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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

          Thursday, December 30, 2021, Vol. 22, No. 255

                           Headlines



A R G E N T I N A

ARGENTINA: Fails in Poverty Reduction Compared to Neighbors


B R A Z I L

BRAZIL: Industry Confidence Falls for 5th Consecutive Month
LOCALIZA RENT: Moody's Confirms Ba2 Rating amid Unidas Deal


C A Y M A N   I S L A N D S

CHINA FISHERY: Unsecureds Will Recover 2% to 10% Under Plan


C H I L E

[*] CHILE: IDB OKs $400M-Loan to Bolster Competitiveness & Growth


T R I N I D A D   A N D   T O B A G O

CARIBBEAN AIRLINES: Not Been Impacted by Flight Cancellations
TRINIDAD & TOBAGO: Government Gets Locals' Support for Safe Zones

                           - - - - -


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A R G E N T I N A
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ARGENTINA: Fails in Poverty Reduction Compared to Neighbors
-----------------------------------------------------------
Rio Times Online reports that twenty years after the great crisis
of 2001, a recent study by the Fundar Foundation and the Center for
Research and Social Action (CIAS) analyzed the evolution of social
spending in Argentina over the past two decades, outlined the
limited impact of the investment in fighting poverty, and compared
the impact of Argentina's public policies with the rest of Latin
America.

Prepared by Jesuit priest Rodrigo Zarazaga and political scientists
Andres Schipani and Lara Forlino, the study points to the
composition of social spending, according to Rio Times Online.

The study argues that, contrary to most of the region's countries,
the government has failed to reduce poverty in the past decade, the
report notes.  And he claims that this is not due to insufficient
public spending, but rather to how this spending is allocated,
among other reasons, the report relays.  The country also lags
behind in terms of informal employment, the report adds.

                        About Argentina

Argentina is a country located mostly in the southern half of South
America.  It's capital is Buenos Aires. Alberto Angel Fernandez is
the current president of Argentina after winning the October 2019
general election. He succeeded Mauricio Macri in the position.

Argentina has the third largest economy in Latin America.  The
country's economy is an upper middle-income economy for fiscal year
2019, according to the World Bank. Historically, however, its
economic performance has been very uneven, with high economic
growth alternating with severe recessions, income maldistribution
and in the recent decades, increasing poverty.

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 R A Z I L
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BRAZIL: Industry Confidence Falls for 5th Consecutive Month
-----------------------------------------------------------
Richard Mann at Rio Times Online reports that the Industry
Confidence Index (ICI) calculated by the Brazilian Institute of
Economics of the Getulio Vargas Foundation (FGV Ibre) fell for the
fifth consecutive month, 2.0 points in December, to 100.1 points,
the lowest level since August 2020 (98.7 points).  In quarterly
moving averages, it maintained the negative trend by falling 2.1
points, according to Rio Times Online.

The December result is pulled by a less favorable evaluation about
the current situation, as well as by more cautious expectations for
2022, the report discloses.  This result is explained by problems
that extended throughout the year, the report notes.

The month's result was influenced by a worsening of both the
evaluations about the current situation and the perspectives for
the coming months, the report says.

                         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.

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 2021 with stable outlook.  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. 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).


LOCALIZA RENT: Moody's Confirms Ba2 Rating amid Unidas Deal
-----------------------------------------------------------
Moody's Investors Service confirmed Localiza Rent a Car S.A.'s Ba2
global scale rating. The outlook was changed to stable from rating
under review. This concludes the review for upgrade initiated on
November 20, 2020.

The rating action follows Brazil's antitrust agency Conselho
Administrativo de Defesa Economica (CADE)'s decision on December
15, 2021 to approve the merger between Localiza and Unidas S.A.
(Unidas) with restrictions, including the sale of a portion of its
fleet, agencies and used car stores in the rent-a-car segment, the
divestiture of the Unidas brand, limitations on further inorganic
growth, among others.

The merger will be made through a share swap that will result in
the incorporation of Unidas by Localiza and will improve Localiza's
scale, bargaining strength and profitability due to cost synergies.
Despite the improvements, the restrictions imposed by CADE will
limit the upside potential in the company's profitability and
market share, especially in the car rental segment. Accordingly,
Localiza's credit metrics and cash generation will not immediately
change after the incorporation and the company will incur
integration and execution risks, implying a Moody's-adjusted
leverage of around 3-4x through growth cycles. Additionally,
Localiza will remain exposed to Brazil's economic environment and
local debt market to finance future fleet growth, which limits the
company's ability to be rated above Brazil's sovereign rating (Ba2
stable) at the closing of the transaction.

Confirmations:

Issuer: Localiza Rent a Car S.A.

  Corporate Family Rating, Confirmed at Ba2

Outlook Actions:

Issuer: Localiza Rent a Car S.A.

  Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

Localiza's Ba2 rating is supported by the company's stable
operating performance and cash flow, and resilient and flexible
business model, which helps it weather economic and auto market
slowdowns. Localiza's leading market shares in both car and fleet
rental segments in Brazil, and its improved scale and market share
after the merger with Unidas also support the rating. The company
has historically maintained robust profitability as a result of low
fleet maintenance requirements, high utilization rates, attractive
discounts from automobile manufacturers and expertise in the
used-car sale market. The rating also reflects the company's
adequate corporate governance practices and strong liquidity.

Conversely, Localiza's rating is constrained by the
capital-intensive nature of the car rental business, as well as its
lack of a significant international footprint, with virtually 100%
of revenues generated in Brazil. The company's rising gross
Moody's-adjusted leverage stemming from its fast growth strategy
and the integration and execution risks related to the merger
further constrains its rating.

Moody's estimates that Localiza will generate annual revenue of
about BRL15-17 billion and EBITDA margin between 25-30% after the
merger and restrictions imposed by CADE and will have a total fleet
of about 400-450 thousand cars, representing 40% to 45% of Brazil's
total car rental and fleet management sector. The merger will
increase the company's exposure to the fleet management segment,
which has a less flexible business model than the car rental
business, but that brings more stability to cash flows given the
existence of long-term contracts with clients.

Localiza's operating performance improved sequentially along with
the surge on Brazil's car rental demand since the bottom in April
and May 2020, with consolidated EBITDA increasing to BRL3.6 billion
in the twelve months ended September 2021, from BRL1.9 billion in
2020. Despite the demand drop in the car rental segment and the
closure of used car sales stores in Q2 2020 due to the pandemic,
the company's adjusted gross leverage declined with lower car
purchases related initially to the temporary suspension of
automotive production in Brazil during the pandemic and later to
the chip shortage, ending the 12 months that ended September 2021
at 3.1x (down from 4.3x at the end of 2020). The company's cash
position also remained strong at BRL3.5 billion as of September
2021 (compared to BRL4.0 billion as of year-end 2020) with the
lower growth capex, supporting net leverage ratios and covenant
compliance.

The company's gross leverage will increase slightly to around 3.5x
after the incorporation of Unidas, but the entity's combined cash
position will also increase with proceeds from the fleet disposal
required to comply with CADE's restrictions, which will help to
fund part of future organic growth. When the chip shortage in the
automotive sector stabilizes, Moody's expects Localiza's leverage
to increase again to close to 4x because of the sector's fast
growth pace and Localiza's strategy to finance part of the fleet
growth with debt. So far, the increase in Localiza's EBITDA has not
been sufficient to offset the debt-financed expansion of its fleet,
but with the synergy potential of the merger and rising yields and
tariffs coming from higher interest rates, the company's leverage
will decline over time and cash generation will increase.

LIQUIDITY

As of September 2021, Localiza reported BRL3.5 billion in cash and
cash equivalents on its balance sheet and BRL1.6 billion in debt
maturing until year-end 2022. In October 2021, Localiza issued
BRL2.0 billion in new debentures for liability management which
will improve liquidity further. Pro forma to the merger, Moody's
estimates that Localiza will have a cash position of around BRL8.0
billion (including proceeds from asset disposals, Unidas'
extraordinary dividend payment and short-term investments linked to
Unidas' shareholders tax expenses on the capital gain on the share
swap) and short-term debt of BRL3.0 billion. Additionally, the
company will have a consolidated fleet of about 400-450 thousand
vehicles (both in car and fleet rental divisions), mostly
unencumbered and with an estimated market value of above BRL20
billion, which is an alternative source of liquidity, especially
during economic downturns. The company's cash balance, alongside
its unencumbered fleet value, will cover the totality of the
combined total Moody's-adjusted debt of BRL19.6 billion. The
company's current high cash position and proven ability to sell
cars in a timely manner to raise cash mitigates the risks
associated with high leverage and covenant breach, as the company
can quickly adjust its cash position to offset the lower EBITDA
stream during economic downturns.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Localiza will
continue to grow while maintaining solid profitability and adequate
leverage and cash generation.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The rating could be downgraded if Localiza's liquidity deteriorates
because of weakness in operations and inability to sell used cars,
or if its car rental utilization rate decline to below 60% for an
extended period of time. A sustained deterioration in credit
metrics, measured by gross debt/EBITDA sustainably above 4.0x and
EBITDA interest coverage falling below 3.0x without prospects of
improvement could also lead to a downgrade. Finally, a downgrade of
Brazil's sovereign rating could result in a downgrade of Localiza's
rating.

Localiza's rating could be upgraded if the company is able to
increase its market share, geographic diversification and revenue,
while maintaining healthy credit metrics on a sustained basis. An
upgrade of Brazil's sovereign rating would also be required for an
upgrade of Localiza's rating.

