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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, April 16, 2021, Vol. 22, No. 71

                           Headlines



A R G E N T I N A

RIO NEGRO: S&P Affirms 'CCC+' Long-Term ICR, Outlook Stable
YPF ENERGIA: S&P Downgrades ICR to 'SD' on Debt Exchange


B A R B A D O S

BARBADOS: Businesses Set Back by Effects of La Soufriere Volcano


C H I L E

AUTOMOTORES GILDEMEISTER: Case Summary & 30 Unsecured Creditors
AUTOMOTORES GILDEMEISTER: To Cut $200MM in Debt Under Revamp Plan
LATAM AIRLINES: Lessor AerCap Reportedly Seeking to Sell Claims


C O L O M B I A

AVIANCA HOLDINGS: To Seek $1.8BB With Bankruptcy Exit in Sight


J A M A I C A

[*]JAMAICA: $800K IDB Lab to Strengthen Jamaican Youth Competencies


T R I N I D A D   A N D   T O B A G O

TRINIDAD & TOBAGO: Seerattan Says TT-US Dollar Rate Must Depreciate

                           - - - - -


=================
A R G E N T I N A
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RIO NEGRO: S&P Affirms 'CCC+' Long-Term ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term foreign and local
currency issuer credit ratings on the province of Rio Negro. The
outlook remains stable.

Outlook

The stable outlook balances the risks stemming from large fiscal
imbalances, limited access to funding, and sluggish economic growth
prospects with the province's improved debt amortization profile
resulting from the recent international debt restructure of $320
million.

Downside scenario

S&P said, "We could downgrade the province in the next 12 months if
fiscal and financing conditions become less favorable, resulting in
lack of sufficient liquidity to honor debt obligations. Even though
in our view the debt amounts seem manageable in 2021, market and
economic conditions remain stressed and any restructuring that
entails net present value losses for investors could be considered
as tantamount to default. In addition, a downward revision of our
transfer and convertibility (T&C) assessment on Argentina would
result in a downgrade of Rio Negro."

Upside scenario

S&P said, "Given that we don't believe that Argentine local and
regional governments (LRGs) meet the conditions for us to rate them
above the sovereign, we would only upgrade the province of Rio
Negro if we take a similar action on Argentina in the next 12
months. This would have to be accompanied by an improvement in the
province's budgetary performance and liquidity position or greater
certainty about its capacity to tap domestic debt markets."

Rationale

Facing the maturity of ARS2.6 billion in capital and interest for
its 'Clase 1' 2021 local currency bond on April 18, 2021, the
province of Rio Negro issued notes in the local market and offered
bondholders of the maturing notes an exchange of their outstanding
holdings.

The province announced that 27% of bondholders of its outstanding
ARS2.4 billion notes due in April 2021 accepted the province's
exchange offer for the new bonds.

The new notes issued on April 12, 2021, totaled ARS1.84 billion and
have a maturity of one year. Accrued interest for the exchanged
bondholders was recognized and incorporated in the holdings of new
bonds. The province also offered a higher interest rate to
bondholders entering the exchange. New notes include a BADLAR
reference rate with an 8% margin, an increase of three percentage
points compared to the margin of the maturing bonds.

The province has publicly stated that investors who opted not to
enter the exchange will receive payment on time and in full on
April 18.

S&P said, "We don't consider the exchange offer of the local
currency notes as distressed because we believe the province could
have avoided a conventional default had there been no uptake in the
exchange. This is because although cash reserves are limited, the
province had other tools to make the payment such as a credit line
with its payment agent for ARS4.2 billion, which it can use at any
time. In addition, the province showed willingness to offer some
compensation for bondholders entering the exchange.

"While the situation remains highly vulnerable, the province's
remaining debt service for 2021 totals ARS6.4 billion (US$65
million), which we consider relatively manageable."

In accordance with S&P's 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

  RATINGS AFFIRMED

  Province of Rio Negro

   Issuer Credit Rating   CCC+/Stable/--

  Province of Rio Negro

   Senior Unsecured       CCC+


YPF ENERGIA: S&P Downgrades ICR to 'SD' on Debt Exchange
--------------------------------------------------------
On April 13, 2021, S&P Global Ratings lowered its issuer credit
rating on YPF Energia Electrica S.A. (YPFEE) to 'SD' from 'CCC-'
and removed it from CreditWatch with negative implications where we
placed it on Sept. 18, 2020. S&P doesn't rate the 2021 bond, so the
negative rating action is only on the credit rating. Finally, S&P
affirmed its ratings on the company's rated bonds at 'CCC-'.

