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/raid1/www/Hosts/bankrupt/TCRLA_Public/230901.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 Friday, September 1, 2023, Vol. 24, No. 176 Headlines A R G E N T I N A ITAU UNIBANCO: Sells Argentine Unit for US$50M to Banco Macro B E R M U D A WHITE MOUNTAINS: Egan-Jones Retains BB+ Senior Unsecured Ratings B R A Z I L MINERVA SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable C H I L E MAINSTREAM RENEWABLE: Put Into Liquidation by Parent in Dublin D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Gov't. Maintains Prices Despite Fluctuations E C U A D O R GUAYAQUIL MERCHANT: Fitch Affirms BB- Rating, Outlook Now Stable J A M A I C A JAMAICA: Construction Industry Declines in Second Quarter P U E R T O R I C O GRUPO HIMA: Gets OK to Hire Epiq as Claims and Noticing Agent GRUPO HIMA: Hires Ankura Consulting to Provide CRO, RO & AT T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Domestic Airbridge a Loss for Firm - - - - - ================= A R G E N T I N A ================= ITAU UNIBANCO: Sells Argentine Unit for US$50M to Banco Macro ------------------------------------------------------------- Vanessa Dezem at Bloomberg News reports that Itau Unibanco Holding SA, Latin America's largest bank, closed a binding agreement for the sale of its Argentine unit to Banco Macro for BRL250 million (US$50 million). Once the transaction is completed, Itau Unibanco will serve its corporate and private clients through its international units, the Sao Paulo-based bank said in a regulatory filing, according to Bloomberg News. The deal is expected to have a negative non-recurring impact of about BRL1.2 billion on the Brazilian bank's results, the report notes. The deal ends a couple of months of negotiations that took place against the backdrop of a severe economic crisis in Argentina, which is seeing a shrinking economy and annual inflation that recently surpassed 100 per cent, the report relays. While Itau is a giant across Latin America, in Argentina it ranks 18th among banks in terms of assets, while Banco Macro is the fifth largest, according to Argentina's central bank, the report discloses. The deal marks the end of a long-standing presence in Argentina. Itau has been operating in the neighbouring country since 1979, where it initially focused on supporting the activities of large companies with business ties to Brazil, the report recalls. In 1998, it made its biggest bet in retail banking when it bought Banco del Buen Ayre for US$225 million and became the twelfth largest bank, the report notes. Itau said it will not completely abandon its operations in Argentina, the report relays. The bank will apply to the regulatory authorities in Argentina and Brazil to open an office in the country and will continue to serve local and regional corporate clients, as well as private and wealthy individuals, the report adds. As reported in the Troubled Company Reporter-Latin America on Jan. 31, 2023, Moody's Investors Service has affirmed Itau Unibanco S.A.'s (IU) long-term local and foreign currency deposit ratings at Ba2, following the affirmation of the bank's Baseline Credit Assessment (BCA) and Adjusted BCA at ba2. Moody's also affirmed the bank's short-term local and foreign currency deposit ratings at Not Prime and the foreign currency senior unsecured MTN program rating at (P)Ba2. ============= B E R M U D A ============= WHITE MOUNTAINS: Egan-Jones Retains BB+ Senior Unsecured Ratings ---------------------------------------------------------------- Egan-Jones Ratings Company on August 3, 2023, maintained its 'BB+' foreign currency and local currency senior unsecured ratings on debt issued by White Mountains Insurance Group. Headquartered in Hanover, New Hampshire, White Mountains Insurance Group serves customers in the United States and Bermuda. =========== B R A Z I L =========== MINERVA SA: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- On Aug. 30, 2023, S&P Global Ratings affirmed its 'BB' global scale and 'brAAA' national scale issuer credit and issue-level ratings on Minerva S.A. The stable outlook reflects S&P's view that Minerva will be able to quickly improve leverage after it peaks in mid-2024, and will be able to keep debt to EBITDA below 3x on a consistent basis, benefiting from discretionary dividend payments, favorable industry conditions in South America, and strong operational track record of asset integration. On Aug. 28, 2023, Minerva S.A. announced it had acquired 16 plants and one distribution center from Marfrig Global Foods S.A. (BB+/Stable/--) for R$7.5 billion, of