/raid1/www/Hosts/bankrupt/TCRLA_Public/250219.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Wednesday, February 19, 2025, Vol. 26, No. 36
Headlines
A R G E N T I N A
ARGENTINA: Inflation Slows to 2.2% in January
ARGENTINA: Records Highest Trade Deficit With Brazil in 7 Yrs.
ARGENTINA: S&P Lowers Local Currency Sovereign Ratings to 'SD/SD'
B R A Z I L
EMBRAER SA: Intends to Invest US$3.5 Billion by 2030
J A M A I C A
JAMAICA: Finance Minister Tables $1.26 Trillion Budget
P U E R T O R I C O
PUERTO RICO: PREPA Needs Government Help to Repay Legacy Debt
SILVER AIRWAYS: Hearing to Use Cash Collateral Set for Feb. 27
TRINIDAD & TOBAGO: CAF Helps SMEs Prepare to Bid on Contracts
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: Inflation Slows to 2.2% in January
---------------------------------------------
Buenos Aires reports that inflation in Argentina slowed to 2.2
percent in January, the lowest monthly rate in four-and-a-half
years, according to official data.
Consumer prices have risen by 84.5 percent over the past year, the
INDEC national statistics bureau reported – the first time that
annual inflation has dropped to two digits since 2022, according to
Buenos Aires.
The news is another boost for President Javier Milei's
budget-slashing government and is the lowest monthly rate of his
administration to date. January was the fourth straight month in
which prices rose by less than three percent, the report notes.
Prices have not increased at such a low monthly rate since July
2020 and the Covid-19 pandemic, when strict price controls were in
place, the report relays.
INDEC said in its report that the monthly figure – the lowest
since July 2020 – would have been even lower, were it not for a
sharp 5.3-percent rise in prices for restaurants and hotels, mostly
a result of the summer vacation season, the report notes.
The second-highest monthly hikes were seen in housing and
utilities, which rose four percent, mainly due to increases for
rent and related expenses, electricity, gas and other fuels, the
report says.
The closely watched categories of goods and services, food and
non-alcoholic beverages and healthcare reported average hikes of
2.5 percent, 1.8 percent and 2.4 percent respectively, the report
discloses.
The two divisions registered the smallest increases in January 2025
were education at 0.5 percent and clothing and footwear, which
actually recorded a decrease of 0.7 percent, the report notes.
At the category level, regulated prices (2.6 percent) led the way,
followed by core inflation (2.4 percent) and seasonal prices (0.6
percent), the report relays.
President Javier Milei showered his Economy Minister Luis Caputo
with praise following the release of INDEC's data, the report
discloses. The head of state hailed the inflation news as proof of
"deflation," declaring his to be "the best government in history."
Praising ‘Toto' Caputo with a fierceful "let's go," the President
railed at his critics, dismissing them as "baboons" and
"swindlers," the report relays.
Prior to the release of the data, Caputo had predicted "the lowest"
rate of the Milei administration to date, forecasting 2.3 percent
– in line with the market expectations outlined in the Central
Bank's regular REM survey, the report notes.
"It is around what the market predicted, which based on
expectations is in the order of 2.3 percent, and I think it should
be around that, which means that it will be our lowest," the
official told Radio Rivadavia, describing it as "very positive
news," the report relays.
"It means that the disinflation process is continuing and,
obviously, it will continue because we are doing what we have to do
to make it happen," he added.
The most recent REM survey of market experts, economists and
analysts forecast that inflation would be 23.2 percent in 2025.
President Milei's government, in its aborted 2025 Budget bill,
predicted annual inflation of 18 percent, the report notes.
Consumer price data for Buenos Aires City showed that prices
increased 3.1 percent in the capital in January, a slight drop of
0.2 points compared to the previous month, the report relays.
Milei took office in December 2023 with monthly inflation running
at 25.5 percent, the report discloses. Since then, consumer hikes
have significantly slowed, the report says. By November 2024, it
had fallen to its lowest level in over four years on the back of an
austerity program that has entailed laying off over 33,000 public
sector workers, halving the number of government ministries and
vetoing inflation-aligned pension increases, the report relays.
The President's measures, which plunged Argentina into recession,
are blamed for tipping millions more people into poverty in the
first half of 2024 and brought tens of thousands of people into the
streets in protest, the report notes.
Milei has swatted away criticism, insisting that what he presents
as short-term pain will lead to long-term gains for the economy,
the report adds.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
S&P Global Ratings, on Feb. 17, 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
ARGENTINA: Records Highest Trade Deficit With Brazil in 7 Yrs.
