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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

          Wednesday, June 30, 2021, Vol. 22, No. 124

                           Headlines



A R G E N T I N A

ARGENTINA: To Pay $430 Million to Paris Club, Avert Default


B O L I V I A

BOLIVIA: Covid-19 Had Devastating Effects in Economy, IMF Says


B R A Z I L

BRAZIL: Current Account Deficit Shrinks to Smallest in Over 13 Yrs.
BRAZIL: Mid-June Inflation Rises Above 8%


C H I L E

VTR FINANCE: S&P Alters Outlook to Stable & Affirms 'B+' ICR


J A M A I C A

[*] JAMAICA: Samuda Suggests Initiatives to Up Labor Productivity


P U E R T O   R I C O

DESTILERIA NACIONAL: Bid for Voluntary Case Dismissal Denied
HOSPEDERIA VILLA: Has Deal on Cash Collateral Use Thru July 31


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Implements Measures to Reverse Revenue Decline


X X X X X X X X

[*] LATAM: COVID Pushed Millions Into Poverty in Region

                           - - - - -


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A R G E N T I N A
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ARGENTINA: To Pay $430 Million to Paris Club, Avert Default
-----------------------------------------------------------
Jorgelina Do Rosario at Bloomberg News reports that Argentina will
make a $430 million payment to the group of wealthy government
creditors known as the Paris Club, avoiding a default after missing
a $2.4 billion maturity last month.

Argentina's Economy Minister Martin Guzman said that the country
came to an understanding with the group and will have until March
31 to renegotiate the remainder of the debt, according to Bloomberg
News.  The country will pay part of the $430 million before the end
of July and the rest sometime next year. Guzman didn't specify the
amount of each payment, Bloomberg News notes.

"We have reached an understanding with the Paris Club to get a time
bridge that will allow us not to default on July 31," Guzman said
in a press conference, referencing the end of a grace period on its
missed payment, Bloomberg News relays.  "This time horizon gives us
more security," Guzman added.

Bloomberg News says that the club will spare Argentina from default
with the expectation that the country can first rework a $45
billion credit with the International Monetary Fund, according to a
person familiar with the matter, who asked not to be named because
talks are private.  The decision to make the partial payment was
first reported by Bloomberg News.

President Alberto Fernandez's administration is seeking to avoid a
damaging default so it can refinance this debt after reworking a
deal with the IMF, which is already taking longer than initially
expected, Bloomberg News notes.  Germany, Japan, U.K., U.S., Italy,
Spain and Canada are among the 16 creditor countries owed as part
of the Paris Club deal, Bloomberg News relays.

The government will continue in-person talks with IMF
representatives at the meeting of the G-20 that will be held in
Italy in July, Guzman added, Bloomberg News relays.  Fernandez and
Guzman toured European countries including Spain, Portugal and
France over the past months to pave the way for this agreement,
Bloomberg News relates.

The country entered the debt's 60-day grace period to reach an
understanding with the informal group of creditors after requesting
more time to work out an arrangement, Bloomberg News notes.  The
minister noted that the March 2022 deadline with the Club won't
have any impact on the timeline for IMF negotiations.

Argentina's global bonds due in 2030 pared an intra-day decline to
trade at 37.4 cents on the dollar, versus 37.15 before the news,
Bloomberg News says.

Argentina has requested nine credit lines to the Paris Club since
1956.

With no access to international debt markets, Argentina achieved
this temporary time waiver after three years of recession. The
country, which is the biggest exporter of soy products, is getting
a boost from the rally in agricultural commodity prices, Bloomberg
News notes.  Still, it has to face several other large loans that
are set to mature later this year -- including $753 million in
interest payments and $3.8 billion in principal owed from the
country's failed 2018 program with the IMF, Bloomberg News 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.

Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.

Moody's credit rating for Argentina was last set at Ca on Sept.
28, 2020.  Fitch's credit rating for Argentina was last reported on
Sept. 11, 2020 at CCC, which was a rating upgrade from CC.  DBRS'
credit rating for Argentina is CCC, given on Sept. 11, 2020.  

As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors.  The first
restructuring involved $65 billion in foreign-law bonds.  The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds.  DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.

DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement.  Formal negotiations on the new financing
began in November 2020.  Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.




