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       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

          Friday, September 13, 2019, Vol. 20, No. 184

                           Headlines



B A H A M A S

BAHAMAS: Count of Missing People Post-Dorian Drops to 1,300
BAHAMAS: IDB Provides $100 Million in Emergency Funding


B R A Z I L

BANCO DE BRASILIA: S&P Keeps 'B+/B' Rating on CreditWatch Neg.


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Pact Promotes Export of Agro Products to China


J A M A I C A

JAMAICA: Regulatory Framework Advanced For Bunkering Industry


M E X I C O

PETROLEOS MEXICANOS: Gets $5BB to Pay Debt, Refinancing Planned


P U E R T O   R I C O

AMERICAN PARKING: Court Confirms Chapter 11 Plan
FACEBANK INTERNATIONAL: DBRS Assigns BB LongTerm Issuer Rating
PUERTO RICO: Major Debt Restructuring Plan Coming This Month


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Could Extend Lease of Boeing 737

                           - - - - -


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B A H A M A S
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BAHAMAS: Count of Missing People Post-Dorian Drops to 1,300
-----------------------------------------------------------
Zach Fagenson at Reuters reports that the Bahamian government now
believes there are 1,300 people missing after Hurricane Dorian
plowed into the islands, a sharp decline from the 2,500 listed on
the missing registry a day earlier, a government spokesman said.

The Bahamas National Emergency Management Agency had said the
larger figure could include people staying at shelters, according
to Reuters.

"The number of people registered missing with the Bahamas
government is going down daily," NEMA spokesman Carl Smith said at
a news briefing, the report notes.

The count fell after the government cross-referenced lists of
people evacuated from hard-hit islands with its registry of missing
people, Smith said, the report relays.

The official death count currently stands at 50 but Bahamian Prime
Minister Hubert Minnis warned he expected that number to
significantly increase, the report adds.

BAHAMAS: IDB Provides $100 Million in Emergency Funding
-------------------------------------------------------
The Inter-American Development Bank will provide $100 million to
help finance humanitarian and reconstruction efforts in The
Bahamas, following widespread loss of life and destruction caused
by Hurricane Dorian.

The funds are from a $100 million contingency loan signed in April
2019, to cover unexpected public expenses arising from emergencies
caused by severe or catastrophic natural disasters. The loan
disbursement is subject to eligibility requirements including
sustained wind speeds, accumulated precipitations and impacted
populations. All the requirements were met by the devastation
Hurricane Dorian caused in the Abaco and Grand Bahama regions, in
the northern Bahamas.

The contingency funding comes on top of an emergency donation of
$200,000 provided by the IDB.

"The images of utter destruction and loss of precious lives are
heart-wrenching," said IDB Group country representative in The
Bahamas, Daniela Carrera. "We are pleased to provide some urgent
financial support to help with the massive task ahead. We all stand
with the Abaconians and Grand Bahamians."

The Bank's assistance will support government efforts to provide
the required relief to the affected populations. Hurricane Dorian
has caused unprecedented loss of life to the country, damage to
public infrastructure and private property on several islands. It
has left tens of thousands of residents in urgent need of food,
water, shelter, medicine and other necessities. The storm inflicted
the most severe damage in the Northwestern islands -particularly on
the Abaco Islands, Grand Bahama and the Berry Islands.

The contingency loan has a repayment term of 25 years, a 5.5-year
grace period and an interest rate based on LIBOR.



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B R A Z I L
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BANCO DE BRASILIA: S&P Keeps 'B+/B' Rating on CreditWatch Neg.
--------------------------------------------------------------
S&P Global Ratings kept its global scale 'B+/B' and national scale
'brAA/brA-1+' ratings on BRB – Banco de Brasilia S.A. (BRB) on
CreditWatch negative.

S&P said, "We're maintaining the ratings on CreditWatch negative
because the audit to investigate potential wrongdoings in the
bank's processes and operations hasn't been completed yet.

"We expect to resolve the CreditWatch placement as soon as the
audit is concluded and we have more informatin on how the
corruption probe may affect the bank. We could downgrade BRB if the
results of the investigation erode its earnings or expose
significant governance issues. Alternatively, we would likely
affirm the ratings if findings from the investigations result in no
or limited financial impact to the bank, and if it doesn't indicate
structural governance issues."



