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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Friday, October 2, 2020, Vol. 21, No. 198

                           Headlines



B R A Z I L

PARANA: Fitch Affirms BB- LongTerm IDR, Outlook Negative
SUL AMERICA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative


C H I L E

LATAM AIRLINES: Fitch Withdraws 'D' LT IDR on Chapter 11 Filing


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Bank International Reserves Top US$10.5BB
DOMINICAN REPUBLIC: Bank Keeps Benchmark Rate at 3.00%
DOMINICAN REPUBLIC: Mulls Sale of Punta Catalina Plant


J A M A I C A

JAMAICA: Bartlett Offers Hope for St. Thomas Tourism
PALACE AMUSEMENT: Will be Closing Cineplex and Multiplex


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Expects 85% Recovery of Passenger Load in 2024

                           - - - - -


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B R A Z I L
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PARANA: Fitch Affirms BB- LongTerm IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed the Brazilian State of Parana's
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB-' with a Negative Outlook and its Short-Term Foreign and
Local Currency IDRs at 'B'. Fitch has also affirmed Parana's
National Long-Term Rating at 'AA(bra)' and revised the Outlook to
Stable from Negative and affirmed the National Short-Term Rating at
'F1+(bra)'. Fitch assessed the state's Standalone Credit Profile
(SCP) at 'b+'.

Fitch has revised the key rating factor liabilities and liquidity
flexibility to 'Midrange' from 'Weaker'. Despite this, the risk
profile remains weaker and the SCP remains in the 'b' category.

The State of Parana's ratings reflect the combination of a weaker
risk profile and 'a' debt sustainability under Fitch's rating case
scenario. Parana's IDRs benefit from an uplift from the state's SCP
of 'b+' considering the support derived from the fact that the
Federal Government is a relevant creditor of the state.
Intergovernmental debt represented around 48.7% of total debt, as
of December 2019.

KEY RATING DRIVERS

Risk Profile Assessment: 'Weaker'

Fitch has assessed the State of Parana's risk profile at 'Weaker',
reflecting the blend of three weaker and three midrange attributes
on the six key risk factors, which in combination with the
Sovereign Rating of 'BB-' resulted in a weaker risk profile
assessment.

Revenue Robustness: 'Midrange'

Brazilian states have a revenue source mostly based on tax
collections and federal transfers. Parana presents revenue growth
prospects in line with the national GDP average and has posted a
history of fairly stable operating revenue growth due to the
state's low dependency on transfers from the Federal Government of
Brazil. Proprietary tax revenues corresponded to 68% of operating
revenues in 2019 in line with previous years.

Revenue Adjustability: 'Weaker'

Despite the affordability to increase tax tariffs in light of the
adequate GDP per capita, tax tariffs are close to the
constitutional limit, thus making revenue adjustment more
difficult. Like other Brazilian states, Parana has a fairly
concentrated tax base, in which the 10 largest taxpayers were
responsible for around 33% of total tax collections in a stable
trend in relation to the previous two years.

Expenditure Sustainability: 'Midrange'

Parana presents moderate control over expenditure growth, given the
high percentage of committed expenditures. Operating expenditure is
increasing slower than operating revenues in the last few years.
Responsibilities are moderately countercyclical since the state is
engaged in healthcare, education and law enforcement. There is
limited track record of stimulus packages for Parana other than tax
exemptions given to companies.

As per the Brazilian constitution limitations, the state does not
engage in stimulus packages aside from tax exemptions given to
companies. There are balanced expenditure rules in place and a
reasonable track record of application.

Expenditure Adjustability: 'Weaker'

As per the Brazilian Constitution, there is low affordability to
reduce expenditure, especially of salaries. As a result, whenever
there is an unpredictable reduction in revenues, operating
expenditure does not follow automatically. In addition, inflexible
costs are high with more than 90% of expenditures being mandatory
and committed. Parana has a limited track record of stimulus
packages aside from tax exemptions given to companies. There are
balanced expenditure rules in place and a reasonable track record
of application.