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B O L I V I A
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BOLIVIA: Covid-19 Had Devastating Effects in Economy, IMF Says
--------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV consultation with Bolivia on June 14,
2021.

The IMF Board relates that the Covid-19 pandemic has had
devastating effects in Bolivia, causing unprecedented disruptions
and tragic loss of life, with over 15,000 deaths and 400,000 cases
reported so far. The necessary quarantine imposed in March 2020
restricted mobility and access to work, and output declined in all
sectors except agriculture, leading to an 8.8 percent contraction
in GDP in 2020. Dampened import demand brought about an improvement
in the current account, which tightened by 3 percentage points to
1/2 percent of GDP. The slowdown in growth and falling food prices
compressed inflation to 0.9 percent in 2020.

To combat the pandemic, the authorities increased public health
outlays and provided support to households, businesses, and the
financial sector. One-off expenditures on direct relief programs,
such as the Bono Contra el Hambre, and heightened expenditures on
the health sector and social support, helped to mitigate the impact
of the pandemic. The cyclical downturn decreased revenues,
increasing the public sector deficit to 12.7 percent of GDP in
2020. The fiscal expansion contributed to a fall in international
reserves, which declined from US$6.5 billion at end-2019 to US$4.7
billion at end-March 2021.

The economy is expected to rebound in 2021, growing by 5.0 percent,
supported by the authorities' program to vaccinate the full adult
population as quickly as possible. Higher international commodity
prices are expected to boost the recovery in the mining and
hydrocarbons sectors, while growth in the agricultural sector
should remain strong. Modest improvements in the fiscal deficit in
2021 are projected, supported by recovering revenues, progressive
withdrawal of COVID-19-related one-off expenditure items, and a
slowdown in wage growth and spending on goods and services.

Risks to the outlook include uncertainties over the course of the
pandemic and the pace of vaccinations in Bolivia and its main
trading partners, and over the projected rise in global commodity
prices. Reliance on financing from international markets could
expose Bolivia to changes in external financing conditions, while
Covid-19-related loan payment deferrals may increase financial
stability risks.

                  Executive Board Assessment

Executive Directors commended the Bolivian authorities for their
proactive response to the pandemic, including the fiscal support to
households and businesses, enhanced support to the health sector,
and their strong efforts to increase vaccination. While Directors
agreed that macroeconomic policies should continue supporting the
recovery in the near term, they also emphasized the importance of
safeguarding medium-term fiscal and external sustainability while
fostering a more inclusive, greener economy.

Directors commended the authorities' strong fiscal response to the
crisis. They recommended sustaining the necessary targeted
financial support for affected households while the health crisis
endures. At the same time, Directors stressed the need to place
near-term policy efforts in the context of a clear medium-term plan
that brings the fiscal deficit to a sustainable level over the
medium term and stabilizes the debt-to-GDP ratio. They emphasized
that the fiscal consolidation should include measures to mobilize
revenue and to rationalize and refocus expenditure to continue
improving social welfare and reducing poverty.

Directors noted the authorities' preference for maintaining the
current exchange rate regime, which has resulted in low and stable
inflation. At the same time, they encouraged the authorities to
further explore the potential benefits of, and needed preconditions
for, carefully allowing greater exchange rate flexibility over the
medium term, noting that this transition would require substantial
preparatory work but could increase resilience to exogenous shocks,
forestall a further loss of reserves, and increase competitiveness
of non-hydrocarbon industries. Directors welcomed the support
provided to the financial sector during the pandemic through a
loan-deferral program, and encouraged the supervisory authority to
strengthen its monitoring of bank profitability, liquidity, and
capital while the moratoria are in effect.

Directors encouraged the authorities to implement structural
reforms that foster private domestic investment and foreign direct
investment. To this end, they recommended phasing out price and
export restrictions, relaxing credit quotas and interest rate caps,
reducing subsides to state-owned enterprises in the hydrocarbon
sector, and addressing social equity concerns through targeted
fiscal support. Directors noted that addressing governance issues
and uncertainty in the regulatory environment is crucial to support
job creation and boost long-term growth.

Directors commended the impressive reduction in poverty achieved
since the mid-2000s and noted that continued progress in poverty
alleviation will depend on increasing support to the education and
public health systems. They welcomed the authorities' ongoing
investment in greener energy sources to diversify domestic energy
consumption away from fossil fuels, provide new sources of revenue,
and bolster the economic recovery.