COMPANY PROFILE

Founded in 1973 and headquartered in Belo Horizonte, Minas Gerais,
Brazil, Localiza operates car rental and fleet rental businesses
and has a used car sale business to deploy and renew its fleet in
Brazil. The company also franchises rental car operations in Brazil
and in five countries in South America. As of September 2021, the
company had a total fleet of 273,233 cars in Brazil and five other
countries. The company is the market leader in Brazil in terms of
car rental, with the largest number of car rental locations and
presence in all main Brazilian airports. In the 12 months ended
September 2021, the company reported net revenue of BRL11.1 billion
($2.1 billion) and EBITDA of BRL3.3 billion. Unidas is the second
largest rent-a-car and the largest fleet management company in
Brazil, with a total fleet of 165,370 cars at the end of September
2021. The company reported BRL6.4 billion in revenues and a 34%
EBITDA margin in the twelve months ended September 2021.



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C A Y M A N   I S L A N D S
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CHINA FISHERY: Unsecureds Will Recover 2% to 10% Under Plan
-----------------------------------------------------------
Judge James L. Garrity of the U.S. Bankruptcy Court for the
Southern District of New York has entered an order approving the
Disclosure Statement explaining the Plan of China Fishery Group
Limited (Cayman) et al.

Judge Garrity will convene a hearing to consider confirmation of
the Plan on Jan. 19, 2022 at 11:00 a.m. (prevailing Eastern time),
as such date may be continued or adjourned by the Bankruptcy
Court.

Objections, if any, to the Plan must be filed and served by no
later than Jan. 10, 2022 at 4:00 p.m. (prevailing Eastern time).

The responsive pleadings to any objection to confirmation of the
Plan shall be filed by no later than Jan. 13, 2022 at 4:00 p.m.
(prevailing Eastern time).

All ballots by holders of claims in the Voting Classes must be
received by Voting Agent, or (iv) via the Voting Agent's E-Ballot
platform by no later than 4:00 p.m. (Eastern Time) on January 10,
2022.

The Plan Debtors shall cause the Voting Agent to mail the
Solicitation Package to all known Holder of Claims in in Class 5
(CFGL Unsecured Claims), Class 7 (Intercompany Claims), and Class 9

(Existing CFCL Interests) against the CFGL Plan Debtors
(collectively the "CFGL Voting Classes") and Class 4 (Taipei Fubon
Term Loan Claims), Class 5 (PARD Bond Claims), Class 6 (CITIC
Banking Facilities PARD Claims), Class 7 (Maybank PARD Group
Facility Claims), Class 8 (Standard Chartered PARD Group Facility
Claims), Class 9 (UOB Banking Facility Claims), Class 10 (Rabobank
PARD Group Facility Claims), Class 11 (Bank of America PARD Group
Facility Claims), Class 12 (DBS PARD Group Facility Claims), Class
13 (Sahara Loan Claims), Class 14 (PARD General Claims), Class 15
(Intercompany Claims) against the PARD Plan Debtors (collectively,
the "PARD Voting Classes", and collectively with the CFGL Voting
Classes, the "Voting Classes") by no later than seven (7) business
days after the date of entry of this Order (the "Solicitation
Deadline"). The Plan Debtors may, rather than provide paper copies,
in their discretion, provide the Disclosure Statement, Plan, and
Disclosure Statement Order electronically on a USB drive in an
Adobe Acrobat portable document format (PDF), along with paper
copies of the Confirmation Hearing Notice and the applicable
Ballot(s). Parties may submit a written request to the Voting Agent
if they prefer a paper copy of the Disclosure Statement, Plan,
and/or the Disclosure Statement Order and all such requests will be
fulfilled.

                       Fourth Amended Plan

China Fishery Group Limited (Cayman) et al. submitted a Disclosure
Statement for the Revised Fourth Amended Joint Chapter 11 Plan of
Reorganization.

The Plan Debtors are part of the Pacific Andes Group, that once
collectively constituted one of the largest seafood companies in
the world. The Debtors' business can be broken down into three
groups of entities: (i) the PAIH Group (principally engaged in the
production and export of seafood products), whose holding company,
Pacific Andes International Holdings Limited (Bermuda)("PAIH"), was
previously listed on The Stock Exchange of Hong Kong; (ii) the PARD
Group (which was principally engaged in global sourcing and supply
of frozen seafood products to the international markets); and (iii)
the CFGL Group (one of the largest producers and suppliers of
fishmeal and fish oil in the world). The events that precipitated
these Chapter 11 Cases have also had an impact on those Pacific
Andes Group of companies that are not debtors in these Chapter 11
Cases.