On Sept. 15, 2020, Argentina's central bank imposed restrictions on
accessing dollars to protect the country's international reserves.
For corporations with monthly principal payments of more than $1
million coming due between October 2020 and March 2021, the
restrictions limited access to dollars at the official rate to 40%
of principal coming due. The remaining principal is to be
refinanced in some other manner--either a restructuring, exchange,
or using funds held abroad. In late February 2021, the central bank
extended these restrictions until year-end, impairing YPFEE's
ability to service its 2021 bond under the original terms, in our
view.

S&P typically consider debt exchange as a de-facto restructuring
due to the following factors: it doesn't provide sufficient
compensation for the extension of the tenors, and there's a
likelihood of a conventional default if the exchange isn't
completed. In our opinion, the holders of the 2021 bond were facing
both conditions.

According to the subscription notice, the company offered a
combination of cash for at least 40% of the outstanding bond and
two other options including an exchange for 100% of the bond and a
new Series VI for up to $100 million. In all cases, the refinanced
amount was going to be extended for two additional years, while
bullet at the same rate of 10.24% will have equal term and
conditions. S&P views the value proposition as uncertain, given
substantial country risks and volatile business conditions in the
country.

Also, S&P believes that absent an exchange, the company's ability
to repay the bond at maturity would have required most of the cash
on hand, but also accessing uncommitted bilateral facilities and/or
tapping the capital markets for a new bond amid very difficult
conditions. This would expose YPFEE to execution risk in a very
short period of time, given that the legal maturity of the Series I
bond is May 10, 2021, amid the country's economic crisis.

In line with expectations, three projects were completed in the
third and fourth quarters of 2020--the El Bracho steam turbine, and
La Plata Cogeneration II and Los Teros wind farm. In addition,
other three projects are on track for completion in 2021. S&P said,
"As a result, we expect the company to reduce leverage in 2021 and
2022 through debt amortizations, lower capex this year, and greater
electricity output, which will increase cash flows and strengthen
its debt repayment capacity. We expect EBITDA to increase to close
to $300 million from around $224 million in 2020, causing debt to
EBITDA to drop to less than 3x in 2021 from above 5.5x in 2020. In
the immediate term, we will reassess the company's liquidity and
capital structure, considering the new maturity schedule, and we
would likely raise our issuer credit rating above the level prior
to the exchange, indicating stronger creditworthiness."




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B A R B A D O S
===============

BARBADOS: Businesses Set Back by Effects of La Soufriere Volcano
----------------------------------------------------------------
Radio Jamaica News reports that in Barbados, the outlook for
business has become even more bleak as uncertainty looms following
numerous violent eruptions at the La Soufriere volcano in St.
Vincent and the Grenadines.

The reports said Edward Clarke, President of the Barbados Private
Sector Association (BPSA), noted that while the eruption impact may
seem relatively minor, it is unfolding as scores of businesses are
preparing to reopen, some for the first time after months of
dormancy.

The vast majority of the country's non-essential enterprises
remained closed after the weekend as Barbadians embarked upon a
massive clean-up of dense ash that has been raining down for the
last 72-hours, notes the April 14 report by Radio Jamaica News.

Experts are predicting that the phenomenon could continue for
weeks, presenting serious concerns for health, infrastructure, and
even visibility on the country's roads.

Clarke, however, added that the tourism industry, which is among
the most critical on the mend could also be among the most badly
affected if the volcano situation drags on.



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C H I L E
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AUTOMOTORES GILDEMEISTER: Case Summary & 30 Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: Automotores Gildemeister SpA
             Avenida Las Condes 11.000
             Borough of Las Condes,
             Metropolitan Region
             Santiago, Chile

Business Description: The Debtors are vehicle importers and
                      distributors primarily operating in Chile
                      and Peru, as well as in Uruguay, Costa Rica
                      and Brazil.  The Debtors consist of a
                      network of 228 vehicle dealerships, of which

                      70 are operated by them and 158 are
                      independent franchises appointed and
                      supplied by the Debtors.

