rating Watch. Ratings on securities
that have not defaulted will remain at 'C' until the point of
default. The ratings on non-defaulted bonds remain on Rating Watch
Negative.



=====================================
T R I N I D A D   A N D   T O B A G O
=====================================


CARIBBEAN AIRLINES: Operating With Reduced Fleet
------------------------------------------------
RJR News reports that the Chairman of Caribbean Airlines Limited
Shameer Mohammed, said the airline is operating with a reduced
fleet of aircraft.

According to Mr. Mohammed, two of CAL's ATR aircraft are out of
service because of technical problems, according to RJR News.

Mr. Mohammed said officials of the ATR company have been to
Trinidad and Tobago and the problems are being addressed, the
report notes.

The disclosure was made at a Joint Select Committee meeting of
Parliament in Port-of-Spain, the report relays.

Meanwhile, the CAL Chairman said in 2011 when the contract was
signed for the aircraft, the right to sue the manufacturer was
waived. He also said the new board of Caribbean Airlines has
obtained legal opinion from attorneys in London and is looking at
all possible options in the matter, the report says.

During the sitting, Member of Parliament Adrian Leonce, asked
whether possible legal action would be directed at the aircraft
manufacturer alone, or at those who may have agreed to the
contract, the report notes.

Vice chairman of the airline Michael Quamina said the contract
between ATR and CAL provided for a three-year warranty, the report
relays.

He said the airline is exploring the legality of the waiver in an
effort to see what avenues are available for recourse, the report
adds.

                    About Caribbean Airlines

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


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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, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2017.  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 or Nina Novak at
202-362-8552.


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