/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/200122.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, January 22, 2020, Vol. 21, No. 16 Headlines A R G E N T I N A ARGENTINA: Chubut Bonds Tumble as Province Seeks Debt Overhaul C A Y M A N I S L A N D S CSN ISLANDS XI: Fitch Rates Proposed Sr. Unsec. Notes 'B' GRUPO AVAL: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Abandons US$14.7MM Project to Replenish Beaches DOMINICAN REPUBLIC: Forks Out RD$24MM to Help Growers & Fishermen M E X I C O OFFSHORE DRILLING: S&P Withdraws 'CCC-' LT Issuer Credit Rating P U E R T O R I C O BETTEROADS ASPHALT: Objects to Lenders' Cash Collateral Motion MESH SUTURE: Seeks to Hire C. Conde & Assoc. as Legal Counsel T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Wants More ATRs V E N E Z U E L A CONSIS INT'L: Plan Has 15% for Unsecured Claims - - - - - ================= A R G E N T I N A ================= ARGENTINA: Chubut Bonds Tumble as Province Seeks Debt Overhaul -------------------------------------------------------------- Global Insolvency, citing Bloomberg News, reports that Argentina's Chubut province bonds plunged to the lowest since November after local officials said they wanted to renegotiate the debt. The bonds due 2026 slid as much as 8 cents to 63.3 cents on the dollar after its economy minister Oscar Antonena proposed reducing coupons and suspending principal payments for four years on $650 million of the overseas bonds, according to Global Insolvency. Antonena told local reporters that the province is sending the proposal to its local legislature along with a fiscal readjustment plan that would shrink its bloated public sector, the report relates. The province's plan comes as other Argentine issuers affected by a plunge in the peso and an economic slowdown struggle to pay their debts, the report relates. President Alberto Fernandez's administration is seeking to renegotiate the country's debt with private creditors and the International Monetary Fund, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. It's capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri 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. Moody's credit rating for Argentina was last set at Caa2 from B2 with under review outlook. Moody's rating was issued on Aug. 30, 2019. S&P Global Ratings, in December 2019, raised its foreign currency sovereign credit ratings on Argentina to 'CC/C' from 'SD/D'. S&P's outlook on the long-term sovereign credit ratings is negative. Fitch Ratings, in December 2019, upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD', and its Short-Term Foreign-Currency IDR to 'C' from 'RD'. DBRS, Inc. meanwhile downgraded Argentina's Long-Term and Short-Term Foreign Currency - Issuer Ratings to Selective Default (SD), from CC and R-5, respectively, also in December 2019. =========================== C A Y M A N I S L A N D S =========================== CSN ISLANDS XI: Fitch Rates Proposed Sr. Unsec. Notes 'B' --------------------------------------------------------- Fitch Ratings assigned a 'B'/'RR4' rating to the proposed senior unsecured notes to be issued by CSN Islands XI Corporation. The new notes are unconditionally guaranteed by Companhia Siderurgica Nacional, and rank pari passu with CSN's other unsecured obligations. Proceeds from the issuance will be used to fund a tender offer to repay its USD440 million of senior unsecured notes due July 2020 and to also refinance other short-term debt. Fitch currently rates CSN's Issuer Default Rating (IDR) 'B' with a Positive Rating Outlook. KEY RATING DRIVERS Continued Focus on Short-term Debt Relief: CSN has been proactive since 2018 in addressing its short-term debt and in efforts to bolster its liquidity position and provide relief to its maturity schedule. The company successfully reduced its short-term refinancing risks through the issuance of USD1.0 billion of new bonds in 2Q19 (USD400 million retap of 2019's due 2023 and new issuance of USD600 million due 2026), which was used to repay its 2019 bonds and a relevant portion of its 2020. In addition, CSN has refinanced 90% of its local bank debt during 2018, with its remaining debt with Bradesco to be refinanced. CSN's also undertook two iron ore prepayment transactions totaling USD750 million, which bolstered the company's liquidity position; however, Fitch adjusts for this transaction as a debt. The proposed issuance is part of CSN's liability management strategy in order to repay its USD440 million of senior unsecured notes due July 2020 and to also refinance other short-term debt. Declining Leverage: CSN's adjusted net leverage was 4.4x as of LTM Sept. 30, 2019 compared to 5.0x in 2018 and 6.3x in 2017, driven by favorable iron ore prices following supply disruptions from the world's largest seaborne iron ore producer, Vale S.A. (BBB-/Stable), after its tailings dam disaster in January 2019. Leverage is projected to further improve as iron ore prices stay elevated in 2020, around USD75/ton, coupled with improving local steel