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

DOMINICAN REPUBLIC: Pact Promotes Export of Agro Products to China
------------------------------------------------------------------
Dominican Today reports that the Dominican-China Chamber of
Commerce and the National Agricultural Producers Confederation
(Confenagro) signed an agreement to promote trade and pave the way
for agro production.

According to the terms, the cooperation between the Chamber and
Confenagro consists in joining to formulate strategies and promote
actions aimed at exporting Dominican products to the market of
China, the report notes.

Likewise, both parties pledged to facilitate joint investments,
tourism promotion, economic, cultural and scientific exchange and
cooperation, according to Dominican Today.

Dominican-Chinese Chamber of Commerce director, Roberto Santana,
said the agreement seeks to offer a generality of agricultural
production in the country, to avoid productive inequality, the
report relays.  "We want to prevent that the possible benefits of
relations with China become concentrated in the minority and
monopolized sectors, which impede the sustainability of long-term
relations," he added.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (2017).
Fitch's credit rating for Dominican Republic was last reported at
BB- with stable outlook (2016).



=============
J A M A I C A
=============

JAMAICA: Regulatory Framework Advanced For Bunkering Industry
-------------------------------------------------------------
RJR News reports that Transport Minister Robert Montague, said work
on legislation to establish a regulatory framework for Jamaica's
bunkering industry is advanced.

Bunkering is a maritime industry term related to the fueling of
ships and transportation of fuel by sea vessels, according to RJR
News.

Montague said the legislation is going through the final stages of
the parliamentary process, the report notes.

Attendant amendments have been prepared by the Chief Parliamentary
Counsel, the report says.

The Transport Minister said the legislation will facilitate the
licensing of bunker operators and their vessels to ensure the
highest levels of safety and protection of the maritime environment
are achieved in the carriage and transfer of fuel in Jamaica, the
report adds.

As reported in the Troubled Company Reporter-Latin America on June
27, 2019, RJR News said that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, is warning that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.



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

PETROLEOS MEXICANOS: Gets $5BB to Pay Debt, Refinancing Planned
---------------------------------------------------------------
Miguel Gutierrez and Daina Beth Solomon at Reuters reports that
ratings agencies gave a cautiously positive assessment on Mexico's
$5 billion cash injection into state oil company Pemex, but it did
not dispel the risk of another downgrade of its bonds to
speculative grade, or junk, in the next few months.

The step was the latest by President Andres Manuel Lopez Obrador to
plot a brighter future for the cash-strapped oil and gas producer
with ballooning debt and years of declining output, according to
Reuters.

In June, Fitch became the first agency to downgrade Pemex debt to
junk.  Another downgrade by Moody's would force some investors to
sell billions of dollars of Pemex bonds.

The $5 billion aid package appeared to be in addition to a $4.4
billion contribution, including cash and tax relief, unveiled in
the government's 2020 budget plan, the report relays.

Saddled with more than $104 billion of financial debt, Pemex said
it plans to use the capital for the prepayment of bonds that mature
in 2020 and 2023, the report notes.  It also will issue new bonds
in maturities of seven, 10 and 30 years to refinance short-term
debt. It did not give a value for the new bond placements, the
report relays.

"Proceeds from this transaction will be used to ensure a reduction
in the outstanding balance of Pemex's debt," the company said in a
statement obtained by the news agency.

S&P Global Ratings, one of the three major credit agencies,
described the cash injection positively, saying it underscored the
"overarching and unconditional federal support" for Pemex, notes
Reuters.  In a statement, the agency rated Pemex's new bonds at
BBB+, or three notches within S&P's investment grade rankings.

Pemex bonds were the most traded by volume among emerging market
corporates following the morning announcement, according to
MarketAxess, the report discloses.  The news sent both the 6.5%
Jan. 2029 and the 6.5% Mar. 2027 over 2 points, the report says.

Fitch Ratings said it would rate the new debt one notch into "junk"
status, in line with its existing Pemex debt rating, notes the
report. Although it noted that a successful transaction would
improve Pemex's liquidity, Fitch said it viewed government support
as "moderate" given Pemex's heavy tax burden.

"The company continues to severely underinvest in its upstream
business," Fitch said, referring to finding and extracting oil and
gas deposits, according to the report.  That underinvestment "could
lead to further production and reserves decline," it added.