--------------------------------------------------------------
Buenos Aires Times reports that Argentina's trade deficit with
Brazil last month was US$326 million, the highest since 2018 when
it topped US$400 million, thus returning to negative territory
after a December surplus.
A new report by the Camara Argentina de Comercio y Servicios
(Argentine Chamber of Commerce, CAC) found that bilateral trade
between the two countries was US$2.098 billion last month,
according to Buenos Aires Times. That's up 34.1 percent from the
previous January, when it had been US$1.564 billion, but 13.3
percent down from December, the report notes. The change was down
to Argentine exports to Brazil shrinking 28.4 percent – imports
meanwhile rose 2.5 percent, the report relays.
Argentine sales to Brazil rose 11.2 percent as against the previous
January (a positive trend for the eighth consecutive month) to
reach US$886 million while importing US$1.212 billion, showing an
interannual rise of 57.9 percent, the report says.
The interannual increase of exports to Brazil mainly corresponds to
liquid propane and butane, ethylene copolymers, piston motors and
parts, cheese and milk, alcohol, phenols and derivatives while the
interannual increase in Argentine imports (57.9 percent) is mainly
explained by automobiles, aluminium and cacao powder, the report
discloses.
Experts at the ABECEB consultancy firm indicated that "without
doubt, this surge in imports has to do with a low basis of
comparison (in January, 2024 import levels were very low,
reflecting the impact of the previous month's devaluation) to which
should be added the incentive stemming from the removal of the PAIS
tax last December 23, making imports cheaper," the report relays.
The report notes that the firm added that "the heavy traction
coming from auto imports in the first month of the year (versus the
previous January when purchases were virtually paralysed) should be
highlighted."
"This year highway vehicles grew 3,927 percent annually while the
import of vehicles for the transport of merchandise rose 184
percent to US$61.5 million with passenger cars increasing 127.7
percent," it added.
"Auto parts registered a lower percentage increase but significant
bulk (9.3 percent of total imports), rising 25.5 percent annually
to US$112.5 million. On average, these increases explain 57 percent
of the rise in imports (US$256 million of a total US$445 million),"
added the ABECEB analysis, the report relays.
For this year, the firm's expect "Argentina's bilateral trade
deficit with Brazil to amplify significantly to probably graze the
level of US$4 billion with imports likely to grow less than 30
percent (with around US$18 billion as the floor) while exports also
go up but less (between 11 and 13 percent annually)," the report
adds.
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.
In March 2022, the International Monetary Fund (IMF) approved a new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota). The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.
Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.
In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina. The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.
On Jan. 8, 2025, Moody's Ratings raised Argentina's local currency
ceiling to B3 from Caa1 and the foreign currency ceiling to Caa1
from Caa3. Moody's said the decision to raise the local and
foreign currency ceilings reflects the increased predictability and
the greater consistency in economic policy that has led to a rapid
reduction in monetary and fiscal imbalances that were stoking very
high inflation.
On Nov. 15, 2024, Fitch Ratings upgraded Argentina's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'CC',
and its Long-Term Local-Currency IDR to 'CCC' from 'CCC-'.
Argentina's upgrade to 'CCC' from 'CC' reflects developments that
have improved Fitch's confidence in the authorities' ability to
make upcoming foreign-currency bond payments without seeking relief
of some sort.
S&P Global Ratings, on Feb. 17, 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable.
DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency Issuer Ratings to B (low) from CCC on November 25, 2024.
The trend on all ratings is Stable.
ARGENTINA: S&P Lowers Local Currency Sovereign Ratings to 'SD/SD'
-----------------------------------------------------------------
S&P Global Ratings, on Feb. 17, 2025, lowered its local currency
sovereign credit ratings on Argentina to 'SD/SD' from 'CCC/C' and
its national scale rating to 'SD' from 'raB+'. At the same time,
S&P affirmed its 'CCC/C' foreign currency sovereign credit ratings
on Argentina. The outlook on the long-term foreign currency rating
remains stable. S&P's 'B-' transfer and convertibility assessment
is unchanged.
Outlook
The stable outlook on the long-term foreign currency rating
balances persistent economic vulnerabilities against improved
fiscal outcomes, falling inflation, and renewed GDP growth. Global
capital markets remain closed to Argentina, leading the government
to rely on the local market by using debt exchanges as well as
traditional debt auctions to manage large maturities.
Downside scenario
S&P could lower the foreign currency ratings over the coming 12
months if negative developments undermine the sovereign's already
limited access to financing. Failure to advance difficult exchange
rate, monetary, and other reforms could lead to instability and
raise the likelihood of default on foreign currency debt.