demand and due to operating improvements of the company's blast furnace revamp. Should CSN execute on its potential iron ore streaming transaction and sale of its German steel asset, net leverage would decline to below 3.0x, based on Fitch's assumptions and could lead to a upgrade of the rating should these funds be used for gross debt reduction. Cash Flow Generation Recovery: CSN's sustained cash flow generation recovery relies on increasing steel sales, the ability to continue passing along price increases in the domestic steel segment, manageable coal costs, and sustained iron ore prices above USD60 per metric ton. CSN's cash flow generation has also benefited from its investments in its iron ore division, which has allowed the company to receive a premium for quality since the second half of 2018 with further investments expected to develop a higher proportion of premium ore products. Fitch's base case scenario projects CSN's adjusted EBITDA at approximately BRL6.7billion for 2019 and EBITDA of BRL6.5 billion considering an iron ore price of USD75 per metric ton and an increase in domestic steel demand of 10% for 2020. Capital Allocation to Drive FCF Trend: Fitch expects FCF to remain positive in 2020 supported by strong iron ore prices and improving domestic steel volumes in Brazil. The company's new financial policy of paying a maximum dividend pay-out of 25% of net income is also supportive of maintaining positive FCF. However, asset sales are still required to fundamentally improve the company's capital structure. CSN's high interest burden remains an issue and furthers the need for the company to reduce its gross debt balance. Good Business Position: CSN's business position as an integrated steelmaker remains solid, underpinned by captive access to raw materials (iron ore/energy), high value-added portfolio of products and an important share in the flat steel industry in Brazil. The company has a diversified portfolio of assets with operations in the mining, steel, energy, cement and interests in railways and ports operations. The company has a fairly weak cost competitive position in its iron ore segment, operating toward the high end of the iron ore cost curve as per CRU's business. Given its integrated steel operations, CSN has a better position in the global HRC curve (1st quartile). Corporate Governance and Event Risks: CSN's delay in releasing audited financial statements during 2017, shareholder disputes and no clear strategy for the Transnordestina asset reflect weak corporate governance practices compared to other issuers in Fitch's corporate rated universe in Brazil. The probability of event risks for CSN is above average. While CSN's mining production has not been directly impacted by Vale's dam breach on Jan. 25, 2019, the mining industry in Brazil remains under intense scrutiny with uncertain and elevated political and regulatory risks. The company's sole operating tailings dam is of the downstream construction method, the company has all of its licenses in place, is moving toward 100% dry stacking by end of 2019, and is in the process of already decommissioning its upstream inactive dams. Leverage, which is also believed to be high at the shareholder's level, is also a concern. DERIVATION SUMMARY CSN's 'B'/Outlook Positive rating reflect its improving credit metrics under favorable iron ore price conditions coupled with the execution of multiple refinancings and asset sales in order to improve its capital structure. CSN's capital structure over the long term remains a concern and the company will need to divert growing cash flow generation and/or continue asset sales in order to reduce its high debt burden. CSN's more integrated business profile and diversified portfolio of assets compares well with Usinas Siderurgicas de Minas Gerais S.A.'s (Usiminas; BB-/Stable). Both issuers are highly exposed to the local steel industry in Brazil. CSN and Usiminas show much weaker business position compared to the other Brazilian steel producer Gerdau S.A (BBB-/Stable), that has a diversified footprint of operations with important operating cash flow generated from its assets abroad, mainly in U.S., and flexible business model (mini-mills) that allow it to better withstand economic and commodities cycles. From a financial risk perspective, Usiminas and CSN are far weaker than Gerdau, which has been able to maintain positive free cash flow generation, strong liquidity and no refinancing risks over the last few years. CSN has been proactive in reducing its short-term refinancing risk following the refinancing of its 2019 notes and the majority of its 2020's. Gross debt levels at CSN remain high and the company will need to rebalance its capital structure through asset sales in the medium term. In contrast, after concluding its debt restructuring, Usiminas has a more manageable debt schedule amortization and balanced capital structure. CSN's 1st quartile position on the hot rolled coil steel cost curve compares similarly to global peers such as