As reported in the Troubled Company Reporter-Latin America on March
26, 2021, S&P Global Ratings revised its rating outlook on Bolivia
to negative from stable. At the same time, S&P affirmed its 'B+'
long-term foreign and local currency sovereign credit ratings and
our 'B' short-term foreign and local currency ratings. The transfer
and convertibility assessment is unchanged at 'B+'.




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

BRAZIL: Current Account Deficit Shrinks to Smallest in Over 13 Yrs.
-------------------------------------------------------------------
Rio Times Online reports that Brazil's balance of payments position
with the world improved again in May, Central Bank figures showed
on June 25, as the second consecutive monthly current account
surplus shrank the rolling 12-month deficit to its smallest in more
than 13 years.

Latin America's largest economy also attracted a combined US$7.2
billion of foreign direct investment and portfolio inflows into its
domestic stock and bond markets in the month, the figures showed,
according to Rio Times Online.

The narrowing current account deficit and consistent capital
inflows recently have helped propel a rapid rise in the exchange
rate, the report notes.

           About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).


BRAZIL: Mid-June Inflation Rises Above 8%
-----------------------------------------
Rio Times Online reports that Brazilian consumer inflation, driven
by strong rises in gasoline and electricity prices, rose above 8%
through mid-June for the first time in almost five years, figures
showed on June 25.

The IPCA-15 annual price index rose to 8.1% from 7.3% a month
earlier, statistics agency IBGE said, another sharp rise that shows
why the Central Bank again raised interest rates aggressively to
try and keep 2022 inflation expectations in check, according to Rio
Times Online.  That was the highest inflation level since October
2016, just shy of the 8.2% median forecast, the report relays.

           About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020).  Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021.  Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020).  S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020.  Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).




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C H I L E
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VTR FINANCE: S&P Alters Outlook to Stable & Affirms 'B+' ICR
------------------------------------------------------------
S&P Global Ratings, on June 24, 2021, revised its outlook on VTR
Finance NV (VTR) to stable from positive. S&P also affirmed its
'B+' issuer credit rating on VTR Finance, 'B' issue-level rating on
its senior notes, and 'B+' issue-level rating on VTR Comunicaciones
SpA's senior secured bonds.

The stable outlook reflects the postponement of the incorporation
of Costa Rican operations and weaker-than-expected credit metrics.
S&P believes that amid intense competition in chile's fixed
telecommunication market, the company will post flat revenue and
tighter EBITDA margins in 2021 and will resume growth only in
2022.

VTR is Chile's largest pay-TV and a leading broadband provider with
almost 2.9 million revenue generating units (RGUs), revenue of
CLP626 billion, and S&P adjusted EBITDA of CLP225 billion during
the 12 months ended March 31, 2021.

In 2020, VTR Finance's parent, Liberty Latin America Ltd. (LLA),
announced that it intended to shift its 80% stake in Cabletica,
which it acquired in October 2018, to VTR Finance. However, the
integration has been postponed for several quarters, and S&P
assumes it won't be completed before the first quarter of 2022.
Therefore, S&P's base-case forecasts are based now on VTR's
stand-alone metrics in 2021, resulting in persistently
higher-than-expected leverage and weaker free cash flow
generation.

S&P said, "If completed, we believe the integration could slightly
improve VTR's credit profile through greater scale,
diversification, exposure to an attractive market with strong
growth prospects and somewhat less competitive than the Chilean
one, and incorporation of a less leveraged asset." Cabletica is the
leading pay-TV (a 25% market share) and second-largest broadband
operator (20%) in Costa Rica. The company has 450,000 RGUs, which
will add to VTR's 2.9 million RGUs. Additionally, in July 2020, LLA
entered into an agreement to acquire Telefonica's wireless
operations in Costa Rica, which is pending regulatory approvals.
Management expects to complete the transaction during 2021, and it
would be integrated into Cabletica. Given that Telefonica is the
second-largest mobile operator in Costa Rica, Cabletica will have a
quadruple play offering following the consolidation, and will
likely become the second-largest telecom player in the market
behind the state-owned incumbent ICE. Once incorporated into VTR's
credit pool, we estimate Cabletica (after the acquisition of
Telefonica Costa Rica) could add CLP310 billion - CLP340 billion in
revenues and CLP100 billion - CLP110 billion in EBITDA to VTR.