Chapter 11 Petition Date: April 12, 2021

Court: United States Bankruptcy Court
       Southern District of New York

Thirteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

    Debtor                                            Case No.
    ------                                            --------
    Automotores Gildemeister SpA (Lead Debtor)        21-10685
    Marc Leasing S.A.                                 21-10686
    Carmeister S.A.                                   21-10687
    Comercial Gildemeister S.A.                       21-10688
    AG Creditos SpA                                   21-10689
    Maquinarias Gildemeister S.A.                     21-10690
    Fonedar S.A.                                      21-10691
    Fortaleza S.A.                                    21-10692
    Lodinem S.A.                                      21-10693
    Camur S.A.                                        21-10694
    RTC S.A.                                          21-10695
    Maquinaria Nacional S.A.                          21-10696
    Bramont Montadora Industrial e
      Comercial de Veiculos S.A.                      21-10697

Judge: Hon. Lisa G Beckerman

Debtors' Counsel: Jane VanLare, Esq.
                  Adam Brenneman, Esq.
                  CLEARY GOTTLIEB STEEN & HAMILTON LLP
                  One Liberty Plaza
                  New York, New York 10006
                  Tel: (212) 225-2000
                  Fax: (212) 225-3999
                  E-mail: jvanlare@cgsh.com
                          abrenneman@cgsh.com

Debtors'
Claims
Agent:            PRIME CLERK LLC
                  https://cases.primeclerk.com/gildemeister

Estimated Assets: $500 million to $1 billion

Estimated Liabilities: $500 million to $1 billion

The petitions were signed by Eduardo Moyano, chief financial
officer.

A copy of Automotores Gildemeister's petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/JX4H7JA/Automotores_Gildemeister_SpA__nysbke-21-10685__0001.0.pdf?mcid=tGE4TAMA

Consolidate List of Debtors' 30 Largest Unsecured Creditors:

  Entity                         Nature of Claim      Claim Amount
  ------                         ---------------      ------------
1. 7.50% Senior Secured Notes    Deficiency Claim     $111,796,081
Due 2025
Attn: Pete Lopez
Bank of New York Mellon
240 Greenwich Street, 7E
New York, NY 10286
Email: peter.lopez@bnymellon.com

2. 8.250% Senior                 Unsecured Notes       $23,205,372
Unsecured Notes Due 2021
Attn: Pete Lopez
Bank of New York Mellon
240 Greenwich Street, 7E
New York, NY 10286
Email: peter.lopez@bnymellon.com

3. 7.50% Senior Unsecured Notes   Unsecured Notes       $9,858,105
Due 2021
Attn: Pete Lopez
Bank of New York Mellon
240 Greenwich Street, 7E
New York, NY 10286
Email: peter.lopez@bnymellon.com

4. 6.750% Senior                     Unsecured Notes    $2,664,771
Unsecured Notes Due 2023
Attn: Pete Lopez
Bank of New York Mellon
240 Greenwich Street, 7E
New York, NY 10286
Email: peter.lopez@bnymellon.com

5. Hyundai Corporation         Inventory Financing      $2,510,626
Attn: Junghyun Cho
Avenida Nueva De Lyon 096
Providencia, Santiago
Chile
Tel: +56 2 2233 7304
Email: john@hyundaicorp.com

6. China National Heavy Duty        Inventory           $1,936,288
Truck Corp.                         Financing
SH 14F, Sinotruck Tower
No 777 Hua'Ao Road, Innovation
Zone Jinan, Shandong China
Email: yujianliang@sinotruck.com

7. Guillermo Reyes Rozas            Contingent          $1,185,016
Bilbao 738, Casa H34                Litigation
Calama, Chile

8. Finance Department of            Contingent          $1,037,631
Belo Horizonte                      Litigation
Rodovia Papa Joao Paulo II, 4.001
Cidade Administrative - General
Building 6th and 7th Floor
Bairro Serra Verde-Belo
Horizonte, MG Brazil
Tel: (31) 3915-6270

9. Seguros Generales                Trade Debt            $633,257
Suramericana S.A.
Av. Libertador Bernardo
O'Higgins 1449
Santiago, Chile
Email: manuel.zapata@segurossura.cl

10. Volvo Car Corporation           Inventory             $382,333
SE-105 31                           Financing
Gotemburgo
Sweden