PAO Severstal (BBB/Stable) and U.S. Steel Corp. (B+/Stable), as the company benefits from its vertical integration and as well as the weak BRL. CSN and Severstal both benefit from a significant share of high value-added products which make up their sales. CSN exhibits much weaker credit metrics when compared to Severstal (net debt/EBITDA less than 1.0x) and U.S. Steel Corp. (net debt/EBITDA less than 2.0x), and its significant refinancing risks reflect the differential between its rating and its global peers. KEY ASSUMPTIONS -- High single digit increase in domestic steel volumes sold during 2020; -- Iron Ore volumes of over 30 million metric tons in 2020; -- Average iron ore price of USD90 per ton during 2019 and USD75 per ton in 2020, in order to reflect the supply gap in the seaborne iron ore market which will likely not resolve until after 2020. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Delivery of additional asset sales in order to support gross debt reduction coupled with maintenance of an adequate liquidity position; -- Sustained adjusted total debt/EBITDA ratio below 4.0x and/or adjusted net debt/EBITDA ratio below 3.0x; -- FFO fixed-charge coverage of 5.0x or above. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Inability or unwillingness to reduce gross debt levels with cash proceeds from additional asset sales and/or cash generation from operations in order to improve long term viability of capital structure; -- Sustained adjusted total debt/EBITDA ratio above 5.5x and/or adjusted net debt/EBITDA ratio above 5.0x; -- FFO fixed-charge coverage below 4.0x; -- Adverse regulatory changes in Brazil's mining industry leading to reduce output and/or materially higher production costs at its Casa de Pedra mine. LIQUIDITY AND DEBT STRUCTURE CSN reported BRL2.6 billion of cash and marketable securities as of Sept. 30, 2019, a very tight position compared to its short-term debt of BRL5.6 billion and total adjusted debt of BRL31.3 billion. Fitch includes the company's iron ore prepayment agreement with Glencore, BRL1.9 billion, within its adjusted debt calculation. Following the issuance of its benchmark sized bond and refinancing its BRL1.8 billion remaining on its 2020 notes, the company will have more cushion in maintaining its liquidity and servicing obligations. CSN does have bank debt due of BRL2.8 billion in 2020 and BRL3.8 billion in 2021, which the company will likely partially repay and refinance in order to further improve its maturity schedule. ESG CONSIDERATIONS Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3. 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. CSN has an ESG Relevance Score of 5 for ownership concentration risk with a majority of the company owned by CSN's CEO and Chairman of the Board, Benjamin Steinbruch, exposing the company to key person risk. CSN has an ESG Relevance Score of 4 related to financial transparency following the delay of its in releasing audited financial statements during 2017. GRUPO AVAL: Moody's Rates Proposed USD Sr. Unsec. Notes Ba2 ----------------------------------------------------------- Moody's Investors Service assigned a Ba2 foreign currency backed debt rating to the proposed USD-denominated senior unsecured notes to be issued by Grupo Aval Limited, the Cayman Islands subsidiary of Grupo Aval Acciones y Valores S.A., with maturities of up to ten years. The backed debt is irrevocably and unconditionally guaranteed by Grupo Aval. The outlook on the backed debt issuance is negative. Moody's has also affirmed ratings assigned to Grupo Aval Acciones y Valores S.A. and Grupo Aval Limited. The outlook on the ratings remains negative. Assignments: Issuer: Grupo Aval Limited Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2, Negative Affirmations: Issuer: Grupo Aval Acciones y Valores S.A. Short Term Issuer Rating, Affirmed Not Prime Long Term Issuer Rating, Affirmed Ba2, Negative Issuer: Grupo Aval Limited Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2, Negative Outlook Actions: Issuer: Grupo Aval Acciones y Valores S.A. Outlook, Remains Negative Issuer: Grupo Aval Limited Outlook, Remains Negative RATINGS RATIONALE The Ba2 foreign currency backed debt rating assigned to Grupo Aval Limited's proposed issuance of senior notes reflects the irrevocable and unconditional guarantee of Grupo Aval Limited's liabilities under the indentures and is based on Grupo Aval's Ba2 long term foreign currency issuer rating. Grupo Aval's ratings incorporate the structural subordination of the bank holding company's liabilities versus the liabilities of the bank and its other subsidiaries and are notched off Banco de Bogota S.A.'s (Banco de Bogota) ba1 standalone credit assessment (BCA), which is the group's chief operating entity and main source of earnings and dividends. Moody's does not incorporate government support in the holding company's ratings. The affirmation of Grupo Aval and Grupo Aval Limited's ratings with negative outlook incorporates the downward pressure on Banco de Bogota's