Moody's, meanwhile, also took a cautious view, pegging the new
debt's rating to Pemex's existing level, just above junk, and
saying the company had underlying challenges, Reuters relays.

"Pemex's intrinsic liquidity is still weak and the company remains
reliant on government support until it can consistently generate
free cash flow," Reuters quoted the agency as saying. "The amount
of planned capital spending will still fall well short of replacing
reserves in 2019 and 2020."

Other analysts said the latest government support for Pemex may
only buy time until a more comprehensive reform of its tax
obligations is enacted, Reuters relays.

Otherwise, additional government cash injections will ultimately
harm the government's own creditworthiness, the report notes.

"Any recurring support (the government) can provide, absent a
fiscal reform, will cost the sovereign a deterioration in the
fiscal deficit, which causes a sovereign downgrade, which will
eventually lead to a Pemex downgrade," said Shamaila Khan, head of
emerging market debt at New York-based AllianceBernstein, the
report notes. "There is no way around a Pemex downgrade except to
do a fiscal reform and they still don't seem to be in favor of
doing that."

Pemex Chief Financial Officer Alberto Velazquez told Reuters in
June the company planned to refinance $2.5 billion this year, the
report adds.

Petroleos Mexicanos engages in the exploration, exploitation,
refining, transportation, storage, distribution, and sale of crude
oil and natural gas in Mexico.  The Company was founded in 1938 and
is based in Mexico City, Mexico.

As reported in the Troubled Company Reporter-Latin America on June
10, 2019, Fitch Ratings has downgraded Petroleos Mexicanos' (PEMEX)
Long-Term Foreign and Local Currency Issuer Default Ratings to
'BB+' from
'BBB-'. The Rating Outlook is Negative. The downgrade applies to
approximately USD80 billion of notes outstanding.



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

AMERICAN PARKING: Court Confirms Chapter 11 Plan
------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
confirmed American Parking System, Inc.'s plan of reorganization
filed June 29, 2019, after determining after hearing on notice that
the requirements for confirmation set forth in 11 U.S.C. Section
1129 have been satisfied.

                About American Parking System

Headquartered in San Juan, Puerto Rico, American Parking System
owns and manages parking lots.  The Company previously sought
bankruptcy protection (Bankr. D.P.R. Case No. 16-02761) on April 8,
2016.

American Parking System, filed a Chapter 11 petition (Bankr. D.P.R.
Case No. 19-02243) on April 24, 2019.  In the petition signed by
Miguel A. Cabral Veras, president, the Debtor estimated $10 million
to $50 million in both assets and liabilities.  Alexis
Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC, serves as
bankruptcy counsel to the Debtor.

FACEBANK INTERNATIONAL: DBRS Assigns BB LongTerm Issuer Rating
--------------------------------------------------------------
DBRS, Inc. has assigned ratings to FACEBANK International
Corporation (FACEBANK or the Company), including a Long-Term Issuer
Rating of BB. The trend for all ratings is Stable. The Intrinsic
Assessment (IA) for the Company is assigned at BB, and Support
Assessment is assigned at SA3.

KEY RATING CONSIDERATIONS

Established in 2006, FACEBANK operates as an International Bank
Entity (IBE) under the laws of the Commonwealth of Puerto Rico. The
IBE charter offers a tax-efficient platform for the bank to provide
U.S. dollar deposit and payment services to foreign customers.

Through its Florida-based mortgage subsidiary, Florida Home Trust,
the Company provides residential mortgage loans in select Florida
counties largely to foreign nationals. DBRS notes that FACEBANK has
no exposure to Puerto Rico, as all assets are entirely comprised of
U.S.-based loans and securities.

Importantly, the Company has established an online connection with
the Federal Reserve Bank of New York, which allows it to
efficiently clear deposits for its customers, saving both time and
expense. DBRS views this as a competitive advantage for FACEBANK,
as it is the only IBE with this connectivity, which is contingent
on the Company maintaining strong BSA/AML practices.