Liabilities and Liquidity Robustness: 'Weaker'

There is a moderate national framework for debt and liquidity
management since there are prudent borrowing limits and
restrictions on loan types. The federal government guarantees all
U.S. dollar denominated debt of the state. External debt totaled
BRL4.9 billion, as of December 2019, corresponding to 22% of total
debt with no significant maturity concentration. Debt directly owed
to the Federal Government represented almost 50% of total debt in
December 2019. There is material off-balance- sheet risk stemming
from the pension system, which is around 29% of personnel
expenditures on average during 2014-2019, leading this factor to
'Weaker'.

Liabilities and Liquidity Flexibility: 'Midrange'

Fitch has revised this factor to 'Midrange' from 'Weaker' as Parana
has satisfactory liquidity levels since reported short-term
financial obligations represent less than 75% of free cash
positions, as calculated by the Brazilian national treasury (CAPAG
liquidity ratio). There is a framework of providing emergency
liquidity support from the federal government via the granting of
extended maturities over the prevalent federal debt portion.

Debt Sustainability: 'a' Category

Fitch assesses Parana's debt sustainability at 'a'. Its rating case
is a forward-looking scenario indicating a payback ratio (net
direct risk/operating balance), which is the primary metric of debt
sustainability assessment, to reach levels between 5.0x and 9.0x in
2024, thus corroborating with the 'a' assessment, and considers the
debt service coverage ratio (DSCR) to reach levels between 1.5x and
2.0x.

Fitch distinguishes debt owed to the federal government offers the
state greater flexibility in its terms compared with traditional
debt. All debt types are included in the debt sustainability
metrics that produce the SCP. As a result, Fitch calculates a
supplementary ratio excluding intergovernmental debt, known as the
enhanced debt sustainability ratio. This is used to estimate the
uplift between the SCP and IDR, which is limited by the Sovereign's
IDR.

The State of Parana, Brazil, is classified by Fitch as a Type B
Local and Regional Government (LRG), which is required to cover
debt service from cash flow on an annual basis. Parana is home to
roughly 11.3 million, corresponding to 6% of the Brazilian
population. Revenue sources are mainly composed of taxes in
addition to transfers from the national government. The main
spending responsibilities cover education, healthcare and law
enforcement. According to budgetary regulation, Parana has the
right to borrow on domestic market and externally, subject to
Federal Government approval.

Prolonged coronavirus-related effects and a much slower economic
recovery lasting until 2025 would pressure tax receipts. Should the
issuer be unable to proactively reduce expenditures or supplement
weaker receipts from increased central government transfers, this
may lead to a downgrade.

DERIVATION SUMMARY

Parana's IDRs benefit from an uplift from the state's SCP of 'b+'
considering the support derived from the fact that the Federal
Government is a relevant creditor of the State of Parana. The SCP
of 'b+' reflects a combination of a 'Weaker' risk profile
assessment and adequate debt metrics, which resulted in an 'a' debt
sustainability assessment. The SCP also factors in rated peers'
positioning, thus leading to a one-notch uplift. Fitch does not
apply any asymmetric risk for Parana.

Fitch distinguishes, for the purpose of its debt sustainability
analysis, the debt owed to the Federal Government as this debt
offers flexibility in its terms from traditional debt. All debt
types are included in the debt sustainability metrics that produce
the SCP.

As a result, Fitch calculates a supplementary ratio excluding
intergovernmental debt, which informs an "enhanced debt
sustainability ratio". This is used to estimate the uplift between
the SCP and IDR, which is limited by the Sovereign's IDR. For the
case of Parana, the enhanced debt sustainability ratio indicates a
'aa' rating, meaning that the enhanced debt metrics are strong and
commensurate with the IDR of 'BB-'.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
Include

Fitch's rating case scenario is a through-the-cycle scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on the 2015-2019 figures and 2020-2024
projected ratios. The key assumptions for the scenario include:

  - Income tax and fees, fines and other operating revenues linked
to inflation.

  - Transfers linked to nominal GDP growth.

  - Operating expenditures also linked to inflation.

  - Long-term debt increase based on estimates of new credits.

  - Fitch is considering BRL 3.8 billion of new debt until 2024.

  - Cost of debt based on an increase of historical average cost of
debt.

  - Overall results adjusted to capex, assuming that the state
would invest the remaining overall result.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

  -- An upgrade of Brazil's IDRs could positively affect the State
of Parana's IDRs.

