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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

          Tuesday, January 30, 2024, Vol. 25, No. 22

                           Headlines



A R G E N T I N A

ARGENTINA: General Strike Poses Test for Milei's Austerity Plan


B R A Z I L

GOL LINHAS: Case Summary & 30 Largest Unsecured Creditors
GOL LINHAS: Files for Chapter 11 Bankruptcy in New York
GOL LINHAS: Layoffs Related to Chapter 11 Process Not Expected
GOL LINHAS: S&P Downgrades ICR to 'D' on Chapter 11 Filing


J A M A I C A

JAMAICA: Looking to Create Facility To Fund Development Projects
JAMAICA: More Jamaicans Intend to Make Major Purchases in 2024


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: No Forex Crisis, Economist Says

                           - - - - -


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

ARGENTINA: General Strike Poses Test for Milei's Austerity Plan
---------------------------------------------------------------
Buenos Aires Times reports that Argentina's labor movement is
staging a general strike that will test popular support for
President Javier Milei's austerity blitz less than two months into
his Presidency.

The protest organized by the CGT, one of the nation's oldest and
most powerful union groups, will help set the tenor of debate as
the libertarian economist attempts to slash the size of the state
in a bid to tame triple-digit inflation, according to Buenos Aires
Times.

"Depending on how many people they mobilise, the union will be able
to demonstrate how much weight it carries at the negotiating
table," political analyst Raul Timerman said in an interview, the
report notes.

The report relays that after taking office in December, Milei
issued a decree deregulating vast swathes of the economy and sent a
sweeping package of free-market reforms to Congress, the report
discloses.  While the CGT successfully challenged labor provisions
of the decree in court, a vote on the so-called 'omnibus bill' is
headed for the floor of the lower house, the report relays.

Milei has stuck to the bombastic rhetoric of his campaign but also
taken a pragmatic turn by withdrawing a proposal to privatize
state-owned oil company YPF SA from his package of legislative
reforms, the report notes.  The bill's passage will be crucial for
his government to meet targets laid out by the International
Monetary Fund in its latest review of Argentina's $44 billion aid
program, the multilateral lender's largest, the report says.

"If the protest is massive, lawmakers will have a harder time
voting in favor of the government," said Timerman, director of
Buenos Aires-based consultancy Comunicaciones Sudamericanas, the
report relays.  "But if the protest fails, it will make clear Milei
still counts on the support of the population," he added.

How the authorities respond to the protest, the earliest strike
ever called after a presidential inauguration in Argentina, will
also be telling, the report notes.

A few days after Milei was sworn in, Security Minister Patricia
Bullrich announced that federal forces would be deployed to keep
streets clear, the report discloses.  Her press team reiterated
that pledge, and the president's spokesman said government workers
who participate in the strike would be docked a day's pay, the
report notes.

The CGT, which is expecting 200,000 people to turn out, appears
undaunted, the report says.  Hector Daer, the umbrella labour
group's secretary general, replied to Bullrich in a radio
interview: "Do you want me to carry 40,000 truckers in my arms or
in a single-file line?"

Work stoppages are set to start at noon and last through midnight,
while public transport is scheduled to run through the late
afternoon in order to facilitate access to the demonstrations, the
report relays.  The protests are being led by unions representing
truckers, sanitation, construction and gas station workers, the
report adds.

                   Airlines and Shipping

The strike has already disrupted transportation, the report relays.
Airlines including Gol Linhas Aereas SA, Aerolineas Argentinas SA
and JetSmart have announced cancellations or delays for Argentina
flights, while shippers including Agencia Maritima Nabsa SA told
clients the protests will affect port operations, the report
notes.

Milei's party holds just 15 percent of the lower house Chamber of
Deputies and 10 percent of the Senate, while the Peronist movement
it defeated and its left-wing allies have just under half of votes
in each chamber, the report says.  The libertarians are counting on
the support of the main pro-business opposition bloc founded by
former president Mauricio Macri and more moderate members of two
other parties to push through their reforms, the report relays.

The strike could tilt political will in Milei's favour if it unites
a fractured political group pushing for change, according to
political scientist Gustavo Marangoni, the report notes.

"Ultimately, politics boils down to rivalries," said Marangoni,
director of M&R Asociados in Buenos Aires. "The government will say
to the different factions, 'We may have our differences, but we are
against the Argentina that today took to the streets,'" he added.