11. Top Town Comercio               Contingent            $325,156
De Veiculos Ltda.                   Litigation
Avenida Senador Lemos,
3330(PA)
Belem, Brazil
Tel: (91) 98145-0195

12. Carlos Alfaro                   Contingent            $297,245
Arriagada Edmundo                   Litigation
Perez Zujovic 10.890
Dep. 71
Antofagasta, Chile

13. Asesoria Y Gestion De           Trade Debt            $240,557
Procesos S.A.
Attn: Miguel Claro
Torre A. 70 A44
Providencia, Chile
Email: rmoreno@agpsa.cl

14. Yutong Hongkong                 Inventory             $204,000
Bus Co Limited                      Financing
Attn: Raimundo Zhang
Unit 503 5/F Silver Cord
Tower 2
30 Canton Road
Tsim Sha Tsui KL
Hong Kong
Email: zhangkangb@yutong.com

15. THM Comercio E Servico De       Contingent            $176,704
Automoveis Ltda.                    Litigation
Avenida Almirante
Alexandrino De
Al, 951 Natal (RN)
Sao Paolo, Brazil
Tel: (84) 3243-2326
Email: helderlane@hotmail.com

16. Consuelo Alvarez Arcos          Contingent            $172,985
Av. Los Carrera 419                 Litigation
El Monte
Chile

17. Curifor S.A.                    Trade Debt            $153,350
Av. Vicuna Mackenna 5951
Santiago La Florida,
Region Metropolitana
Chile
Email: acalderon@curifor.com

18. Bharat Comercial                Contingent            $132,628
Servicos E                          Litigation
Veiculos Ltda.
Estrada Br-101 Norte
Contorno
w/o Num. KM 291
Cariacica 22184
Spain
Tel: (27) 3346-2783
Fax: (27) 3346-2790

19. Arena Chile S.A.                Trade Debt            $128,603
Almirante Pastene #333
Piso 2 Providencia, Chile
Email: elisa.alcaino@havasmg.com

20. DHL Worldwide Express Chile     Trade Debt            $115,435
Limitada
Rio Itata 9651 Santiago
Pudahuel Region Metropolitana
De Santiago
Chile
Email: carolina.m.rodeigues@dhl.com

21. Sobre Ruedas Comercio De        Contingent            $111,670
Veiculos E Pecas Ltda.              Litigation
Rua Francisco Marques
Fonseca, 621
Bayeux, PB 58308-001
Brazil
Tel: (83) 98787-8173

22. Agencia De Aduanas              Trade Debt             $96,918
Felipe Serrano
Solar Y Compania Limitada
Dr. Manuel Barros Borgono 225
Santiago Providencia Region
Metropolitana De Santiago
Chile
Email: fserranom@fss.cl

23. Amorin Abogados SAS            Professional            $86,436
Of. 705 Punta Carretas Tower         Services
Peatonal Continuacion, DR
Bolivar Balinas
Montevideo 11300
Uruguay
Email: info@amorin.uy

24. Transportes                     Contingent             $84,317
                                    Litigation

25. Transportes Transauto Ltda.     Trade Debt             $82,148
Ruta 68 KM 16,5
Santiago, Chile
Email: rchavez@transauto.cl

26. Giser S.A.                      Trade Debt             $75,904
Roger De Flor 2736 81
Santiago
Las Condes Region
Metropolitana De Santiago
Chile
Email: zcartagena@giser.cl

27. Roxana Diaz Arce                Contingent             $69,453
Condominio Sta. Teresa              Litigation
Parcela 35
Isla De Maipo
Chile

28. World Car Veiculos              Contingent             $63,624
Ltda.                               Litigation
Avenida Vereador Reynaldo
Figueiro Bastos 4
Pocos De Calda, MG
Brazil

29. Cargo Trader Limitada           Trade Debt             $61,927
Santa Rosa 282
Santiago, Chile
Email: trafico@pdq.cl

30. Citytime Import                 Trade Debt             $61,879
Export Limitad
Zofriautos Primer Nivel 3
Depto Local Villa POB
Pabellon AU
Iquique, Chile
Email: dgrinspun@citytime.cl

AUTOMOTORES GILDEMEISTER: To Cut $200MM in Debt Under Revamp Plan
-----------------------------------------------------------------
Aisha Al-Muslim at The Wall Street Journal reports that Latin
American vehicle importer and distributor Automotores Gildemeister
SpA has filed for bankruptcy protection in the U.S. with a
prepackaged reorganization plan to cut about $200 million in debt.