In fiscal 2020, VTR's revenue declined 3% mostly due to net
subscriber losses in the second half of the year. The company faced
some customer service challenges following a spike in bandwidth
demand during the weeks of more strict mobility restrictions in
Chile. These, combined with a very competitive market, elevated
churn and pressured ARPUs.

Since the entrance of a fourth player in Chile's mobile segment,
competition has remained intense while the main operators have
increasingly focused on the fixed segment and investing in
broadband capabilities. To mitigate the losses and improve customer
experience, VTR has taken several initiatives that will require
higher commercial and network-related costs and investments, which
would weigh on margins and cash flows. S&P said, "Therefore, we
believe the 2021 results will still be impacted by carryover
effects from the loss of subscribers in 2020, lower ARPUs to defend
customer base amid intense competition, and greater costs and
expenses. However, we expect the company's initiatives will result
in a recovery towards the second half of the 2021. Overall, we
expect revenue to remain flat and adjusted EBITDA to drop about 10%
year-over-year to CLP220 billion - CLP225 billion in 2021, keeping
the leverage metric at 4.5x-5.0x, which will be above the
historical level."




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J A M A I C A
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[*] JAMAICA: Samuda Suggests Initiatives to Up Labor Productivity
-----------------------------------------------------------------
RJR News reports that Jamaica Minister of Labour and Social
Security Karl Samuda has said Jamaica must actively seek to
implement transformative initiatives that can position the local
labour force to generate and maintain sustainable productivity
gains.

Mr. Samuda said this can be accomplished with careful attention to
areas such as labour market reform, education, infrastructure that
supports technology adoption, targeted investments in research and
development as well as reallocating resources to higher value-added
production, according to RJR News.

Noting fluctuations in Jamaica's productivity levels over the
years, Mr. Samuda said the Government has recognised that Jamaicans
need to collectively participate in the process by becoming more
flexible and adaptable, particularly in the new working
environment, the report notes.

                      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.

Fitch Ratings affirmed in March 2021 Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+', with a stable
outlook.  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).  

According to Fitch, Jamaica 'B+' rating is supported by World Bank
Governance Indicators that are substantially stronger than the 'B'
and 'BB' medians, a favorable business climate according to the
World Bank Doing Business Survey, moderate inflation and moderate
commodity dependence. These strengths are balanced by vulnerability
to external shocks, a high public debt level and a debt composition
that makes the sovereign vulnerable to exchange rate fluctuations.

The Stable Outlook is supported by Fitch's expectation that the
public debt level will return to a firm downward path
post-pandemic, which is underpinned by political consensus to
maintain a high primary surplus, the resilience of external
finances, and stronger economic policy institutions.




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P U E R T O   R I C O
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DESTILERIA NACIONAL: Bid for Voluntary Case Dismissal Denied
------------------------------------------------------------
Bankruptcy Judge Enrique D. Lamoutte denied Destileria Nacional,
Inc.'s request for voluntary dismissal of its Chapter 11 case.
"Based upon the analysis herein, the court finds that the Debtor's
position that 'cause' exists to dismiss the instant case because
there is a lack of a bankruptcy purpose is not supported by the
current financial condition of the Debtor in which it currently is
unable to keep current on its monthly operating expenses coupled
with the fact that there has been no substantial reduction in
claims which could potentially have contributed to a greater
economic value of the debtor outside of bankruptcy and which would
have resulted in the best interests of the creditors," Judge
Lamoutte said.

In February 2021, the Court denied confirmation of the Debtor's
Chapter 11 Small Business Plan, holding that the Plan cannot be
confirmed as no class of creditors has accepted the Plan.  The
Court also said the Debtor's disclosure statement is not finally
approved as it fails to disclose the value of the Debtor's business
and fails to address the impact of the Court's prior decision
concluding that the amounts owed to Banco Popular de Puerto Rico
are an administrative claim.

A copy of the Court's June 21, 2021 Opinion and Order is available
at:

          https://www.leagle.com/decision/inbco20210622662

                    About Destileria Nacional

Destileria Nacional, Inc., a beer manufacturer headquartered in
Guaynabo, P.R., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 20-01247) on March 6,
2020.

At the time of filing, the Debtor estimated between $100,001 and
$500,000 in assets and between $500,001 and $1 million in
liabilities.  Judge Enrique S. Lamoutte Inclan oversees the case.
Then Debtor hired Isabel Fullana-Fraticelli & Asoc. PSC as its
legal counsel.