                      About Argentina

Argentina is a country located mostly in the southern half of South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

The IMF's executive board completed on August 23, 2023, the fifth
and six reviews of Argentina's 30-month Extended Fund Facility
(EFF), and approved a US$7.5-billion disbursement to Argentina as
part of the larger program, which refinances payments Argentina
owes the institution from a previous bailout that failed to
stabilize the economy in 2018. Argentina would receive another IMF
disbursement in November of about US$2.75 billion pending another
staff-level agreement and board approval.

S&P Global Ratings, on June 13, 2023, raised its local currency
sovereign credit ratings on Argentina to 'CCC-/C' from 'SD/SD' and
0its national scale rating to 'raCCC+' from 'SD'. S&P also affirmed
its 'CCC-/C' foreign currency sovereign credit ratings on
Argentina. The outlook on the long-term ratings is negative. S&P's
'CCC-' transfer and convertibility assessment is unchanged. None of
its rated bond issues are affected.

S&P said the negative outlook on the long-term ratings is based on
the risks surrounding pronounced economic imbalances and policy
uncertainties before and after the 2023 national elections.
Divisions within the government coalition, and infighting among the
opposition, constrain the sovereign's ability to implement timely
changes in economic policy.

Fitch Ratings also upgraded on June 13, 2023, Argentina's Long-Term
Foreign Currency (FC) Issuer Default Rating (IDR) to 'CC' from
'C'and affirmed the Long-Term Local Currency (LC) IDR at 'CCC-'.
Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

The upgrade of the FC IDR reflects that Fitch no longer deems a
default-like process to have begun, as the authorities have not
signaled a clear intention to follow through with an intra-public
debt swap announced in March. The new 'CC' rating signals a default
event of some sort appears probable in the coming years, regardless
of the outcome of upcoming elections. The affirmation of the LC IDR
at 'CCC-' follows the peso debt swap in June that Fitch did not
deem to be a "distressed debt exchange" (DDE).

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. confirmed Argentina's Long-Term Foreign Currency Issuer
Rating at CCC and downgraded its Long-Term Local Currency Issuer
Rating to CCC from CCC (high) on March 3, 2023.




===========
B R A Z I L
===========

GOL LINHAS: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Thirteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

   Debtor                                              Case No.
   ------                                              --------
   GOL Linhas Aereas Inteligentes S.A. (Lead Case)     24-10118
   Praca Comandante Linneu Gomes, S/N, Portaria 3
   Jardim Aeroporto
   Sao Paulo, Sao Paulo 04626-020
   Brazil

   GOL Linhas Aereas S.A.                              24-10119
   GTX S.A.                                            24-10121
   GAC, Inc.                                           24-10120
   Gol Finance (Luxembourg)                            24-10117
   Gol Finance (Cayman)                                24-10122
   Smiles Fidelidade S.A.                              24-10124
   Smiles Viagens e Turismo S.A.                       24-10125
   Smiles Fidelidade Argentina S.A.                    24-10126
   Smiles Viajes y Turismo S.A.                        24-10127
   Capitania Air Fundo De Investimento
   Multimercado Credito Privado
   Investimento no Exterior                            24-10128

   Sorriso Fundo De Investimento Em Cotas De Fundos
   De Investimento Multimercado
   Credito Privado Investimento No Exterior            24-10130

   Gol Equity Finance                                  24-10131

Business Description: The Debtors are the leading low-cost airline
                      in South America and one of Brazil's largest
                      domestic carriers.  Having pioneered the
                      low-cost carrier model in South America upon
                      its founding in 2000, GOL has grown to
                      include over 14,000 employees, a fleet of
                      141 aircraft, and an extensive flight
                      network focused on routes within Brazil and
                      South America more broadly.  GOL's flight
                      network also includes destinations in the
                      United States and the Caribbean.

Chapter 11 Petition Date: January 25, 2024

Court: United States Bankruptcy Court
       Southern District of New York

Judge: Hon. Martin Glenn

Debtors' Counsel:      Evan R. Fleck, Esq.
                       Andrew C. Harmeyer, Esq.
                       Bryan V. Uelk, Esq.
                       MILBANK LLP
                       55 Hudson Yards
                       New York, NY 10001
                       Telephone: (212) 530-5000
                       Facsimile: (212) 530-5219
                       Email: efleck@milbank.com
                              aharmeyer@milbank.com
                              buelk@milbank.com

                         - and -

                       Gregory A. Bray, Esq.
                       MILBANK LLP
                       2029 Century Park East, 33rd Floor
                       Los Angeles, CA 90067
                       Telephone: (424) 386-4000
                       Facsimile: (213) 629-5063
                       Email: gbray@milbank.com