The Santiago, Chile-based company, along with 12 affiliates, filed
for chapter 11 in the U.S. Bankruptcy Court in New York.  The
privately held company had warned earlier this month that it would
file for reorganization in the U.S. with support from its
international noteholders, according to The Wall Street Journal.

The bankruptcy includes its businesses in Chile, Uruguay and
Brazil, and excludes the operations in Peru and Costa Rica.

Automotores Gildemeister, or AG, imports, distributes and sells new
and used vehicles, provides maintenance and repair services, and
brokers insurance and financing services, the report notes.  The
company sells 12 brands, primarily Hyundai, through 70
company-owned vehicle dealerships, including 46 in Chile, 19 in
Peru, 3 in Uruguay and 2 in Costa Rica. It also distributes
vehicles to 158 franchised dealerships in Chile and Peru.

The company has struggled financially due the Covid-19 pandemic and
related government-mandated lockdowns, the sustained increase in
the currency exchange rate in recent years and social unrest in
Chile in October 2019 that have sapped consumer confidence and
eroded demand for vehicles, according to court papers, the report
relays.

Before the pandemic, unit sales and revenue were declining over
macroeconomic conditions and rising competition, the company said,
the report discloses. Revenue was $677.3 million in 2020, down from
$1.07 billion in 2019.

Ricardo Lessmann, the president and chief executive of AG, owns a
stake in Minvest SA, the company's controlling shareholder.

AG, which valued its assets at $500 million to $1 billion, said it
had outstanding debt of about $566.7 million, as of Dec. 31, the
bulk involving its 7.5% senior secured notes due 2025, the report
notes.

Before filing for bankruptcy, the company entered into a
restructuring support agreement with holders of about 79.6% of
those notes to support the prepackaged reorganization plan, the
report relays.  An ad hoc group of consenting noteholders have
agreed to provide $23.6 million in bankruptcy financing to the
company, the report discloses.

Under the proposed plan, the reorganized company will cancel the
existing notes and issue new subordinated notes, the report relays.
The plan also proposes to pay all unsecured creditors in full.
The deadline for creditors to vote on the plan is May 7.

William Sugden, a lawyer who represents holders of a majority of
8.25% senior notes and plans to contest the company's plan, said it
would extend maturities for 14 years and reduce the amount due on
senior notes by almost 80%, the report relays.

"My clients believe that AG is attempting to do this in a way that
minimizes the likelihood that holders of senior notes-most of whom
may be retail Chilean investors-will even understand what is going
on before it is too late," Mr. Sugden said in a statement.

The company has hired law firm Cleary Gottlieb Steen & Hamilton
LLP, financial advisory firm Rothschild & Co. US and turnaround
consulting firm FTI Consulting Canada ULC.

LATAM AIRLINES: Lessor AerCap Reportedly Seeking to Sell Claims
---------------------------------------------------------------
Jeremy Hill of Bloomberg News reports that aircraft lessor AerCap
Holdings NV is looking to sell legal claims against Latam Airlines
Group SA that may arise as the air carrier trims its fleet in
bankruptcy, according to people with knowledge of the matter.

The claims -- a result of aircraft lease terminations and potential
re-negotiations -- could total more than $1 billion, according to
the people, who asked not to be identified discussing details of
the private auction.  Latam Airlines has already moved to terminate
a number of leases tied to AerCap and the total value of the
claims.

                     About LATAM Airlines

LATAM Airlines Group S.A. -- http://www.latam.com/-- is a
pan-Latin American airline holding company involved in the
transportation of passengers and cargo and operates as one unified
business enterprise.   

LATAM Airlines Group S.A. is the largest passenger airline in South
America. Before the onset of the COVID-19 pandemic, LATAM offered
passenger transport services to 145 different destinations in 26
countries, including domestic flights in Argentina, Brazil, Chile,
Colombia, Ecuador and Peru, and international services within Latin
America as well as to Europe, the United States, the Caribbean,
Oceania, Asia and Africa.

LATAM Airlines Group S.A. and its 28 affiliates sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25,
2020.  Affiliates in Chile, Peru, Colombia, Ecuador and the United
States are part of the Chapter 11 filing.