HOSPEDERIA VILLA: Has Deal on Cash Collateral Use Thru July 31
--------------------------------------------------------------
Hospederia Villa Verde, Inc. and secured creditor YAJAD 77, LLC
advised the Bankruptcy Court that they have reached an agreement
regarding Hospederia Villa Verde's use of cash collateral and now
desire to memorialize the terms of this agreement into an agreed
order.  The parties agree that the Debtor may continue using cash
collateral on an interim basis through July 31, 2021, in accordance
with the budget.

On June 30, 2010, the Debtor and Banco Santander Puerto Rico YAJAD
77's predecessor in interest -- entered into a Loan Agreement,
whereby BSPR extended a $950,000 credit facility to Delmarie Fe
Adelaida Rivera Santiago.  The principal amount due to BSPR under
the Loan Agreement is further evidenced by a $950,000 promissory
note dated June 30, 2010, also executed by the Debtor, as joint and
several guarantor, in favor of BSPR.

To secure the prompt payment of the obligations in the Loan
Agreement, on June 30, 2010, the Debtor and the Secured Creditor
executed a Pledge Agreement -- Demand Mortgage Note in favor Banco
Santander Puerto Rico, or to its order, in the principal amount of
$300,000, accruing 8.75% in annual interests, due on demand,
executed on June 30, 2010 -- pursuant to which the Debtor pledged
and granted to the Secured Creditor a first priority security
interest over the mortgage note.  The Mortgage Note pledged in
favor of BSPR encumbers Property No. 16,158.

On June 30, 2010, the Debtor entered into a General Assignment of
Rents with BSPR pursuant to which the Debtor, as a joint and
several guarantor under the Loan Agreement, granted BSPR a first
priority security interest in all of the Debtor's rights, titles,
and interests in relation to the rents to be generated by Property
No. 16,158.

On February 6, 2012, due to the Debtor and co-debtor Delmarie
Rivera Fernandez's failure to tender payments to BSPR, the bank
filed a Complaint in the Superior Court of Puerto Rico, San Juan
section against, among others, the Debtor, for collection of monies
and foreclosure, under Case No. KCD2012-0276.  On September 20,
2012, the State Court issued a default judgment against, among
others, the Debtor, finding that the principal amount of
$929,652.64 was outstanding and due to BSPR, plus $20,354.93 in
interests up to the date of the filing of the complaint, $95,000 in
legal
costs and fees and attorneys' fees, and $2,518.56 in late fees.

Co-debtor, Delmarie Rivera Fernandez, filed for bankruptcy on April
20, 2018, staying the State Court case. The reorganization plan in
Bankruptcy Case 18-02153, covering partially BSPR's claim, was
confirmed on October 11, 2019.

After the plan confirmation on Bankruptcy Case 18-02153, the State
Court Case continued and on August 4, 2020, YAJAD filed a Motion
for Substitution of Parties before the State Court, whereby it
requested to substitute BSPR after it had acquired all rights and
interests in the State Court Judgment from BSPR.

Upon the Secured Creditor's request to continue foreclosure
proceedings in the State Court Case, on December 4, 2020, the State
Court issued an Order of Execution of Judgment and Writ of
Execution of Judgment, ordering the State Court Marshalls to sell,
at a public auction, the Mortgage Note pledged in favor of the
Secured Creditor and Property No. 16,158, to satisfy the State
Court Judgment. The first auction for the public sale of the
Mortgage Note and Property 16,158 was scheduled to take place April
5, 2021.

In exchange for the interim use of YAJAD's Cash Collateral, the
Debtor will provide the Secured Creditor with an initial adequate
protection payment in the amount of $15,000 in immediately
available funds within two business days after the Bankruptcy Court
approves the parties' Stipulation. The Initial Adequate Protection
Payment will only cover the adequate protection payments for the
months of April, May and June 2021. Commencing in July 2021 and on
the 1st day of each consecutive calendar month, the Debtor will
make consecutive monthly payments of $5,000 directly to the Secured
Creditor as adequate protection.