which R$1.5 billion was paid upon announcement. Minerva will pay the rest once the transaction is concluded. With the acquired assets, Minerva will increase its slaughtering capacity by 44%. The assets will be fully integrated by the end of 2024, and will include Minerva's entrance into production in Chile, where it previously only had a commercial base. Higher volumes will dilute fixed costs, with potential operating synergies reaching 200 basis points (bps). This, along with favorable cattle availability in Brazil, Paraguay, and Argentina to a lesser extent, as well as improving global meat prices, should allow Minerva to operate with margins between 10% and 12%. S&P's highlight the company's track record of internal and acquisitive growth and its ability to improve margins of acquired assets. More importantly, Minerva has historically been more resilient and stable than industry peers, even considering only South American operations. On the other hand, the acquisition will increase the company's exposure to China through its larger capacity in Brazil, which adds event risk in case of trade barriers, as occurred in March 2023 and for a prolonged period in 2021. S&P thinks management is committed to keeping debt to EBITDA near 2.5x and using countercyclical measures such as cutting dividends to achieve this target. Also, the company will continue to generate free operating cash flow (FOCF) in excess of R$700 million this year and more than R$1 billion starting in 2024, which will help fund the acquisition. Funds from operations (FFO) to debt has been weaker and will likely remain close to 20% due to high interest payments and higher debt until next year. As part of the funding needs to complete the acquisition, JP Morgan Chase & Co. provided a committed credit facility of R$6 billion to Minerva valid for the next 18 months, which is in line with S&P's view of Minerva's conservative approach toward holding cash to cushion against industry and market volatility. In S&P's forecasts, it consider about 60% of revenue and EBITDA of the acquired assets in 2024 and full contribution in 2025, while all-cash payment occurs in 2024. S&P also estimates consolidated annual capital expenditures (capex) to grow to R$1.0 billion-R$1.1 billion and higher working capital needs to integrate all assets. ========= C H I L E ========= MAINSTREAM RENEWABLE: Put Into Liquidation by Parent in Dublin -------------------------------------------------------------- The Currency reports that Mainstream Renewable Power has put one of its subsidiaries into liquidation as it pushes ahead with judicial reorganisation proceedings. The move comes despite opposition from one of the financiers of its Chilean business, Ares Management, a US$295 billion alternative investment manager, The Currency notes. According to The Currency, Mainstream Renewable Power Group Lending Ltd, a company used by Mainstream to provide funding to its Chilean entities, was put into liquidation on Aug. 30 by its parent company. A statutory meeting of the subsidiary's creditors took place on Aug. 30 in Dublin with accountant Stephen Scott of Evelyn Partners being appointed as liquidator, The Currency discloses. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Gov't. Maintains Prices Despite Fluctuations ---------------------------------------------------------------- Dominican Today reports that Ramon Perez Fermin, the Vice Minister of Internal Commerce, disclosed that the recent fluctuations in the WTI crude oil price, which has risen by approximately 15.4% in recent weeks, have prompted the government of President Luis Abinader to uphold its commitment to solidarity and empathy with the citizens. In response, an extraordinary subsidy of RD$565.7 million pesos has been allocated, according to Dominican Today. Perez Fermin clarified that despite global price increases, the impact on Dominican citizens' wallets will not match the international market's indications, the report notes. "President Luis Abinader's government will fully absorb the domestic fuel price increase to shield Dominicans from its effects. This allows us to maintain our path toward prosperity and continued growth as a nation. In essence, our government is devoted to the collective welfare, with a particular focus on safeguarding the most vulnerable," the report discloses. He underscored that, the government is subsidizing Regular Gasoline at RD$36.70 per gallon, Premium Gasoil at RD$27.20, Optimo Diesel at RD$48.38, and Regular Diesel at RD$47.26, the report says. He emphasized that this move signifies more than just an economic endeavor—it demonstrates the government's commitment to ensuring stability and peace for the people of the Dominican Republic, adds the report. 