                          - and -

                       Andrew M. Leblanc, Esq.
                       Erin E. Dexter, Esq.
                       MILBANK LLP
                       1850 K St. NW, Suite 1100
                       Washington, DC 20006
                       Telephone: (202) 835-7500
                       Facsimile: (202) 263-7586
                       Email: aleblanc@milbank.com
                              edexter@milbank.com

Debtors'
Aviation-Related
Counsel:               HUGHES HUBBARD & REED LLP

Debtors'
Investment Bank
and Financial
Advisor:               SEABURY SECURITIES LLC

Debtors'
Financial
Advisor:               ALIXPARTNERS, LLP

Debtors'
Notice &  
Claims Agent:          KROLL RESTRUCTURING ADMINISTRATION LLC

Estimated Assets
(on a consolidated basis): $1 billion to $10 billion

Estimated Liabilities
(on a consolidated basis): $1 billion to $10 million

The petition was signed by Joseph W. Bliley as authorized
signatory.

A full-text copy of the Lead Debtor's petition is available for
free at PacerMonitor.com at:

https://www.pacermonitor.com/view/RTB3B4Q/GOL_Linhas_Areas_Inteligentes__nysbke-24-10118__0001.0.pdf?mcid=tGE4TAMA

Consolidated List of Debtors' 30 Largest Unsecured Creditors:

  Entity                             Nature of Claim  Claim Amount

1. The Bank of New York Mellon      Senior Notes Due  $353,815,797
Attn: Costa, Carlos & Kovacheva,          2025
Reneta
101 Barclay Street
Floor 7 East
New York, NY 10286
Email: CARLOS.COSTA@BNYMELLON.COM;
       RENETA.KOVACHEVA@BNYMELLON.COM

2. Comando Da Aeronautica              Trade Debt     $222,542,075
Attn: President or General Counsel
Rua Gen Justo 160
Rio De Janeiro, RJ 20021-130
Brazil
Phone: 55 (11) 50982000
EMAIL: NAOINFORMADO@NAOINFORMADO.COM.BR

3. The Bank of New York Mellon       Perpetual Bonds  $142,185,235
Attn: Costa, Carlos & Kovacheva,
Reneta
101 Barclay Street
Floor 7 East
New York, NY 10286
EMAIL: CARLOS.COSTA@BNYMELLON.COM;
       RENETA.KOVACHEVA@BNYMELLON.COM

4. Vibra Energia S/A                   Trade Debt      $91,463,414
Attn: President or General Counsel
Rua Correia Vasques 250
Rio De Janeiro, RJ 20211-140
Brazil
PHONE: (85) 695325468
EMAIL: sac@sac.com.br; ISAACC@BRâ€
       PETROBRAS.COM.BR

5. The Bank of New York Mellon        Senior Notes     $42,953,404
Attn: Costa, Carlos & Kovacheva,        Due 2024
Reneta
101 Barclay Street
Floor 7 East
New York, NY 10286
EMAIL: CARLOS.COSTA@BNYMELLON.COM;
       RENETA.KOVACHEVA@BNYMELLON.COM

6. Boeing Commercial Airplanes         Trade Debt      $15,249,149
Attn: Tammy A. Breaux
Sn Rua 7500
East Marginal Way
Seattle, WA 98124-2207
EMAIL: tammy.a.breaux@boeing.com;
       ROBERT.A.SOKOLIK@BOEING.COM

7. Empresa Brasileira De               Trade Debt      $15,046,519
Infraestrutur
Attn: President or General Counsel
Aeroporto Setor De Conc
Lt 5 ED SE Brasilia, DF
71608-050
Brazil
PHONE: (61) 33122562
EMAIL: presidencia@infraero.gov.br

8. CFM International Inc.              Trade Debt      $13,585,437
Attn: President or General Counsel
SN Rua Po Box 15514
Interstate Cincinnati, OH 45215
PHONE: 55 (577) 77800000
EMAIL: monthlyreports@ses.ie

9. Concessionaria Do Aeroporto         Trade Debt      $11,995,623
Interna
Attn: Camila Yamaguti
Avenida Deputado
Dimoacio Frei 3393
Floriana-Polis, SC
88047-402
Brazil
PHONE: (48) 33314114
EMAIL: camila.yamaguti@floripaâ€airport.com

10. Securities and Exchange          Tax Liability      $9,392,588
Commission
Attn: President or General Counsel
95800 Rua Release No 95800
Washington, DC 20549
EMAIL: ogc_legal@sec.gov.ph