The Debtors disclosed $21,087,806,000 in total assets and
$17,958,629,000 in total liabilities as of Dec. 31, 2019.

The Hon. James L. Garrity, Jr., is the case judge.

The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as general
bankruptcy counsel; FTI Consulting as restructuring advisor; and
Togut, Segal & Segal LLP and Claro & Cia in Chile as special
counsel.  Lee Brock Camargo Advogados is the Debtors' local
Brazilian litigation counsel to the Debtors.  Prime Clerk LLC is
the claims agent.

The Official Committee of Unsecured Creditors formed in the case
tapped Dechert LLP as its lead counsel, UBS Securities LLC, as
investment banker, and Conway MacKenzie, LLC. Klestadt Winters
Jureller Southard & Stevens, LLP is the conflicts counsel.  Ferro
Castro Neves Daltro & Gomide Advogados is the Committee's
Brazilian
counsel.

The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as
counsel.



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C O L O M B I A
===============

AVIANCA HOLDINGS: To Seek $1.8BB With Bankruptcy Exit in Sight
--------------------------------------------------------------
Ezra Fieser at Bloomberg News reports that Avianca Holdings SA
plans to raise $1.8 billion to repay debt and provide new financing
as the Colombian airline eyes an exit from the bankruptcy
reorganization it was forced into last year during the
pandemic-driven travel collapse.

The air carrier retained Seabury Securities LLC to help raise the
exit financing, likely a combination of debt and equity, the
company said in a regulatory filing, according to Bloomberg News.
Avianca said it will repay $1.4 billion in bankruptcy loans and
have around $1 billion in liquidity when it emerges from the
reorganization at some point this year, Bloomberg News relays.

Avianca was Latin America's second-largest airline before the
Covid-19 pandemic slowed air travel to a trickle last year, leading
it to file for Chapter 11 protection in a New York court in May.
Latam Airlines Group SA and Mexico's Grupo Aeromexico SAB were also
forced into bankruptcy as the region suffered one of the world's
sharpest drops in flights, Bloomberg News notes.

In addition to the $1.4 billion in loans it plans to refinance,
Avianca raised $900 million from a group of investors including
United Airlines, hedge fund Citadel Advisors LLC and Salvadoran air
mogul Roberto Kriete, Bloomberg News says.  The company is
negotiating final terms to convert that tranche into equity as it
builds its new capital structure, Bloomberg News relates.  It's
"still not possible to know" whether the value of existing shares
will be diluted, according to the filing, Bloomberg News notes.

When it emerges, Avianca signaled that its costs will be cut
drastically, Bloomberg News relays.  It said some 300 initiatives
will save $500 million annually, helping cut leverage to below
three times Ebitda from 5.8 times as of the end of 2019, Bloomberg
News notes.

The case is Avianca Inc., 20-11133, U.S. Bankruptcy Court for the
Southern District of New York (Manhattan).

                        About Avianca

Avianca -- https://aviancaholdings.com/ -- is the commercial brand
for the collection of passenger airlines and cargo airlines under
the umbrella company Avianca Holdings S.A.  Avianca has been flying
uninterrupted for 100 years.  With a fleet of 158 aircraft, Avianca
serves 76 destinations in 27 countries within the Americas and
Europe.

Avianca Holdings S.A. and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No.
20-11133) on May 10, 2020. At the time of the filing, Debtors
disclosed $7,273,900,000 in assets and $7,268,700,000 in
liabilities.  

Judge Martin Glenn oversees the cases.

The Debtors tapped Milbank LLP as general bankruptcy counsel;
Urdaneta, Velez, Pearl & Abdallah Abogados and Gomez-Pinzon
Abogados S.A.S. as restructuring counsel; Smith Gambrell and
Russell, LLP as aviation counsel; Seabury Securities LLC as
financial restructuring advisor and investment banker; FTI
Consulting, Inc. as financial restructuring advisor; and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The U.S. Trustee for Region 2 appointed a committee of unsecured
creditors in Debtors' bankruptcy cases on May 22, 2020.

As reported in the Troubled Company Reporter-Latin America on March
24, 2021, Fitch Ratings has affirmed the ratings of Avianca
Holdings S.A.'s (Avianca) Foreign and Local Currency Issuer Default
Ratings (IDRs) at 'D'. Avianca's bond issuances have also been
affirmed at 'C'/'RR6'.