  -- A positive rating action on Parana's SCP could result from an
improvement of its operating balance, with an enhanced payback
ratio lower than 5.0x and an actual DSCR higher than 2.0x.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

  -- A downgrade of Brazil's IDRs would negatively affect the State
of Parana's IDRs.

  -- Parana's IDRs could be downgraded if its operating balance
deteriorates, triggering an enhanced payback ratio higher than 9.0x
and an enhanced DSCR lower than 2.0x in Fitch's forward-looking
scenario.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch-adjusted debt includes an adjustment made on restricted cash
from 2015 to 2019 as reported by the State on Relatorio de Gestao
Fiscal (RGF) as 'caixa vinculado'.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
the Environmental, Social and Corporate Governance (ESG) Credit
Relevance is a Score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


SUL AMERICA: Fitch Affirms 'BB-' LongTerm IDR, Outlook Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating (IDR) and
National Scale Rating of Sul America, S.A. (SASA) at 'BB-' and
'AA-(bra)', respectively. The International and National Scale
Rating Outlooks remain Negative.

KEY RATING DRIVERS

The affirmation of SASA's International and National IDRs reflect
the company's favorable business profile relative to other
Brazilian insurers, very strong and resilient financial performance
and earnings, and comfortable capitalization levels, partially
offset by the weaknesses in the Brazilian insurance industry's
profile and operating environment, given that SASA's operations are
fully concentrated in Brazil. The IDRs also capture the company's
significant exposure to Brazilian government securities and other
non-investment-grade securities, which, in turn, negatively affect
Fitch's assessment of SASA's investment and asset risk and
capitalization and leverage credit factors.

The Negative Outlooks reflect the economic uncertainties relating
to the coronavirus pandemic, which also reflect the direct
influence and high importance of Brazil's sovereign rating's
negative outlook on the insurance industry profile and operating
environment, and thus on SASA's ratings.

As of July 2020, SASA has concluded the sale of its saving bonds,
auto and property/casualty (P&C) portfolios. SASA's business
profile has further consolidated its focus toward providing
coverage for people related risks, mainly through the health and
dental segment, as well the life, personal accidents, private
pension and asset management business lines.

SASA's business mix will be further concentrated on the health and
dental segment under its new business model. As of June 2020, 94%
of total premiums originated from this segment (79% in June 2019),
in which SASA remains as the third-largest insurer, with a market
share of more than 10%.

Fitch expects SASA's capitalization and leverage remain in
comfortable levels, with the financial leverage ratio (FLR) at 23%,
net premiums written (NPW) to capital at 2.0x and net leverage at
3.2x at June 2020 (23%, 2.4x and 4.0x, respectively in 2019). Fitch
expects these will further improve in the short term by the recent
sale of its auto, P&C and savings bonds portfolios.

SASA's technical results remain solid and resilient throughout the
cycles. The company's combined and operating ratios were 92% and
91%, respectively, at June 2020. The company's ROAE was 16% at June
2020. As of June 2020, loss ratios registered a significant
reduction from the health and dental segments, due to coronavirus
social distancing measures that reduced the frequency of various
health procedures. However, Fitch expects these will gradually
return to normality in the short to medium term.

SASA's liquidity remains adequate. As of June 2020, the company's
liquid assets-to-reserves ratio was relatively low at 67%, as the
ratio considers only 50% of short-term, non-investment-grade
securities. Fitch expects this ratio to improve over the
short-term, as the resources obtained from the sale of its auto and
P&C portfolios will strengthen the company's available cash
position.

SASA's exposure to non-investment-grade securities is a negative
key rating driver. Total non-investment-grade securities and other
risky assets represented 130% of SASA's capital at June 2020,
excluding the securities supporting unit-linked products.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

International Scale

  -- A material positive change in Fitch's ratings assumptions with
respect to the coronavirus impact;

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profile of both the sector of the insurance industry and
SASA;

  -- An improvement in Brazil's industry profile and operating
environment, driven by a decline in country risk and a stronger
financial market development, which would lead to an improvement in
Fitch's assessment of SASA's business profile, investment and asset
risk and capitalization and leverage credit factors.