11. Ministerio Da Fazenda            Tax Liability      $7,388,167
Attn: President or General Counsel
Avenida Av. Presidente 375
Sala 214
Rio De Janeiro, RJ 20020-010
Brazil
PHONE: 55 (21) 2334â€4300
EMAIL: gabinete.ministro@fazenda.gov.br

12. Sabre GLBL Inc.                    Trade Debt       $5,691,380
Attn: Eduardo Wakami
S/N 10A Rua 3150 Sabre
DR Southlake, TX 76092
PHONE: 55 (11) 31461541
EMAIL: eduardo.wakami@sabre.com

13. Almap BBDO Publicidade E           Trade Debt       $4,050,512
Comunicaco
Attn: President or General Counsel
Avenida Roque Petron 999
And 3 5 E
Sao Paulo, SP 04707-000
Brazil
HONE: (11) 23954000
EMAIL: almap@almapbbdo.com.b

14. Honeywell Aircraft Landing         Trade Debt       $2,526,766
Systems
Attn: Cesar Basler
SN Rua E. Sky Harbor Circle
Phoenix, AZ 85034
EMAIL: cesar.basler@honeywell.com

15. Jeppesen Sanderson, Inc.           Trade Debt       $2,433,414
Attn: President or General Counsel
Rua 55
Inverness Drive
Englewood, CO 80122
EMAIL: captain@jeppesen.com

16. Jeppesen Systems AB                Trade Debt       $2,374,675
Attn: President or General Counsel
Rua Box 192
401 23 GOT
Nao Informado, Ex 1 Sweden
EMAIL: captain@jeppesen.com

17. KLM Royal Dutch Airlines           Trade Debt       $2,367,281
Attn: President or General Counsel
Rua PO Box 7700
The Netherlands
EMAIL: mail@klmâ€info.com

18. Master Freight Transportes         Trade Debt       $2,337,537
Internac
Attn: President or General Counsel
Rua 8925 NW 26 Street
Miami, FL 33172
PHONE: 55 (11) 50980000
EMAIL: contact@masterfreight.com

19. Safran Landing Systems MRO         Trade Debt       $2,304,029
Attn: President or General Counsel
SN Rua Batiment 60
A Rond-Point, SN
Chatellerault, France
PHONE: 55 (11) 50982000
EMAIL: aogcsc.sls@safrangroup.com

20. Localiza Rent A Car SA             Trade Debt       $2,129,173
         
Attn: President or General Counsel
Avenida Bernardo De Vasconcelos 377
Belo Horizonte, MG 31150-900
Brazil
PHONE: (11) 50943325
EMAIL: acatibaia@speedycorp.com.br

21. Inframerica Concessionaria Do      Trade Debt       $2,110,367
Aerop
Attn: President or General Counsel
Aeroporto International
De B S/N, A Brasalia, DF
71608-900
Brazil
PHONE: (61) 32146913
EMAIL: financeiro@inframerica.aero

22. Banco Do Brasil S/A                Trade Debt       $1,811,102
Attn: President or General Counsel
Avenida Paulista 2300
3 and Part
Saso Paulo, SP 01310-300 Brazil
EMAIL: bbasset@bb.com.br

23. Concessionaria Aeoporto            Trade Debt       $1,607,504
Rio De Jan
Attn: President or General Counsel
Avenida Vinte De Ja S/N
Aer Intern Rio De Janeiro, RJ
21941-570
Brazil
PHONE: (21) 37219227
EMAIL: info@bnamericas.com

24. Pallas Operadora                   Trade Debt       $1,579,914
Turistica Ltda
Attn: President or General Counsel
Avenida DAS Americ 3434
BL 5 SL 51
Rio De Janeiro, RJ 22640-102 Brazil
PHONE: (21) 994674896
EMAIL: campeonatos@pallastur.com.br

25. Intelsat Inflight LLC              Trade Debt       $1,543,839
Attn: President or General Counsel
111 Rua
111 N Canal Street
Chicago, IL 60606
PHONE: 312 (0) 5176482
EMAIL: paula.duran@intelsat.com

26. Akad Seguros S.A.                  Trade Debt       $1,464,924
Attn: President or General Counsel
Rua DAS Nacoes
Uni 12995, and 24 ED Sao Paulo, SP
04578-911
Brazil
PHONE: (11) 30565534
EMAIL: atendimento@akadseguros.com.br

27. RM Servicos Auxiliares De          Trade Debt       $1,422,568
Transport
Attn: President or General Counsel
Estrada Do Aeorporto S/N
Porto Seguro, BA 45810-000
Brazil
PHONE: (61) 99243780
EMAIL: contato@rmghs.com.br