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. TCRLA 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. On August 14, 2023, the TCR-LA reported that Moody's Investors Service has changed the outlook on the Government of Dominican Republic's ratings to positive from stable and affirmed the local and foreign-currency long-term issuer and senior unsecured ratings at Ba3. Moody's said the key drivers for the outlook change to positive are: (i) sustained high growth rates have enhanced the scale and wealthclevels of the economy; and (ii) a material decline in the government debt burden coupled with improved fiscal policy effectiveness will support medium-term debt sustainability The affirmation of the Ba3 ratings balances the Dominican Republic's strong economic growth dynamics and relatively contained susceptibility to event risks, with a comparatively weaker fiscal position, reflecting long-standing credit challenges which include: (i) a shallow revenue base compared to peers, (ii) weak debt affordability metrics, and (iii) high exposure to foreign currency borrowing. S&P Global Ratings, in December 2022, raised its long-term foreign and local currency sovereign credit ratings on the Dominican Republic to 'BB' from 'BB-'. The outlook on the long-term ratings is stable. S&P affirmed its 'B' short-term sovereign credit ratings. S&P also revised its transfer and convertibility (T&C) assessment to 'BBB-' from 'BB+'. The stable outlook reflects S&P's expectation of continued favorable GDP growth and policy continuity over the next 12-18 months that will likely stabilize the government's debt burden. In February 2023, S&P said its BB ratings reflect the country's fast-growing and resilient economy. It also incorporates the country's historical political and social challenges in passing structural reforms to contain fiscal deficits, despite recent improvements in the electricity sector. The ratings are constrained by relatively high debt, a hefty interest burden, and limited monetary policy flexibility. Fitch Ratings, in December 2022, affirmed the Dominican Republic's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Rating Outlook. ============= E C U A D O R ============= GUAYAQUIL MERCHANT: Fitch Affirms BB- Rating, Outlook Now Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the outstanding series 2019-1 notes issued by Guayaquil Merchant Voucher Receivables Ltd. at 'BB-'. The Rating Outlook has been revised to Stable from Negative. The revision of the Outlook to Stable from Negative reflects the continued strength of the merchant voucher program with cash flows that support monthly and quarterly debt service coverage ratios (DSCRs) that are in line with the assigned rating. In addition, outstanding future flow debt represents a limited portion of the bank's overall funding structure with future flow debt relative to balance sheet ratios well below those outlined in Fitch's Future Flow Securitization Rating Criteria. This rating action considers the recent downgrade of Banco Guayaquil's (BG) Long-Term (LT) Issuer Default Rating (IDR) to 'CCC+' from 'B-' (see "Fitch Takes Action on Five Ecuadorian Banks Following Sovereign Downgrade" dated Aug. 24, 2023, available on www.fitchratings.com), which in turn followed a similar rating action on Ecuador's sovereign ratings; downgraded to 'CCC+' from 'B-'. Entity/Debt Rating Prior ----------- ------ ----- Guayaquil Merchant Voucher Receivables Limited 2019-1 401539AA9 LT BB- Affirmed BB- TRANSACTION SUMMARY The transaction is backed by future flows due from American Express (AmEx), Visa International Service Association (Visa) and Mastercard International Incorporated (Mastercard) related to international merchant vouchers acquired by BG in Ecuador. Fitch's ratings reflect timely payment of interest and principal on a quarterly basis. KEY RATING DRIVERS Future Flow (FF) Rating Driven by Originator's Credit Quality: The rating of this FF transaction is driven by the Long-Term (LT) Issuer Default Rating (IDR) of the originator, BG. On Aug. 24, 2023, Fitch downgraded BG's LT IDR to 'CCC+' from 'B-' and its Viability Rating (VR) to 'ccc+' from 'b-'. This followed the downgrade of Ecuador's LT IDR to 'CCC+' from 'B-'. In Fitch's view, BG's rating is driven by its intrinsic profile and constrained by the sovereign's rating of 'CCC+'. GCA Supports Notching Differential: Fitch uses a going concern assessment (GCA) score to gauge the likelihood that the originator of an FF transaction