BCA. The bank's BCA reflects Banco de Bogota's strong earnings and good access to core deposit funding. The negative outlook on Banco de Bogota's ratings incorporates its large presence in potentially more volatile Central American markets, which continues to expose Banco de Bogota's assets and earnings to increased risks that could lead to downward pressures on its baseline credit assessment. The affirmation of Grupo Aval's ratings also incorporates the expectation that the company's double leverage ratio, which reflects the extent to which a holding company relies upon debt to finance its investments in subsidiaries, will not significantly exceed 115%. The double leverage is measured by investments in subsidiaries divided by shareholders' equity. Moody's considers double leverage in excess of 115% to be high. Moody's noted that while Grupo Aval expects to use part of the proceeds of the new issuance to pay down existing debt and to lengthen its liability structure, proceeds may also be used for acquisitions that could put undue strain on the company's financials and management capacity. Moody's also noted that further weakening of leverage and debt service metrics (e.g. interest coverage ratios) could result in a downgrade of Grupo Aval's ratings. Moody's believes Grupo Aval's exposure to environmental risks is low, consistent with its general assessment for the global banking sector. Grupo Aval's exposure to social risks is moderate, consistent with Moody's general assessment for the global banking sector. As well, governance risks are largely internal rather than externally driven. Moody's does not have any particular concerns with Grupo Aval's governance. WHAT COULD MOVE THE RATINGS -- UP/DOWN Upward/downward pressures on Grupo Aval and Grupo Aval Limited's ratings would be associated with similar pressures on Banco de Bogota's BCA. The ratings could also face downward pressures if the group's double leverage appear likely to exceed 115% by a meaningful amount on a sustained basis and/or the interest coverage ratio decreases significantly. The principal methodology used in these ratings was Banks Methodology published in November 2019. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Abandons US$14.7MM Project to Replenish Beaches ------------------------------------------------------------------- Dominican Today reports that the Tourism Ministry will no longer have this year among its investments the project to regenerate the beaches, a plan that has been in preparation for its execution for years, but now runs out of funds. The General State Budget 2020 did not include the project, whose cost was RD$777 million (US$14.7 million) and for whose execution there is an authorized company for almost four years, according to Dominican Today. The Tourism and Finance ministries didn't state why the regeneration of beaches was excluded from the allocation of budgetary resources this year, the report notes. Citing sources, Diario Libre reports that the National Hotels and Restaurants Association (Asonahores) said they had no information about the reasons why the government excluded the regeneration plan of the investment projects planned for this year, the report notes. The project had included the beaches of Boca Chica, Juan Dolio, Bayahibe, Arena Gorda-Cortecito, Macao and Cabeza de Toro in Punta Cana, as well as Coson, Las Ballenas-Punta Popy, Punta Popy and Playa Bonita, in Samana, and Cofresi beach, in Puerto Plata, and El Morro and Juan de Bolanos-Costa Verde, in Montecristi, the report adds. 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. The Troubled Company Reporter-Latin America reported on April 4, 2019 that the Dominican Today related 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. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: Forks Out RD$24MM to Help Growers & Fishermen ----------------------------------------------------------------- Dominican Today reports that the Special Fund for Agricultural Development (FEDA) disbursed about RD$24 million to fishermen's associations in the Monsenor Nouel province, women entrepreneurs from Villa Altagracia and farmers from Palenque municipality, San Cristobal province, and coffee growers from San Jose de Ocoa. "The first resources amounting to more than six million pesos were delivered to the fishermen's associations La Nueva Esperanza and Nuevo Renacer Jayaco Rincon, in Monsignor Nouel. These fishermen were benefited by the Surprise Visit number 255 recently made by President Danilo Medina," the FEDA said in a statement, according to Dominican Today. The funds will be allocated to the construction of 80 floating cages, 40 for each association, conditioning of the premises that house both fishermen's associations, purchase of boats for fishing and the payment of agricultural insurance for their associates, the report notes. 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. The Troubled Company Reporter-Latin America reported on April 4, 2019 that the Dominican Today related 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. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). =========== M E X I C O =========== OFFSHORE DRILLING: S&P Withdraws 'CCC-' LT Issuer Credit Rating --------------------------------------------------------------- S&P Global Ratings withdrew its 'CCC-' long-term issuer credit and issue-level ratings on Mexico-based oilfield services company, Offshore Drilling Holding S.A. (ODH), at its request. The outlook was negative at the time of withdrawal, which along with its ratings, reflected the possibility of a default or distressed debt restructuring in the next eight months, absent an unexpected and significantly favorable change in the issuer's circumstances in the short term. S&P expects ODH's liquidity to remain constrained in light of the upcoming maturity on the $950 million September 2020 bullet bond in a scenario were the main sources of cash (the Centenario and Bicentenario rigs) remain idle after the termination of the contract with PEMEX in September 2019. The company would have to seek financing alternatives to cover the upcoming bond amortization amid meager EBITDA generation and a cash position below $10 million as of September 2019. ===================== P U E R T O R I C O ===================== BETTEROADS ASPHALT: Objects to Lenders' Cash Collateral Motion -------------------------------------------------------------- Betteroads Asphalt LLC opposed the motion seeking to direct payment of foreclosed accounts receivable and to prohibit use of cash collateral filed by its lenders Firstbank Puerto Rico, Banco Santander de Puerto Rico, and the Economic Development Bank for Puerto Rico, with Banco Popular de Puerto Rico (BPPR), administrative agent. The Debtor complained of lack of specificity on the part of the lenders, as for instance, claiming to hold a perfected priority lien over all of the other proceeds and cash collateral, among other unspecified assets, without specifying the particular assets the Debtor owned and over which remedies are being sought. The lenders' allegations and requests for remedies relating to alleged cash collateral protections are procedurally defective as well as flawed and unwarranted on factual and legal grounds, the Debtor said. Moreover, the Debtor stressed out that Betterroads and Betterecycling Corporation are two separate and independent bankruptcy cases and each case is to proceed separately. On this principal reason, any adequate protection remedies should conform to the conditions of each estate and not through a joint motion calling for indiscriminate remedies against both corporate entities. The Debtor said the lenders have failed on this point. According to the Debtor, the lenders also assert remedies which seek to greatly affect the estate and its creditors without filing a proof of claim against the estate. Accordingly, the Debtor asked the Bankruptcy Court to deny the lenders' cash collateral motion. A copy of the objection is available for free at https://is.gd/tJKvb3 from PacerMonitor.com. About Betteroads Asphalt and Betterecycling Corp Betteroads Asphalt LLC produces warm mix asphalt, which is used in airports, highways, neighborhoods and environment projects. Betterecycling Corporation produces gasoline, kerosene, distillate fuel oils, residual fuel oils and lubricants. Both companies are based in San Juan, P.R. On June 9, 2017, creditors commenced involuntary bankruptcy petitions under Chapter 11 of the Bankruptcy Code against Betteroads Asphalt LLC (Bankr. D.P.R. Case No. 17-04156) and Betterecycling Corporation (Bankr. D.P.R. Case No. 17-04157). On Oct. 11, 2019, the court entered the "order for relief" after finding that the involuntary petitions were not filed for an improper bankruptcy purpose or with bad faith. MESH SUTURE: Seeks to Hire C. Conde & Assoc. as Legal Counsel ------------------------------------------------------------- Mesh Suture, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire the Law Offices of C. Conde & Assoc. as its legal counsel. The services to be provided by the firm include legal advice regarding its powers and duties under the Bankruptcy Code and negotiations with creditors to formulate a Chapter 11 reorganization plan or arrange an orderly liquidation of its assets. The hourly fees charged by the firm for the services of its attorneys are: Carmen Conde Torres, Esq. $350 Associates $300 Junior Attorney $275 Legal Assistant $150 The retainer fee is $50,000. Carmen Conde Torres, Esq., is "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. C. Conde & Assoc. can be reached through: Carmen D. Conde Torres, Esq. Law Offices of C. Conde & Assoc. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: 787-729-2900 Email: condecarmen@condelaw.com About Mesh Suture Mesh Suture, Inc., a manufacturer of medical equipment and supplies, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 20-00031) on Jan. 9, 2020. At the time of the filing, the Debtor disclosed $9,133,930 in assets and $1,486,431 in liabilities. Carmen D. Conde Torres, Esq., at C. Conde & Assoc., is the Debtor's legal counsel. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Wants More ATRs ----------------------------------- Asha Javeed at Trinidad Express reports that national carrier Caribbean Airlines (CAL) is looking to lease new ATR aircraft to add to its current fleet of five. CAL, in response to questions from the Sunday Express, confirmed that the airline will lease ATR aircraft to enhance the operation of the air bridge and other routes, according to Trinidad Express. Caribbean Airlines Limited - http://www.caribbean-airlines.com/- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on November 2, 2015, RJR News said that Michael DiLollo, Chief Executive Officer of Caribbean Airlines Limited, quit after just 17 months on the job. The 48-year-old Canadian national, citing personal reasons, resigned with immediate effect. His resignation was accepted by the airline's board of directors. Mr. DiLollo was appointed Caribbean Airlines CEO in May 2014, following the sudden resignation of Robert Corbie in September 2013. In early February 2015, Larry Howai, then Finance Minister, told Parliament that unaudited accounts for 2014 showed the airline made a loss of US$60 million, inclusive of its Air Jamaica operations, and the airline planned to break even by 2017. Mr. Howai told the Parliament that a five-year strategic plan had been completed and was in the process of being approved for implementation. In an interview with the Trinidad & Tobago Guardian in early November 2015, Mr. DiLollo said CAL did not need a bailout just yet. Mr. DiLollo said the airline had benefited from extremely patient shareholders for years and he believed the airline was strategically positioned to break even in three years. ================= V E N E Z U E L A ================= CONSIS INT'L: Plan Has 15% for Unsecured Claims ----------------------------------------------- Consis International, LLC, filed its Fourth Amended Chapter 11 Plan of Reorganization. The Debtor proposes a restructuring of its financial obligations in the Plan. The Debtor believes that the Plan will allow the operation of the Debtor's business and provide the creditors with the maximum value. Moreover, the Debtor believes that the Plan provides the creditors substantially more value than they would receive in a liquidation of the Debtor under Chapter 7 -- which would be zero. The Plan treats general unsecured claims as follows: * Class 3 - General Unsecured Claims (the Bolivians in the amount of $5,780,936 and #10, #11 Asesuisa in the amount of $2,821,363) will receive payments totaling $1,300,000, which collectively represent a distribution of 15% of the outstanding claims of the creditors in this Class 3. The payments shall be made to La Boliviana and Asesuisa in installments on a monthly basis over a forty-eight month term starting on the Effective Date of the Plan. * Class 4 - General Unsecured Claims of Insiders. IMPAIRED. The cumulative amount of these general, unsecured insiders is $387,542.00. This class shall receive no distribution from the Plan. * Class 5 - General Unsecured Convenience Class Claims (under $80,001). IMPAIRED. The eligible unsecured convenience class claim members will receive their pro rata share of $24,695.60 within 60 days of the Effective Date of the Plan. The class will receive the same percentage distribution (15%) as the other non-insider General Unsecured Claimants in Class #3. Class 6 - Equity Interest of Members of the Debtor, LLC, is IMPAIRED. Members of the class will provide new value to the reorganized Debtor as necessary to fund the Plan. Specifically, the new value provided will be the sum to fund the Convenience Class Claim is $24,695.60. The Debtor will fund the Plan with funds collected from its accounts receivables, cash in hand and funds received from its continued operations. A full-text copy of the Fourth Amended Disclosure Statement dated Dec. 27, 2019, is available at https://tinyurl.com/snwn28q from PacerMonitor.com at no charge. Attorneys for the Debtor: Aleida Martinez Molina Weiss Serota Helfman Cole & Bierman, PL 2525 Ponce de Leon Boulevard, Suite 700 Coral Gables, Florida 33134 Telephone: (305) 854-0800 Facsimile: (305) 854-2323 E-mail: amartinez@wsh-law.com About Consis International Consis International LLC -- https://www.consisint.com/ -- provides computer systems design and related services. It was founded in August 1987 in Caracas, Venezuela. Consis International sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-22233) on Oct. 2, 2018. In the petition signed by Oscar Carrera, manager, the Debtor was estimated to have assets of less than $1 million and liabilities of $1 million to $10 million. Judge John K. Olson oversees the case. Weiss Serota Helfman Cole & Bierman P.L., is the Debtor's legal counsel. ********* 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 2020. 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. 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