28. Delta Airlines Inc.                Trade Debt       $1,343,786
Attn: President or General Counsel
1775 Rua M
H Jackson Service Ro
Atlanta, GA 30354
EMAIL: edilene.nogueira@uol.com.br

29. Goodyear Do Brasil Produtos        Trade Debt       $1,277,289
De Borr
Attn: Fernando Miranda
Avenida Juscelino Kubitschek
De 550 Santa Barbara
D Oeste, SP
13457-190
Brazil
PHONE: (11) 28184153
EMAIL: fernando.miranda@goodyear.com

30. Mathex Solucoes,                   Trade Debt       $1,223,556
Technologicas Ltda
Attn: President or General Counsel
Rua Rio Negro 503
SL 2020
Barueri, SP 06454-000 Brazil
PHONE: (11) 985319185
EMAIL: atendimento@mathex.com.br


GOL LINHAS: Files for Chapter 11 Bankruptcy in New York
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. (B3: GOLL4, NYSE: GOL), on
Jan. 25, 2024, announced that GOL and its subsidiaries have
voluntarily filed for Chapter 11 in the United States Bankruptcy
Court for the Southern District of New York.  Chapter 11 is a U.S.
legal process that businesses use to raise capital, restructure
their finances and strengthen their business operations for the
long term, while continuing to operate as normal.

GOL enters the U.S. legal process with a financing commitment for
US$950 million in new debtor-in-possession ("DIP") financing from
members of the Ad Hoc Group of Abra Bondholders, as well as certain
other Abra bondholders. The Company will seek access to this
funding as part of its First Day hearing in the coming days. The
financing is subject to court approval and, along with cash
generated from ongoing operations, will provide substantial
liquidity to support operations in the normal course during the
Chapter 11 process.

With the support of the court-supervised process and the additional
liquidity from the DIP financing, GOL's passenger flights, its
GOLLOG cargo flights, Smiles Loyalty program and other company
operations are continuing in the normal course. The Company will
continue providing safe and reliable air travel service at a low
cost, providing the best travel experience to its customers.

Customers will be able to continue to arrange travel and fly in the
same manner they always have, including the use of tickets and
vouchers, and the accrual, purchase and use of miles earned through
Smiles. GOL's codeshare and interline agreements will also continue
to be available to customers.

"GOL has undertaken significant efforts to provide the best travel
experience for our customers, while improving our profitability and
financial position," said Celso Ferrer, Chief Executive Officer.

"We have made outstanding progress to date and believe that this
process will allow us to fully address the challenges caused by the
pandemic while we maintain our high standard of service to our
customers. This process will enable GOL to further expand our
position as a leading Latin American airline while maintaining our
purpose of 'Being the First for All.' We are confident the steps we
are taking will allow us to offer the lowest cost fares with
exceptional travel experiences to our customers across an
increasing number of routes. Our Employees will keep handling their
daily activities looking after GOL and the Safety and quality of
its flights. We are pleased to be moving forward with commitments
for new capital that will help advance our long-term strategies,
including improving affordability, the travel experience and
Customer choice."

GOL will use this process to restructure its near-term financial
obligations and strengthen its capital structure for long-term
sustainability. The Company expects to emerge from this process
with a significant investment of new capital, inclusive of the new
US$950 million in DIP financing, enabling GOL to expand its
position as a leading airline serving Latin America.

Despite challenges to its capital structure and in a scenario of
lower aircraft availability, GOL's operating performance remains
strong. In 3Q23, GOL delivered among the best operating results for
airlines in Latin America, and the fourth consecutive quarter of
high and consistent operating margins. The company's net operating
revenue reached a historic record of R$4.7 billion, with growth of
16.4% compared to the same period of the previous year, primarily
due to the significant contribution of revenues coming from the
Smiles and GOLLOG cargo operations, which together grew a total of
65.1% in 3Q23 (vs. 3Q22) and totaled R$412.6 million in the
period.

In December 2023, the occupancy rate reached 82.7%, an increase of
4.8% compared to the same period of the previous year. GOL's
operational indicators related to punctuality, regularity,
occupancy rates and daily use of the operational fleet demonstrate
its focus on efficiency and productivity, even in a scenario of
lower aircraft availability.

                  Protecting Its Employees

GOL will continue to operate normally during the supervision
process conducted by the U.S. Court. The Company will pay salaries
and benefits to Employees normally throughout this process, as
nothing will change in the routine activities of our Employees.