The Debtor will, at all times, continue to insure Property No.
16,158, from which the rent receivables that comprise the Secured
Creditor's cash collateral are derived, with a loss payee
endorsement in favor of the Secured Creditor as mortgage creditor.
Furthermore, the Debtor will timely pay all post-petition real
property taxes of Property NO. 16,158. If the Debtor fails to pay
any amounts due for postpetition taxes on Villa Verde Inn, fails to
pay any consecutive adequate protection installment under the
stipulation, or to pay the balance of the $15,000 in adequate
protection arrears up to date as provided, the stay under 11 U.S.C.
section 362 will also be automatically and immediately lifted, if
the Debtor fails to cure the amount owed to YAJAD within seven days
of YAJAD filing a notice of default of any such payment due under
the agreement with the Bankruptcy Court.

The Secured Creditor will have a perfected postpetition senior
security interest in and against all the same categories of
existing prepetition collateral. The Replacement Liens will be
deemed effective and perfected as of the Petition Date without the
necessity of a court order and/or the execution or filing by the
Debtor or the Secured Creditor of any additional security
agreements, pledge agreements, financing statements or any other
agreements.

The Secured Creditor will have superpriority administrative expense
claim for an amount equal to any diminution in the value of its
Collateral as of the Petition Date.

A copy of the stipulation is available for free at
https://bit.ly/3qnMYOC from PacerMonitor.com.

                   About Hospederia Villa Verde

Hospederia Villa Verde, Inc., owner and operator of the Villa Verde
Inn, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D.P.R. Case No. 21-01015) on March 31, 2021, listing
$500,001 to $1 million in both assets and liabilities.  

Harold A. Frye Maldonado, Esq., at Frye Maldonado Law Office,
serves as the Debtor's legal counsel.

YAJAD 77, LLC, as secured creditor, is represented by:

     Hermann D. Bauer, Esq.
     Gabriel A. Miranda Rivera, Esq.
     O'NEILL AND BORGES LLC
     250 Munoz Rivera Avenue, Suite 800
     San Juan, PR 00918-1813
     Tel: (787) 764-8181
     Fax: (787) 753-8944
     E-mail: hermann.bauer@oneillborges.com
             gabriel.miranda@oneillborges.com




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T R I N I D A D   A N D   T O B A G O
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CARIBBEAN AIRLINES: Implements Measures to Reverse Revenue Decline
------------------------------------------------------------------
RJR News reports that Chief Executive Officer of Caribbean Airlines
(CAL), Garvin Medera, says measures being implemented by the
company to reverse the decline in revenue will not affect the
quality of service, safety and customer care.

CAL reported a TT$172.7 million loss as well as a 75 per cent
decline in revenue, compared to the same period in 2020, according
to RJR News.

In a statement, the airline, which has been hard hit by the
COVID-19 pandemic, said the figures represented its unaudited
financial results for the first quarter of 2021, the report notes.

Madera said the strategic restructure will focus on significant
cost reductions in all areas of  the airline's operations, the
report relays.

Caribbean Airlines announced a significant reduction in its
workforce with at least 450 jobs being cut, 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.

Caribbean Airlines is among many airlines whose business has been
greatly affected in 2020 by the slowdown of international travel
caused by the COVID-19 pandemic.  The government of Trinidad &
Tobago guaranteed a US$65 million loan for the airline, and that
funding has helped with the airlines' cash flow shortfall since May
2020.  In September 2020, the airline related it will be taking
cost-cutting measures to help keep it afloat.  The measures, which
was to affect some 1,700 employees, included salary deductions,
no-pay leaves and lay-offs.




===============
X X X X X X X X
===============

[*] LATAM: COVID Pushed Millions Into Poverty in Region
-------------------------------------------------------
RJR News reports that a new World Bank report says the COVID-19
pandemic pushed 4.7 million people out of the middle class and into
vulnerability or poverty in Latin America and the Caribbean last
year, likely reversing decades of social gains.

The World Bank said that the impact was even more dramatic if the
effect of a massive, temporary social transfer program in Brazil is
excluded from the projections, according to RJR News.

Without that offset from Brazil, a total of 12 million people
across the region slipped from the middle class in 2020, the report
notes.

The same holds true for poverty, the report relays.

Regionwide, there were 400,000 fewer poor in 2020, but without the
offset from Brazil, an estimated 20 million people fell into
poverty in 2020, with another 1.4 million increase due to
population growth, the report adds.



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

Troubled Company Reporter-Latin America is a daily newsletter
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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