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

[*]JAMAICA: $800K IDB Lab to Strengthen Jamaican Youth Competencies
-------------------------------------------------------------------
Some 1,200 unemployed and underemployed youth between the ages of
17 and 34, are set to benefit from a special IDB Lab programme
aimed at strengthening economic opportunities and enhancement of
their digital, business, and interpersonal skills. Youth will also
access job opportunities through highly practical project-based
learning and employability skills enabling them to function as
independent workers and social entrepreneurs.

"Jamaica has a plethora of talent which needs to be channeled into
productive activities. Strengthening the digital and interpersonal
skills of unemployed and underemployed youth with low incomes, as
well as aligning them with job opportunities and entrepreneurship,
will go a far way in easing the frustration which they are
currently experiencing," said Therese Turner-Jones, IDB Jamaica
Country Representative and General Manager for the Caribbean
Country Department.

Jamaica, which has made great progress and economic reforms in
recent years after a long period of instability, has seen the
pandemic undermine much of its economic activity and foreign
exchange, mainly from tourism. The impact on companies, together
with rapid technological advancements have made it challenging for
some companies to keep pace and provide the requisite training to
their workforce. This has aggravated the socioeconomic risk of
young people, exacerbated inequalities, and contributed to higher
unemployment.

The programme will be funded with IDB investment of US $800,000
through a non-refundable technical cooperation. It will be executed
by the non-profit entity, The Trust for the Americas, which, in
association with Microsoft, Citi and NCB Foundations, will invest
more than US $1,000,000 in financial and in-kind resources.

"We are specially targeting vulnerable communities. Women are
undergoing severe challenges and hardship in the wake of the
pandemic. We are working to have at least 50 % young women become
beneficiaries under the programme," explained Turner-Jones.

The programme aims to increase the productivity of SMEs and the
sectors that present the greatest challenges and opportunities for
innovation. These include tourism, manufacturing, and food
processing.

The program will also assist youth with career guidance and
preparation services for interviews, self-employment as well as
entrepreneurship support such as mentorship. Job placement services
will connect beneficiaries with small and medium-sized enterprises.
It is expected that the project will be replicated in other
Caribbean countries.



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

TRINIDAD & TOBAGO: Seerattan Says TT-US Dollar Rate Must Depreciate
-------------------------------------------------------------------
Trinidad and Tobago Newsday reports that UWI research fellow Dr
Dave Seerattan said there is no question that the country's
exchange rate needs to be depreciated.  How it will be done is the
question the country's leaders must ask themselves, according to
Trinidad and Tobago Newsday.

This was the view of Dr Seerattan at the University of the West
Indies' (UWI) Department of Economics' Demas-Rampersad Seminar
Series called Foreign Exchange Challenges in TT: What are the real
implications?

"You want the rate to descend very slowly and imperceptibly . . .
It allows the economic agents to the country to adjust without the
country falling off the face of the cliff," he said, notes the
report.

Seerattan said he remembered a time when the country's exchange
rate dropped from $6.33 to $6.45 to one US dollar for almost five
years, the report notes.

"Nobody recognised really that the rate had moved from $6.33 to
$6.45, and to me that is the most effective thing, you don't have
this grand drama about the reason why we are moving from here to
there immediately because that is going to do all kind of damage,
the report relates.  That is a recipe for disaster."

He said by incrementally dropping the rate people become accustomed
to the adjustment and are able to effectively plan how they spend
money on their children, what they can buy, the amount of money
they invest in and other planning, the report discloses.

He said judging by black market forex rates, the exchange rate
should be between $8 to $10 to one US dollar. In 2017 the
International Monetary Fund said the TT dollar was 43 per cent
over-valued, the report says.

"If you do that in the metrics you might have to go close to ten,"
Seerattan added.

Former deputy governor of Central Bank Dr Terrence Farrell said
TT's forex earnings by exports have dropped, the report notes.
Since the country still depends on oil and natural gas as a primary
revenue earner, the country is experiencing the decrease in forex
because of its refusal to adapt, particularly to green energy, the
report relays.

"The Netherlands is doing it. Scotland is doing it. Arab countries
like Saudi Arabia are doing it because they understand that fossil
fuels are terminal, but we continue to hold on to this idea that
the price of gas is going to rebound," he added.


                           *********


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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