       Protecting Its Suppliers and All Its Partners

GOL's business will continue as normal during the U.S. Court
oversight process and the company will honor commitments to
business partners and suppliers of goods and services provided on
or after the Chapter 11 filing date.

            Continuing to Serve Customers as Usual

GOL customers should continue to arrange travel and fly in the same
manner they always have, including the use of tickets and
vouchers.

GOL customers will continue to accrue miles when they fly with GOL
and can continue to purchase and redeem miles earned through
Smiles. GOL plans to honor customer obligations, including ticket
refunds, travel coupons and payments or credits associated with
baggage or service claims, in adherence with the Company's current
policies.

                   Information on Chapter 11

The U.S. Chapter 11 process is a well-established and flexible
legal framework for restructuring businesses with operations in
multiple jurisdictions. The legal process allows for companies to
strengthen their financial position while continuing to operate as
usual, subject to supervision and approval by the U.S. court
system. The Chapter 11 process has been used successfully by many
international airlines, including LATAM, United Airlines, Delta,
Aeroméxico and Avianca Colombia.

GOL is confident that this process is in the best interests of its
stakeholders, including employees and customers, who will continue
to benefit from the Company's affordable, safe and reliable flights
as well as its best-in-class service.

                            About Gol Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircrafts and components in Brazil and
internationally.  The company offers Smiles, a frequent-flyer
programs to approximately 20.5 million members, allowing clients to
accumulate and redeem miles.  It operates a fleet of 146 Boeing 737
aircrafts with 674 daily flights.  The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.


GOL LINHAS: Layoffs Related to Chapter 11 Process Not Expected
--------------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazilian
airline Gol does not expect its chapter 11 proceedings to trigger
job cuts, its chief executive said, reiterating that the carrier's
operations will remain as usual while it is under bankruptcy
protection.  

Gol, Brazil's second-largest airline in terms of passengers
transported, filed for bankruptcy protection in the United States
as it grapples with high debt seen at around 20 billion reais
(US$4.07 billion), according to globalinsolvency.com.

CEO Celso Ferrer in an interview with CBN radio said that the
carrier's main goal with the move is to restructure its balance
sheet so it can grow again, the report notes.

"There will not be layoffs related to this process.  From now on,
we want to grow," Ferrer said, adding that operationally the
carrier has been seeing a "significant recovery" after positive
results in recent quarters, the report relays.  Gol is the latest
in a series of Latin American carriers to seek bankruptcy
protection after the COVID-19 pandemic, following the path of
sister company Avianca, Mexico's Aeromexico and Chile-based LATAM
Airlines, the report adds.

                About Gol Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircrafts and components in Brazil and
internationally.  The company offers Smiles, a frequent-flyer
programs to approximately 20.5 million members, allowing clients to
accumulate and redeem miles.  It operates a fleet of 146 Boeing 737
aircrafts with 674 daily flights.  The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.


GOL LINHAS: S&P Downgrades ICR to 'D' on Chapter 11 Filing
----------------------------------------------------------
S&P Global Ratings lowered its global and national scale issuer
credit ratings to 'D' from 'CCC-' and 'brCCC-', respectively, on
Brazil-based airline Gol Linhas Aereas Inteligentes S.A.

S&P also lowered its issue-level ratings on the company's senior
unsecured notes to 'D' from 'CC' and withdrew the '5' recovery
rating.

This happened after Gol Linhas Aereas Inteligentes S.A. (Gol)
announced in December 2023 it had hired financial advisors to help
strengthen its capital structure. Despite improved operational
performance during 2023, the company still faces a heavy debt
burden, while high lease payments, capital expenditure, sequential
delays on delivery of new MAX aircraft from its manufacturer, and
working capital outflows will continue pressuring cash flow.

Together with the filing, the company announced that it had secured
financial support from the ad-hoc group of Abra Group (Gol's
holding company) bondholders as well as other Abra bondholders, who
have committed $950 million in debtor-in-possession financing.




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

JAMAICA: Looking to Create Facility To Fund Development Projects
----------------------------------------------------------------
RJR News reports that the Jamaican government said it is looking to
create an enabling environment for the development of projects in
the local economy.

Finance Minister Dr. Nigel Clarke says there are plans to create a
facility to provide funding for entities looking to design and
execute development projects, according to RJR News.

"That will provide the financing for projects to be prepared and
brought to market.  Bringing projects to market, a part that is
rarely seen and understood, is that it costs money . . . .  It
costs resources from the country to develop projects, whether they
be highways or bridges or sewage plants or water, etc.,
feasibilities and environmental studies and legal studies and
financing arrangements.  In a country where we have to take into
consideration social factors and support for the vulnerable, it can
be difficult," he admitted, the report notes.