FACEBANK has shown improving profitability metrics driven by a
strong net interest margin, supported by below-peer funding costs,
which is a key strength of its franchise. While FACEBANK's primary
mortgage customer is viewed as potentially riskier, the Company
mitigates this risk with conservative underwriting. Additionally,
the Company maintains about one-third of its balance sheet in
liquid assets. The ratings are underpinned by FACEBANK's liquid
balance sheet, profitable operating niche and conservative loan
underwriting. Constraining the ratings are the Company's short
operating history, heightened operational risk surrounding BSA/AML
compliance given its foreign customer base, as well as limited
scale and diversity.

RATING DRIVERS

Increased franchise scale and a greater diversity of earnings could
have positive rating implications. Conversely, an increased risk
appetite, BSA/AML compliance issues or an inability to attract and
maintain deposits could have negative rating implications.

RATING RATIONALE

Over its limited operating history, FACEBANK has built a profitable
international banking franchise, helping its customers transact
business in the U.S. Instead of branches, the Company facilitates
its deposit gathering through an arrangement with Business
Development Facilitators (BDF). These BDFs, professionals located
primarily in South America, will partner with the Company by
referring customers with a need for a U.S. dollar account to
FACEBANK, sharing in the profits from this customer relationship.
This arrangement, using BDFs that are vetted and well known to
FACEBANK's board of directors, helps keep operating costs low.
Additionally, the Company gathers deposits from its lending
business, requiring a deposit account for its loan customers, as
well as the maintenance of escrow deposits. These sources result in
a relatively stable and low-cost deposit base. The Company's cost
of funds in 2018 was just 41 basis points. This, along with a
higher than average yield on its residential mortgage portfolio,
helps to support the Company's solid net interest margin (NIM) and
overall earnings. Profitability is also aided by its IBE charter,
which allows the Company to operate essentially tax-exempt.

FACEBANK's primary loan product is residential mortgages in Florida
to foreign nationals. While this can be a riskier mortgage
customer, the Company mitigates this risk with full underwriting
and conservative loan-to-value (LTV) ratios, including a maximum
LTV of 75% dependent on the type of property and borrower. This
portfolio has performed well during the Company's operating
history, with low levels of non-accrual loans and charge-offs.
However, the portfolio has grown during a period of improving real
estate fundamentals and has not been tested in a downturn.

The Company is not subject to regulatory capital requirements,
although risk-based capital levels are calculated by management.
DBRS views FACEBANK's capital level as adequate given its loan
portfolio and risk management practices. As a privately-held
institution, FACEBANK's sources of additional capital are limited,
although management has indicated that the Company's ownership does
have the wherewithal to inject additional capital if needed. Since
2012, the internal capital generation has been growing and is
sufficient to fund balance sheet growth.

Notes: All figures are in U.S. dollars unless otherwise noted.

PUERTO RICO: Major Debt Restructuring Plan Coming This Month
------------------------------------------------------------
Luis Valentin Ortiz at Reuters reports that a long-awaited plan to
restructure Puerto Rico's core government debt will finally be
filed in court later this month, an attorney for the bankrupt U.S.
commonwealth's federally created financial oversight board told a
federal judge.

Martin Bienenstock said the latest delay was due to political
turmoil on the island that led to last month's resignation of
Governor Ricardo Rossello, who was eventually replaced by Wanda
Vazquez, according to Reuters.

He said while the board expected to file a plan in August, it held
off because "it would have jammed" the new governor, who took
office on Aug. 7, the report notes.

The board had signaled it could file a plan of adjustment covering
roughly $13 billion of bonds and almost $50 billion of unfunded
pension obligations as early as April, then set subsequent but
vague deadlines in the following months, the report discloses.

Puerto Rico entered bankruptcy in May 2017 to restructure $120
billion of debt and pension obligations.

Reuters disclsoes that Bienenstock said "the relationship between
the new government and the oversight board is positive." Vazquez,
who had been Puerto Rico's justice secretary, has been meeting with
oversight board officials.  Her predecessor, Rossello, had been at
odds with the board over spending priorities and other matters,
including proposed pension cuts, the report relays.

Earlier this year, the board asked U.S. District Court Judge Laura
Taylor Swain, who is hearing the island's bankruptcy cases, to void
billions of dollars of general obligation bonds, the report
recalls.  It also sued certain bondholders to recoup debt service
payments and Wall Street banks and firms that participated in debt
issuances.