will stay in operation throughout the transaction's life. Fitch assigned a GCA score of 'GC2' to BG based on the bank's systemic importance. The score allows for a maximum of four notches above the LT IDR of the originator. Notching Uplift From IDR: The 'GC2' allows for a maximum four notch-rating uplift from the bank's LT IDR pursuant to Fitch's FF rating methodology. Considering the bank's current LT IDR, the assigned rating is at the maximum notching differential of four notches allowed by Fitch's FF methodology for an originator with a score of 'GC2'. The four notch-rating uplift is supported by the transaction's strong coverage levels, future flow debt relative to the bank's funding ratios being within the thresholds outlined in Fitch's Future Flow Securitization Rating Criteria, and Fitch reserving the maximum notching uplift for transactions with originators that are rated at the lower end of the rating scale such as BG. Moderate Future Flow Debt: FF debt represents approximately 2.0% of BG's total funding and 16.7% of BG's non-deposit funding when considering the outstanding balance on the notes as of July 2023 and utilizing nonconsolidated financials as of June 2023. Fitch considers the ratio of FF debt to overall liabilities small enough to allow the financial FF ratings up to the maximum uplift indicated by the GCA score. Coverage Levels Commensurate with Rating: Coverage levels have remained more than sufficient to cover quarterly debt service payments and remain commensurate with the rating on the outstanding notes. When considering average rolling quarterly flows over the past five years (August 2018 - July 2023) and the maximum periodic debt service over the life of the program, Fitch's projected minimum quarterly debt service coverage ratio is 4.8x throughout the life of the program. Furthermore, the transaction can withstand a drop in flows of approximately 79% and still cover the maximum quarterly debt service obligation. De-dollarization Risk: While the dollarization regime anchors macroeconomic stability, the risk of de-dollarization exists. It would only occur in an extreme scenario but would be a major shock to the Ecuadorean system. Sovereign/Diversion Risks Reduced: The structure mitigates certain sovereign risks by collecting cash flows offshore until investors are paid. Fitch believes diversion risk is mitigated by notice and consent agreements obligating AmEx, Visa, and MasterCard to remit payments to the collection accounts controlled by the trustee. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The transaction rating is sensitive to changes in BG's credit quality. Currently, the transaction is receiving the maximum notching uplift from BG's LT IDR. Therefore, a deterioration in BG's credit quality by one notch would trigger a downgrade of the rating of the transaction from its current level. - The transaction rating is sensitive to increases in the FF debt relative to the bank's funding ratios. If either of the ratios increase beyond the thresholds outlined in Fitch's Future Flow Securitization Rating Criteria, it could result in a downgrade of the rating of the transaction from its current level. - The transaction rating is sensitive to the credit card acquiring business line's performance and its ability to continue operating, as reflected by the bank's GCA score. Changes in Fitch's view of the bank's GCA score can lead to a change in the transaction's rating. Additionally, the merchant voucher program could also be sensitive to significant changes in the credit quality of American Express, Visa, or MasterCard to a lesser extent. Any changes in these variables will be analyzed in a rating committee to assess the possible impact on the transaction ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The main constraint to the transaction rating is the originator's rating and BG's operating environment. If the bank's LT IDR is upgraded by more than one notch from its current rating, Fitch would consider an upgrade to the rating of the transaction from its current level. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. ============= J A M A I C A ============= JAMAICA: Construction Industry Declines in Second Quarter --------------------------------------------------------- RJR News reports that Jamaica's construction industry declined in the second quarter ended June. Dr. Wayne Henry, Director General of the Planning Institute of Jamaica (PIOJ) says real value added for the industry is estimated to have dropped by 3.3 per cent, according to RJR News. This was due mainly to a downturn in activities in the 'other construction' and 'building construction' components, the report notes. "The decline in the 'other construction' component was due to reduced capital expenditure on civil engineering activities, reflecting National Works Agency (NWA) down 52.5 per cent to $2.4 billion, reflecting lower expenditure on the Southern Coastal Highway Improvement Project and Port Authority of Jamaica which dispersed $137.3 million, down 89.2 per cent due to reduced expenditure on infrastructural developments," Dr. Henry outlined, the report discloses. The 'building construction' component is estimated to have contracted, reflecting a decline in housing starts by the National Housing Trust of 21 per cent, the report notes. There was also an 8 per cent decline in the sale of construction inputs, the report adds. About Jamaica Jamaica is an island country situated in the Caribbean Sea. Jamaica is an upper-middle income country with an economy heavily dependent on tourism. Other major sectors of the Jamaican economy include agriculture, mining, manufacturing, petroleum refining, financial and insurance services. Standard & Poor's credit rating for Jamaica stands at B+ with negative outlook (April 2020). Moody's credit rating for Jamaica was last set at B2 with stable outlook (December 2019). Fitch's credit rating for Jamaica was last reported at B+ with stable outlook (April 2020). In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is Stable. ===================== P U E R T O R I C O ===================== GRUPO HIMA: Gets OK to Hire Epiq as Claims and Noticing Agent ------------------------------------------------------------- Grupo HIMA San Pablo, Inc., and its debtor-affiliates seek approval from the United States Bankruptcy Court for the District of Puerto Rico to hire Epiq Corporate Restructuring, LLC as their official notice agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The hourly rates of Epiq's professionals are as follows: Clerical/Administrative Support $25 to $55 IT/Programming $55 to $85 Project Managers/Consultants/Directors $75 to $180 Solicitation Consultant $180 Executive Vice President, Solicitation $190 In addition, Epiq will seek reimbursement for expenses incurred. Kate Mailloux, a senior director at Epiq Corporate Restructuring, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kate Mailloux Epiq Corporate Restructuring, LLC 777 Third Avenue, 12th Floor New York, NY 10017 Telephone: (646) 282-2532 Email: kmailloux@epiqglobal.com About Grupo HIMA San Pablo, Inc. Grupo HIMA San Pablo, Inc. serves as a diversified healthcare services holding company pursuant to a corporate reorganization of several businesses related by common ownership. Through its subsidiaries and affiliates, the Company primarily owns and operates hospital facilities and other healthcare related businesses. As of August 2023, the HIMA GROUP operates four hospitals, with over 1,200 licensed beds, including an Oncological Hospital, a multi-specialty physician practice management company, Home Care Service (including infusion therapies and wound care), a free-standing Ambulatory Center and a 16-Ambulance Service Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02510-EAG11) on August 15, 2023. In the petition signed by Armando J. Rodriguez-Benitez, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $500,000 in liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, represents the Debtor as legal counsel. GRUPO HIMA: Hires Ankura Consulting to Provide CRO, RO & AT ----------------------------------------------------------- Grupo HIMA San Pablo, Inc., and its debtor-affiliates seek approval from the United States Bankruptcy Court for the District of Puerto Rico to hire Ankura Consulting Group, LLC and designate Stephen Marotta as chief restructuring officer, Russell Perry as restructuring officer and Robert Weigel as assistant treasurer. The Debtors shall pay to Ankura a flat, weekly nonrefundable fee of $125,000 for the first four weeks and $100,000 for the remaining weeks, for the Ankura Personnel (CRO, RO and AT) services. The Fee will be payable each Monday, in advance. Ankura shall be entitled to reimbursement of actual, reasonable, documented out-of-pocket and direct expenses. Ankura is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as disclosed in court filings. The firm can be reached through: Stephen Marotta ANKURA CONSULTING GROUP, LLC 485 Lexington Avenue, 10th Floor New York, NY 10017 Tel: (212) 818-1555 Fax: (212) 818-1551 Email: stephen.marotta@ankura.com About Grupo HIMA San Pablo, Inc. Grupo HIMA San Pablo, Inc. serves as a diversified healthcare services