Dr. Clarke said more details should be shared on the facility later
this year, 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.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.


JAMAICA: More Jamaicans Intend to Make Major Purchases in 2024
--------------------------------------------------------------
RJR News reports that more Jamaicans expect to make major purchases
in 2024.

In the latest consumer confidence survey, head of Market Research
Limited Don Anderson said in the fourth quarter of 2023, more than
40 per cent of the 600 respondents polled, had plans to spend on a
vacation, according to RJR News.

It was the single largest increase at 44.1 per cent, compared to
38.3 per cent in the third quarter 2023 and 28 per cent in the
fourth quarter of the previous year, the report notes.  

Those who said they intend to purchase a house moved to 15.7 per
cent, up from 13.2 per cent in the third quarter of 2023 and 11 per
cent in the fourth quarter of 2022, the report relays.

In the fourth quarter of last year, 26 per cent said they intend to
purchase a vehicle. That was up from 23 per cent in the third
quarter of 2023 and 18.3 per cent in the fourth quarter of 2022,
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.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  The upgrade of Jamaica's
rating to B1 reflects the government's sustained commitment to
fiscal consolidation and debt reduction.  The positive outlook
reflects Moody's assessment that a continuation of the favorable
fiscal trajectory will further increase Jamaica's credit
resilience.

S&P Global Ratings raised on September 13, 2023, its long-term
foreign and local currency sovereign credit ratings on Jamaica to
'BB-' from 'B+', and affirmed its short-term foreign and local
currency sovereign credit ratings at 'B'.  The stable outlook
reflects S&P's expectation that the government will remain
committed to prudent fiscal policies and reducing debt, as well as
supportive economic policies including a flexible exchange rate
regime and effective monetary policy.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. The Rating Outlook is
Stable.




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

TRINIDAD & TOBAGO: No Forex Crisis, Economist Says
--------------------------------------------------
Trinidad Express reports economist Dr Terrence Farrell has said
Trinidad and Tobago is not currently experiencing a foreign
exchange crisis, although there might be rationing at commercial
banks which limits access to funds.

Farrell made the statement during his participation in The
University of the West Indies' Trade and Economic Development
Unit's (TEDU's) virtual seminar titled "Forex Flows and Woes,"
according to Trinidad Express.

Also participating at the event were economist Prof Roger Hosein,
secretary general of the National Trade Union Centre (NATUC)
Michael Annisette, and economist Dr Rebecca Gookool-Bosland, the
report notes.

Chairman of The Confederation of Regional Business Chambers Vivek
Charran was the seminar's host, the report relays.

"There are a lot of people who are obviously unhappy with the
current foreign exchange situation, I think particularly those
people who find it difficult to get foreign exchange.  Any time I
talk to anybody anywhere, that issue comes up—people talk about
the difficulty they have in accessing foreign exchange," Farrell
said, the report discloses.

Farrell stated that as it stands, this country has three buckets of
foreign exchange reserves, including the official reserves -
currently at about US$6.3 billion, and the Heritage and
Stabilisation Fund (HSF) - currently standing at about US$5.5
billion, the report says.

"And then we have some amount of (I don't want to call them
reserves) . . . foreign currency deposits, which in an extreme
situation, the Government could potentially access," Farrell said,
the report notes.

The report discloses that Farrell said the foreign currency
deposits in the local banking system currently stand at about US$4
billion, and out of this, he believes a significant amount belongs
to State entities such as enterprises and statutory boards.

"When we had the IMF (International Monetary Fund) programmes in
the 1980s, we did in fact, in the Central Bank (and this was not
encouraged by the IMF at the time), we did in fact access foreign
exchange holdings from State enterprises and statutory bodies; and
we would put them into the Central Bank in order to make sure that
we passed the IMF test.  The point being that in an extreme
situation, the Government will probably be able to put their hands
on those foreign currency deposits which are owned by statutory
bodies or State enterprises," Farrell, a former deputy governor of
the Central Bank, stated, the report notes.

"The point I am making here is that the foreign exchange situation
is not dire.  We are not by any means in any crisis.  And I know
that some economists have, over the course of the last couple of
years or so, talked about the country running out of foreign
exchange reserves and so on . . . that was, from my view, never on
the cards," he added.

                           Accessing Forex

So, how does one explain the fact that people complain about having
little access to foreign exchange?

Well, according to Farrell, this is because demand for foreign
exchange exceeds supply, and as a result, commercial banks have
resorted to rationing, the report relays.