Upside scenario
S&P could raise the foreign currency ratings in the coming 12
months if external liquidity improves and economic vulnerabilities
decline, setting the stage for continued economic recovery.
Skillful management of inflation and the exchange rate could create
conditions for sustained stability and growth. Under such a
scenario, the government would enjoy better access to voluntary
funding from external capital markets and multilateral lending
agencies.
S&P said, "We would consider the local currency default to be cured
and raise our long-term local currency rating, likely to the 'CCC'
category, if continued reduction in external vulnerabilities,
containment of inflation, and better access to liquidity through
voluntary market funding reduces the likelihood of future debt
exchanges to manage the sovereign's liabilities. We would also
raise our national scale rating in tandem."
Rationale
Argentina undertook a local currency debt exchange in late January
2025 and two more such exchanges in February 2025, with investors
tendering bonds worth around US$14.9 billion. These exchanges
followed three other local currency debt exchanges in 2024,
including the equivalent of US$55 billion exchanged in March, which
S&P also deemed distressed and tantamount to default. In total, the
government has exchanged US$78 billion of local currency debt since
March 2024.
S&P said, "Given the government's limited market access, continued
recourse to debt exchanges at such low rating levels has led us to
consider such transactions distressed and tantamount to default. We
evaluate debt exchanges based on, among other things, the
government's overall financial metrics and access to alternative
liquidity. We believe the government is relying on continued debt
exchanges to manage much of its peso maturities and conducting
auctions to refinance other amounts of debt coming due.
"None of our ratings on Argentina's bond issues are affected by the
recent exchange.
"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable." At the onset of the committee, the chair confirmed
that the information provided to the Rating Committee by the
primary analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
Ratings List
Downgraded
To From
Argentina
Senior Unsecured SD CCC
Downgraded; CreditWatch/Outlook Action
To From
Argentina
Sovereign Credit Rating
Local Currency SD/SD CCC/Stable/C
Ratings Affirmed
Argentina
Sovereign Credit Rating
Foreign Currency CCC/Stable/C
Transfer & Convertibility Assessment
Local Currency B-
Argentina
Senior Unsecured CCC
===========
B R A Z I L
===========
EMBRAER SA: Intends to Invest US$3.5 Billion by 2030
----------------------------------------------------
Embraer SA, a global leader in the aerospace industry, disclosed
its plans to invest approximately US$ 3.5 billion by 2030 during
the ceremony for "Mission 6 of the New Industry Brazil (Nova
Indústria Brasil/NIB) - Technologies of interest for national
sovereignty and defense," held in Brasília. The event was
attended by Brazil's President, Luiz Inacio Lula da Silva, Vice
President Geraldo Alckmin, and other authorities.
The investment forecast aligns with the company's recent practices
and Embraer's growth plan for the next five years, which includes
increased aircraft production, business expansion in international
markets, and the development of sustainable technologies, with the
goal of a low-carbon economy in the aerospace industry. One
highlight is the eVTOL (electric vertical takeoff and landing
vehicle) manufactured by EVE, backed by Embraer S.A.
"The New Industry Brazil program plays an essential role in the
resumption of the country's competitiveness. The partnership with
Embraer, and with the entire Defense Industrial Base, will continue
to be fundamental to encouraging exports of Brazilian products, as
well as the generation of qualified jobs and income, also
guaranteeing the mastery of critical technologies aimed at national
sovereignty," said Francisco Gomes Neto, President and CEO of
Embraer.
The successful history of cooperation between government,
universities, and industry strongly contributes to Brazil remaining
at the forefront of innovation, especially in a highly
technological and competitive environment such as the aerospace and
defense sector.
The partnership has been equally important for talent retention and
development. With 23,500 employees worldwide, of which 18,000 are
in Brazil, Embraer's current workforce already exceeds pre-pandemic
levels. The company has generated more than 2,500 jobs in the last
two years and maintains continuous investment in training and
professional qualification programs.
Headquartered in São José dos Campos, State of São Paulo,
Brazil, Embraer SA manufactures and markets commercial, corporate,
and defense aircraft. Egan-Jones Ratings Company on January 3,
2025, upgraded the foreign currency and local currency senior
unsecured ratings on debt issued by Embraer SA to B+ from B. EJR
also withdrew the rating on commercial paper issued by the
Company.
=============
J A M A I C A
=============
JAMAICA: Finance Minister Tables $1.26 Trillion Budget
------------------------------------------------------
RJR News reports that Finance Minister Fayval Williams tabled a
$1.26 trillion budget for the 2025/2026 fiscal year in Jamaican
Parliament.
Recurrent or house-keeping expenses accounted for $1.2 trillion or
approximately 96 per cent, while the capital or project financing
budget accounted for $62.59 billion or just under 5 per cent,
according to RJR News.