The board in June announced deals with some creditors over recovery
rates for certain bonds and for a pension restructuring, the report
relates.

In July, Swain ordered mediation that could extend into November
over the validity of Puerto Rico's GO and other bonds, as well as
for other disputes, the report says.

So far, Puerto Rico has won court approval for restructurings of
debt from its Government Development Bank and Sales Tax Financing
Corporation known as COFINA, the report discloses.  The Puerto Rico
Electric Power Authority move closer to exiting bankruptcy when two
holdout bond insurers joined a deal to restructure its debt, the
report adds.


                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.

The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.

The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').

The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017.  On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").

U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases.  The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.

Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.

McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico

Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.

O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.

The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.

                    Bondholders' Attorneys

Kramer Levin Naftalis & Frankel LLP and Toro, Colon, Mullet, Rivera
& Sifre, P.S.C. and serve as counsel to the Mutual Fund Group,
comprised of mutual funds managed by Oppenheimer Funds, Inc., and
the First Puerto Rico Family of Funds, which collectively hold over
$4.4 billion of GO Bonds, COFINA Bonds, and other bonds issued by
Puerto Rico and other instrumentalities.

White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS
Family of Funds and the Puerto Rico Family of Funds, which hold
$613.3 million in COFINA bonds.

Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell,
Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam &
Lausell are co-counsel to the ad hoc group of General Obligation
Bondholders, comprised of Aurelius Capital Management, LP, Autonomy
Capital (Jersey) LP, FCO Advisors LP, and Monarch Alternative
Capital LP.

Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are
co-counsel to the ad hoc coalition of holders of senior bonds
issued by COFINA, comprised of at least 30 institutional holders,
including Canyon Capital Advisors LLC and Varde Investment
Partners, L.P.

Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon
Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson
Kempner Capital Management LP, OZ Management, LP, and OZ Management
II LP (the QTCB Noteholder Group).

                          Committees

The U.S. Trustee formed an official committee of retirees and an
official committee of unsecured creditors of the Commonwealth.  The
Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia &
Milian, C.S.P., as its attorneys.  The Creditors Committee tapped
Paul Hastings LLP and O'Neill & Gilmore LLC as counsel.



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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: Could Extend Lease of Boeing 737
----------------------------------------------------
RJR News reports that Trinidad and Tobago's acting Prime Minister
Colm Imbert has skirted a question on whether Caribbean Airlines is
considering cancelling the lease arrangement with Boeing for twelve
737 Max aircraft.

In responding to a question posed in the Senate, Imbert said
Caribbean Airlines has made arrangements to extend the leases of
its current fleet of Boeing 737 aircraft if required, according to
RJR News.

He said last December, the airline executed agreements with two
lessors for operating leases with twelve 737 Max aircraft to
replace the current fleet of 737 jets, the report notes.

He said subsequent to the two crashes involving Max aircraft,
Caribbean Airlines had been in constant contact with the lessors
and Boeing in order to be fully apprised of the developments and
findings as regulatory investigations take place, the report
discloses.

The Acting Prime Minister says in terms of the status of the
agreement to lease the Max 8 aircraft, the lease agreement is
subject to the lessor providing all approval documentation and
certification of air worthiness from the US Federal Aviation
Administration, which has not yet occurred, the report relays.

He added that if the aircraft are not certified as air worthy then
Caribbean Airlines will be under no obligation to accept or pay for
them, the report notes.                                            
                                                                  


And the Boeing 737 Max, grounded for the last six months after two
fatal crashes, might not return to service in every country on the
same timeline, depending on when global regulators deem the plane
airworthy, the report says.

Boeing CEO Dennis Muilenburg made the revelation.

The manufacturer has developed a software fix for the jets, its
best-selling plane, but has not yet submitted it to regulators for
approval, the report notes.

Mr. Muilenburg told an industry conference that Boeing still
expects the planes to return to service early in the fourth
quarter, but regulators across the globe may not clear it for
flight at the same time, the report discloses.

The Boeing 737 Max was grounded after two fatal crashes that killed
all 346 people on board, the report says.

The second crash, of an Ethiopian Airlines jet minutes after it
took off on March 10, brought swift action around the world to
ground the 737s, 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, 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.


                           *********


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 2019.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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of the same firm for the term of the initial subscription or
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.


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