National Scale

  -- A positive change in Fitch's perception of SASA's business
profile and creditworthiness with respect to other Brazilian
entities rated on the national scale;

  -- An improvement in Brazil's industry profile and operating
environment, driven by a decline in country risk and a stronger
financial market development;

  -- A sustained improvement on SASA's technical profitability and
leverage, measured by a combined ratio and a net leverage ratio
below its previous three year-end average ratios;

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

International Scale

  -- A material adverse change in Fitch's ratings assumptions
regarding the impact of the coronavirus pandemic;

  -- A downgrade in Brazil's sovereign rating (BB-/Negative), which
would lead to a worsening of Fitch's assessment of the insurance
industry profile and operating environment, which would also
deteriorate SASA's business profile, investment and asset risk, and
capitalization and leverage credit factors;

  -- A sustained and material deterioration in profitability and
leverage, measured by an ROAE below 8% and a FLR above 31%.

National Scale

  -- An adverse change in Fitch's perception of SASA's business
profile and creditworthiness with respect to other Brazilian
entities rated on the national scale;

  -- A downgrade in Brazil's sovereign rating (BB-/Negative), which
would lead to a worsening of Fitch's assessment of the insurance
industry profile and operating environment;

  -- A sustained and material deterioration in technical
profitability, measured by a combined ratio above its previous
three year-end average ratios;

  -- A sustained deterioration in leverage, measured by a FLR above
31%.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.




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C H I L E
=========

LATAM AIRLINES: Fitch Withdraws 'D' LT IDR on Chapter 11 Filing
---------------------------------------------------------------
Fitch Ratings has withdrawn LATAM Airlines Group S.A. (LATAM)'s 'D'
Long-Term (LT) Foreign Currency Issuer Default Rating (IDR) and
LATAM Finance Limited's outstanding cross-border senior unsecured
issuances 'C/RR6'. The Withdrawal follows the company's filing for
the Chapter 11 financial reorganization process on May 26, 2020.
Fitch will no longer provide ratings on an international scale to
LATAM.

The ratings were withdrawn with the following reason: filing for
Chapter 11 Bankruptcy of the Rated Entity.

KEY RATING DRIVERS

Not applicable.

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings are being
withdrawn.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

Following the withdrawal of international ratings for LATAM
Airlines, Fitch will no longer be providing the associated ESG
Relevance Scores.




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

DOMINICAN REPUBLIC: Bank International Reserves Top US$10.5BB
-------------------------------------------------------------
Dominican Today reports that as of September 28, international
reserves of the Dominican Republic were US$10.5 billion, equivalent
to 13.3% of GDP, after the recent issuance of a US$3.8 billion
sovereign bond.

"This transaction is the largest of its kind registered in Central
America and the Caribbean, at highly attractive rates, despite the
adverse context caused by the coronavirus, which represents a
factor of confidence and with a view to economic recovery based on
the strong macroeconomic fundamentals," said the Central Bank in a
statement obtained by the news agency.

On the flow of foreign currency, it said that for the fourth
consecutive month, remittances posited interannual growth since the
official declaration of a pandemic last March, reaching US$5.1
billion between January and August, the report notes.

"I was the highest accumulated value for said period in the last 10
years, equivalent to an interannual increase of 7.3%," the Central
Bank said, the report relays.

                      About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Bank Keeps Benchmark Rate at 3.00%
------------------------------------------------------
Dominican Today reports that the Central Bank of the Dominican
Republic said that it maintains the benchmark rate at 3.00% per
year, after an "exhaustive analysis of the impact of the
coronavirus pandemic on economic activity and future evolution of
inflation."

It also said the interest rate on the permanent liquidity expansion
facility (1-day Repos) remains at 3.50% per annum and the interest
rate on remunerated deposits ('Overnight') at 2.50% per annum,
according to Dominican Today.

"In particular, the monthly variation of the consumer price index
(CPI) in August was 0.78%, while the accumulated inflation during
the first eight months of the year was 3.12%," the Central Bank
said in a statement obtained by the news agency.