holding company pursuant to a corporate reorganization of several businesses related by common ownership. Through its subsidiaries and affiliates, the Company primarily owns and operates hospital facilities and other healthcare related businesses. As of August 2023, the HIMA GROUP operates four hospitals, with over 1,200 licensed beds, including an Oncological Hospital, a multi-specialty physician practice management company, Home Care Service (including infusion therapies and wound care), a free-standing Ambulatory Center and a 16-Ambulance Service Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02510-EAG11) on August 15, 2023. In the petition signed by Armando J. Rodriguez-Benitez, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $500,000 in liabilities. Judge Enrique S. Lamoutte Inclan oversees the case. Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, represents the Debtor as legal counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Domestic Airbridge a Loss for Firm ------------------------------------------------------ Sherlan Ramsubhag at Trinidad Express reports that Caribbean Airlines Limited (CAL) is operating at a loss on the airbridge between Trinidad and Tobago, according to Member of Parliament for Tobago West, Shamfa Cudjoe. Speaking on Tobago Channel 5's "Rise and Shine" segment, Cudjoe mentioned that apart from the initial purchase of the plane, it also needs to be maintained, and the 20-minute route between Trinidad and Tobago has proven to be costly for the airline due to wear and tear, according to Trinidad Express. "Operating an airline is not a bike shop. It's a lot of maintenance, you have to schedule pilots accordingly, train them accordingly. They have to leave every now and then to go to France and to go to Miami to do their training and so on and all of that costs, the report discloses. "We in Trinidad and Tobago have decided to face the loss because it is an essential service. It's about people getting to school, it's about the movement of goods, it's about the movement of services and so on. So, we have to have Caribbean Airlines operating between Trinidad and Tobago," she said, the report notes. The report relays that in response to a query about potential government measures to increase the airline's profitability, Cudjoe stated, "You would never make a profit between Trinidad and Tobago unless you increase the price of tickets. Who is prepared to pay $600 (for a) return flight? Remember how much fuss we made when it got to $400 and when we have to pay the $50 fee and so on?" Cudjoe went on to explain that to break even on domestic flights, passengers would need to be prepared to pay between $700 and $1,000 for a return flight, the report says. She further noted that Caribbean Airlines is somewhat at the mercy of international fuel prices and other outsourced services that the Trinidad and Tobago Government doesn't control, making it a price taker in these aspects, the report notes. Cudjoe reiterated that CAL has undertaken steps to bolster its profit margins, such as acquiring new aircraft and increasing regional flights, the report discloses. There has also been an increase in the price of those flights, she added. Regarding the negotiations for pilots' wages, Cudjoe shared that she recently spoke with CAL's CEO, Garvin Madera, and was informed that discussions are ongoing, the report says. She expressed hope for an outcome that benefits both CAL and the public interest, the report notes. When questioned about claims of a 20 per cent reduction in pilots' salaries, Cudjoe said she was unaware of such developments, the report relays. "As far as I am aware, negotiations are still taking place and we wouldn't know the outcome until they have completed," Cudjoe added, notes the report. About Caribbean Airlines Caribbean Airlines Limited - http://www.caribbean-airlines.com/providespassenger 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. Caribbean Airlines is among many airlines whose business has been greatly affected in 2020 by the slowdown of international travel caused by the COVID-19 pandemic. The government of Trinidad & Tobago guaranteed a US$65 million loan for the airline, and that funding has helped with the airlines' cash flow shortfall since May 2020. In September 2020, the airline related it will be taking cost-cutting measures to help keep it afloat. The measures, which was to affect some 1,700 employees, included salary deductions, no-pay leaves and lay-offs. ********* 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 2023. 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 * * *