The $1.26 trillion budget is almost $100 billion or 7 per cent
below this year's revised budget of $1.361 trillion, the report
notes.
This expenditure budget will be only nominally 5.7 per cent above
the revised $1.19 trillion projected for this year, the report
relays.
This means that next fiscal year's budget, when adjusted for
inflation, will buy 12 per cent less than this year's revised
$1.361 trillion budget, the report says.
Meanwhile, Minister Williams contended that $1.1 trillion of the
next fiscal year's expenditure budget will be financed from tax
collections compared with $1 trillion this year, the report notes.
Some $158.44 billion will be financed by debt compared with $261
billion this year, the report discloses.
This year's budget was slashed from $1.38 trillion to $1.19
trillion during the Second Supplementary Estimates because of a $19
billion cut in the capital budget, the report says.
In the meantime, Custos of Kingston Steadman Fuller, who deputised
for the Governor General and delivered the Throne Speech, said
Jamaica received $47 million for capacity building; $60 million for
citizens security; $230 million for security operations and $7.6
million for sports equipment through the efforts of the Ministry of
Foreign Affairs and Foreign Trade during this fiscal year, the
report relays.
In delivering the speech during the ceremonial opening of
Parliament, Mr. Fuller added that $1.2 billion was secured for a
research vessel and another $15 billion for sports development, 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. In September 2023, S&P
Global Ratings raised 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', with a stable outlook. In September 2024, S&P
affirmed 'BB-/B' sovereign ratings on Jamaica and revised outlook
to positive. 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
=====================
PUERTO RICO: PREPA Needs Government Help to Repay Legacy Debt
-------------------------------------------------------------
Michelle Kaske of Bloomberg News reports that Puerto Rico's
embattled power utility may require support from the
commonwealth's
government to repay legacy debt, address ongoing outages, and
conclude its seven-year bankruptcy.
The island's financial oversight board, overseeing the
restructuring of Puerto Rico's Electric Power Authority, plans to
discuss the potential use of commonwealth funds to settle the
utility's debts, Executive Director Robert Mujica told reporters.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
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 LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Website https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
SILVER AIRWAYS: Hearing to Use Cash Collateral Set for Feb. 27
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida is
set to hold a final hearing on Feb. 27 to consider the motion by
Silver Airways, LLC and Seaborne Virgin Islands, Inc. to use cash
collateral.
The court's previous interim order issued on Feb. 6 extended the
companies' authority to access cash collateral from Jan. 30. to
Feb. 13.
The interim order granted Brigade Agency Services LLC, Argent
Funding, LLC and Volant SVI Funding, LLC replacement liens on the
personal property owned by the companies as protection for the use
of their cash collateral.
About Silver Airways
Silver Airways, LLC is a regional U.S. airline operating flights
between gateways in Florida, the Southeast and The Bahamas. The
Silver Airways fleet is comprised of modern, state of the art
aircraft with reliable, fuel-efficient turbo-prop engines.
In the summer of 2018, Silver completed the acquisition of Seaborne
Airlines, a San Juan, Puerto Rico-based air carrier serving
destinations throughout Puerto Rico, the U.S. Virgin Islands, and
other countries in the Caribbean. Seaborne provides connections
throughout the Caribbean via the carrier's hub in San Juan, while
also serving as the most critical link between St. Croix and St.
Thomas with the carrier's seaplane operation.
Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11
petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on December 30,
2024. At the time of the filing, Silver Airways reported $100
million to $500 million in assets and liabilities while Seaborne
reported $1 million to $10 million in assets and liabilities.
Judge Peter D. Russin oversees the cases.
Brian P. Hall, Esq., is the Debtors' legal counsel.
Brigade Agency Services LLC, as secured lender, is represented by:
Frank P. Terzo, Esq.,
Nelson Mullins Riley & Scarborough, LLP
100 S.E. 3rd Avenue, Suite 2700
Fort Lauderdale, FL 33394
Telephone: 954-764-7060
Fax: 954-761-8135
Email: frank.terzo@nelsonmullins.com
Argent Funding LLC and Volant SVI Funding LLC, as secured lenders,
are represented by:
Regina Stango Kelbon, Esq.