"I think truth be told the basis by which the commercial banks do
that now is on the basis of essentially relationships that they
would have with the customers," Farrell said, the report notes.

Farrell said this, however, does lead to the perception of
inequity, the report discloses.

"The amount of foreign exchange that you get depends on the
relationship you have with your commercial bank. Some people have
suggested that the bigger players will get more foreign exchange;
but that is always going to be the case.  The bigger companies are
the ones who are bringing in more goods . . . that everybody buys,"
he said, the report notes.

"So everybody goes to Massy, everybody goes to PriceSmart; and
therefore those companies actually get more foreign exchange than
the small guy who will be importing less stuff, the report says.

"So I think the problem there is the distributional effect that one
has to worry about and whether or not that maldistribution of
foreign exchange has certain other kinds of consequences," Farrell
said, the report relays.

Farrell mentioned that as a workaround, he was told by one
businessman that due to the struggle to secure foreign exchange, he
increases the price of his product, the report discloses.

"The reason why the commercial banks had to cut back on the credit
cards is because the commercial banks manage what they call their
'oversold position' -nwhich is to say that (when) people . . . want
foreign exchange, the banks would actually sell them foreign
exchange that they didn't yet have. So (some of) the commercial
banks are in an oversold position," Farrell said, the report
discloses.

"Now, they will do that because they anticipate that they will be
getting inflows from the Central Bank at some point in time. If
those flows from the Central Bank do not materialise, or do not
materialise to the same amount, then the commercial bank has a bit
of a problem," he added.

"Now, a commercial bank cannot effectively project or predict what
those credit card flows are going to be. They just simply don't
know. People have a credit card and they have a limit and they
could use the entire amount or they could use none.

"So, therefore, in a situation where people's demand for foreign
exchange is high and they use their credit cards to the max and pay
them down, the commercial banks might then find themselves in a
very difficult situation, which is what I think in fact happened,
which caused at least one bank that we know to reduce the credit
card limit so it could better manage its foreign exchange
position," Farrell said, the report relays.

Last September, Republic Bank Ltd (RBL), cut in half the maximum US
dollar spending limit per billing cycle on its credit cards, the
report recalls.

The US-dollar credit card limit was reduced from US$10,000 to
US$5,000, the report notes.

Another element to this situation, Farrell said, is the need for
cash, the report relates.

"The problem is that physical notes, physical US dollar notes, are
very scarce.  The commercial banks cannot manufacture them.  The
commercial banks depend on people coming into the commercial banks
and selling them those US dollar notes," he added.

"So when people complain and they say they cannot get US dollar
cash, the reason is that the commercial banks simply do not have it
and therefore they cannot sell you what they don't have," Farrell
said, the report notes.

The report relays that Farrell said with this country's foreign
exchange demands outweighing supply, the foreign exchange reserves
will continue to decline, as they have been slowly doing.

"The situation with respect to our foreign exchange reserves is not
dire; it is not a crisis by any means.

"But the current incentive structure that we have with respect to
the foreign exchange market and the exchange rate disincentivises
economic diversification, disincentivises the production of
tradable goods outside of the energy sector," he said.

                    Wage Negotiations

In the question-and-answer section of the seminar, Farrell also
looked at the current wage negotiations in the country and said the
system currently being used is flawed, the report notes.

"We have this bad habit in this country of doing these wage
increases on a lagged basis and it causes the trade union movement
and the workers no end of grief. It is a very, very bad system that
we have, because by the time the workers get any increase—whether
it is 4% or 20%—the economic circumstances may have changed; they
may have gotten worse," Farrell said, the report says.

According to Farrell, the basic problem that the Minister of
Finance is treating with is the fact that Government revenue is
down.

"The Government runs what basically we can call a wages-fund-type
system: it has a pot of money and what it wants to do is . . .
maximize employment; it wants to maximise the number of people in
jobs. But it has a fixed amount of money—and that amount of money
is in fact declining," Farrell said.

"The only option it has is to either cut wages or keep wage rates
down.

"And that is exactly what the minister is doing.

"And that is why I think he offered the 4%—which is offering
nothing, in effect. In real terms, the Minister of Finance has
offered 0% when you take into account inflation; he has offered
nothing.

"And the reason for that is because . . . the Government simply
cannot afford it," Farrell added.

"The other option of the Government would be...to reduce public
sector employment: to send people home; and the Government has
elected not to do that for political reasons," he said, the report
notes.



                           *********


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.,
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Chapman, Editors.

Copyright 2024.  All rights reserved.  ISSN 1529-2746.

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