"Likewise, year-on-year inflation in the country, from August 2019
to August 2020, reached 4.80%, being within the target range of
4.0% ± 1.0%, while core inflation, which excludes the most
volatile components of the basket basic, reached 4.24%, 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.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Mulls Sale of Punta Catalina Plant
------------------------------------------------------
Dominican Today reports that Presidency chief of staff Lisandro
Macarrulla revealed that Dominican the Government has in agenda to
sell some companies to the private sector, among which he cited the
Punta Catalina coal-fired plant, a work that has been the subject
of scandal since its construction began.

The statement seems normal taking into account that, since he took
office on August 16, President Luis Abinader has been reiterative
in highlighting and promoting public-private partnerships for the
development of the country, but it's contradictory, taking into
account that when the head of state was a presidential candidate,
he declared that he was totally opposed to the sale of shares in
the plant, as the administration announced at that time, according
to Dominican Today.

On January 27 of this year, he said that if the Government carried
out that sale "it would harm the economic and social interests of
the Dominican people," the report notes.

"We are convinced that by keeping the thermoelectric plant in the
hands of the State, we would have the opportunity to introduce new
energy offers without the need to incur new loans," the report
relays.

                  About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.  Luis
Rodolfo Abinader Corona is the current president of the nation.

The Troubled Company Reporter-Latin America reported in April 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).




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

JAMAICA: Bartlett Offers Hope for St. Thomas Tourism
----------------------------------------------------
RJR News reports that Jamaica is again promising to facilitate the
development of tourism in St. Thomas.

The eastern Jamaica parish is set to benefit from the expansion of
the tourism sector along the south coast through projects
spearheaded by the Ministry of Tourism, according to RJR News.

Tourism Minister Edmund Bartlett said the aim is to continue to
build out a framework of support that will include product
development, training, improvement of relevant infrastructure, and
access to financing for rural communities, the report notes.

Mr. Bartlett says he is focused on providing an economic boost in
communities outside Jamaica's traditional resort areas, the report
relays.

                       About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its main sources of
foreign currency revenues: tourism, remittances and alumina
exports.


PALACE AMUSEMENT: Will be Closing Cineplex and Multiplex
--------------------------------------------------------
RJR News reports that Palace Amusement Company will be closing the
Palace Cineplex and Palace Multiplex effective Oct. 1.

The company has been under pressure from the fallout from the
COVID-19 pandemic and the continued restrictions placed on
operations in the entertainment industry, according to RJR News.

In a statement to the stock exchange, the company said despite the
best efforts of management to minimize overheads by way negotiating
with landlords, utilizing fewer screens to minimize electricity
cost, and staff rotation, there are various costs that are
unavoidable whether or not the cinemas are operating, the report
notes.

The management will continue to closely monitor conditions and will
advise accordingly as to any new developments, the report adds.




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

CARIBBEAN AIRLINES: Expects 85% Recovery of Passenger Load in 2024
------------------------------------------------------------------
RJR News reports that Caribbean Airlines Limited has signalled that
it will take years before its passenger loads return to pre-COVID
levels.

The airline does not expect to recover passenger loads of 85 per
cent until 2024, according to RJR News.

According to the minutes of  a September 16 meeting involving
Caribbean Airlines vice-president of Human Resources, Roger
Berkeley, and the Trinidad and Tobago Airline Pilots Association
cost cutting measures implemented at the entity will save it US$ 1
million, the report notes.

It showed that the despite the challenges facing the airline it
will still take ownership of two additional ATR aircraft, the
report relays.

Caribbean Airlines embarked on a cost cutting exercise aimed at
reducing its wage bill, the report notes.

It sent some employees on no-pay leave, reduced the salaries of
others and laid off a third group, the report adds.

                     About Caribbean Airlines

Caribbean Airlines Limited - http://www.caribbean-airlines.com/-
provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty free
store in Trinidad.  Caribbean Airlines Limited was founded in 2006
and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited, quit after just 17
months on the job. The 48-year-old Canadian national, citing
personal reasons, resigned with immediate effect.  His resignation
was accepted by the airline's board of directors. Mr. DiLollo was
appointed Caribbean Airlines CEO in May 2014, following the sudden
resignation of Robert Corbie in September 2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline made
a loss of US$60 million, inclusive of its Air Jamaica operations,
and the airline planned to break even by 2017. Mr. Howai told the
Parliament that a five-year strategic plan had been completed and
was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
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Chapman, Editors.

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balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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