Blank Rome, LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Phone: +1.302.425.6400
Fax: +1.302.425.6464
Email: regina.kelbon@blankrome.com
TRINIDAD & TOBAGO: CAF Helps SMEs Prepare to Bid on Contracts
-------------------------------------------------------------
Trinidad and Tobago Newsday reports that Finance Minister Colm
Imbert said new funding from the Development Bank of Latin America
and the Caribbean (CAF) can help small and medium enterprises
(SMEs) to update their accounts and so overcome obstacles to
qualifying to bid on state contracts. He spoke at a seminar
titled, Catalyst – Propelling SMEs for success in 2025 – hosted
by the TT Chamber of Industry and Commerce at its office at
Westmoorings on February 11, according to Trinidad and Tobago
Newsday.
Minutes before Imbert spoke, guests heard CAF's Bernado Requena
Blanco say his bank had supplied a US$35 million loan to the Exim
Bank of TT to support local SMEs. This sum will provide loans,
technical assistance and knowledge products for innovations in
plant upgrades and digitization so as to boost their exports,
growth and sustainability, the report relays.
Imbert said TT has about 25,000 SMEs employing 200,000 people and
making up 95 per cent of TT's registered businesses, the report
says. SME's contribute 30 per cent of TT's GDP, he added. Hailing
the agility and flexibility of SMEs, he said many local "brick and
mortar" businesses actually grew during the pandemic lockdown due
to moving online, the report discloses.
Imbert recapped the government's past and ongoing support to SMEs
including a $500 million Loan Guarantee Scheme, plus unnamed grant
funding and tax-breaks to promote job creation, training and
growth. He also mentioned VAT refunds and tax amnesties, the report
notes.
"To date, over 6,000 VAT refunds in various amounts up to $250,000,
costing over $500 million have already been issued to SMEs.
Payments of over 80,000 individual tax refunds up to $25,000 are
also being processed as I speak, the report relays.
"As you may all be aware, on January 31, the tax and NIS amnesties
were extended to March 31." He said this extension allows SMEs
which are behind with their tax and National Insurance payments to
continue doing business with ministries, statutory authorities, and
state enterprises, the report discloses.
"This would also permit SMEs sufficient time to address outstanding
tax and National Insurance obligations while playing the vital role
of employing people, contributing to the gross domestic product and
sustaining economic growth," he added.
Imbert said under the new procurement laws, companies would be
locked out of bidding on state contracts if these companies were
not up to date with payments of tax and VAT, the report discloses.
He remarked that during the pandemic, due to cash-flow challenges
many companies had to decide if to pay the costs of keeping their
businesses running such as staff salaries and utility bills, or to
pay their taxes and VAT, as he rationalized how a deficit in the
latter payments could have arisen, the report relays.
Recalling his budget speech mentioning some SMEs need help, he said
the CAF funding could assist them to get their accounts in order,
the report notes.
While saying the fund stood at US$35 million, he said most
importantly the Exim Bank could provide SMEs with advisory services
and subsidisation of accounting services to prepare their accounts.
He expected 100 SMEs to benefit, the report says.
The Catalytic Fund will boost TT's non-energy sector, Imbert said,
highlighting the creative and agriculture sectors, the report
relays.
"Our rich cultural heritage provides an infinite, boundless, and
diverse source of inspiration for the creatives, the report notes.
"We support the digitalisation of all SMEs and encourage those in
the creative sector to incorporate technology into their business,"
he added.
Imbert hoped agricultural SMEs would play a vital role in reducing
TT's $7 billion food import bill. He vowed the sector would remain
tax-free, the report relays. He promised to boost productivity and
tackle issues like the impact of adverse weather, insufficient
funding and a dearth of farmers, while encouraging youngsters to
get into agriculture, the report notes. "The Government recognizes
the importance of SMEs in promoting economic growth, innovation,
and job creation in TT.
"This government thus remains steadfast in supporting SMEs and will
continue to take action to promote the growth and development of
SMEs in all spheres." Imbert revealed that as TT's finance
minister he will soon become CAF's new chairman for the coming
year, speaking on February 4 at a signing ceremony for the European
Union's $24 million Latin America and Caribbean Investment Facility
(LACIF) grant agreement to TT, the report discloses.
At the sod-turning for a new headquarters for the Elections and
Boundaries Commission (EBC) in St Clair on February 12, Newsday
asked Imbert the value of the fund for SMEs, the report says. He
replied, "US$35 million." Asked if the whole US$35 million would go
to the fund for SME's, he replied, "Yes. That goes to the Exim Bank
for its partnering with development finance, system finance. It is
a sort of start-up thing, the report relays.
"There is a pool of money available from CAF, US$35 million. But it
will be done in stages as we go along," he added.
As reported in the Troubled Company Reporter-Latin America in July
2023, Moody's Investors Service has affirmed the Government of
Trinidad & Tobago's long-term local and foreign currency issuer and
senior unsecured ratings at Ba2. The outlook was changed to
positive from stable.
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
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