The Debtors consist principally of holding companies. Overall,
their asset of greatest value was their indirect or direct
interests in two non-Debtor affiliate Peruvian operating companies
-- CFGI and Corporacion Pesquera Inca S.A.C. The Peruvian Opcos
operate the Pacific Andes Group's anchovy fishing business in Peru
and together control a significant percentage of the anchovy
fishing quotas fixed by the Peruvian government.  Debtor CFG Peru
Singapore is the direct or indirect parent of the Peruvian Opcos as
well as a number of other subsidiaries.

Due to the corporate structure, the business organization and the
companies' operations, the restructuring of the Debtors will be
implemented through three separate chapter 11 Plans -- (i) the CFG
Peru Plan, which was proposed by the Creditor Plan Proponents and
previously confirmed by the Bankruptcy Court by CFG Peru
Confirmation Order dated June 10, 2021; (ii) the Joint Debtor Plan,
which addresses and satisfies the Claims of the Joint Plan Debtors;
and (iii) the PAIH Plan, which will be submitted separately but
contemporaneously with the Joint Debtor Plan, in which the Debtors
will address and satisfy the claims of the creditors at the PAIH
Group.

Under the CFG Peru Confirmation Order, and subject to authorization
under U.K. law and Singapore law, the CFG Peru Plan, inter alia,
will distribute the equity of the Peruvian OpCos, as well as
certain new notes and cash, to holders of the Club Facility Claims
and the Senior Notes Claims in full satisfaction of those claims.

The value of the Peruvian Opcos is not available for distribution
under the Joint Debtor Plan.  Further, the CFG Peru Plan is deemed
to satisfy the Bank of America CFG Facility Claims and Standard
Chartered CFG Facility Claims in full.  Accordingly, as related to
the PAIH Plan and the Plan Debtors herein, these categories of
claims are deemed satisfied in full and shall receive no recovery
under the Joint Debtor Plan.

The Joint Debtor Plan would pay the creditors of the CFGL Plan
Debtors and PARD Plan Debtors, not satisfied under the CFG Peru
Plan, cash from (i) the CFG Peru Settlement Proceeds and (ii)
liquidation of any Residual Assets (including preserved Claims and
Causes of Action).

The allocation of value under the Joint Debtor Plan captures, inter
alia, distributions to and through Intercompany Claims.  As such,
Intercompany Claims are satisfied by the payments to the ultimate
beneficiary creditors as set forth herein and do not receive
additional distributions.  Similarly, the Joint Debtor Plan
provides for unified recovery and treatment of Claims against all
Plan Debtors.  The allocation of value considered the presence of
guarantees, joint and several liability and other assertions of
multiple avenues of recovery.  As such, any Claim based on the same
obligations or underlying facts will only receive distribution on
account of a single assertion of such Claim. Additionally, the CFG
Peru Settlement Agreement allocated proceeds in recognition of
other rights and causes of action held by certain Debtors or their
stakeholders and the Joint Debtor Plan encapsulates such
allocation.

Distributions to creditors of the Plan Debtors under the Joint
Debtor Plan are premised on the receipt by the Plan Debtors of at
least USD $20 million, plus the amount of the Holdback Payment (as
defined in Section 1.5(b) of the CFG Peru Settlement Agreement)
(the "CFG Peru Settlement Proceeds"), plus USD $6,000,000 allocated
for and to be used for payment of certain administrative expense
claims and reimbursements (the "CFG Peru Administrative Expense
Settlement Proceeds"), to be paid to the Plan Debtors pursuant to
the CFG Peru Settlement which was approved and authorized by the
Court under Bankruptcy Rule 9019 in the CFG Peru Confirmation
Order. The CFG Peru Settlement Proceeds and CFG Peru Administrative
Expense Settlement Proceeds shall be paid upon the Restructuring
Effective Date under the CFG Peru Plan.

The CFG Peru Settlement Agreement, as approved under Bankruptcy
Rule 9019 by the Bankruptcy Court as part of the CFG Peru Plan,
sets forth the allocation of such CFG Peru Settlement Proceeds as
described herein below, and the Joint Debtor Plan shall distribute
such allocation of value. Specifically, the CFG Peru Settlement
Agreement provides for the following allocations in Section 1.5(d)
thereof, which are incorporated into the Joint Debtor Plan:

  (i) To the extent not paid in connection with the satisfaction of
the Intercompany Netting Agreement, an amount equal to the allowed
and unpaid professional fees and administrative Claims against the
Other Debtors for the benefit of the holders of such professional
fees and administrative Claims;

(ii) An amount equal to the lesser of (a) the value of allowed
Unsecured Claims against Debtor subsidiaries of CFGL and (b) $5.1
million for the benefit of holders of allowed Unsecured Claims
against Debtor subsidiaries of CFGL;

(iii) An amount equal to the lesser of (a) the value of allowed
Unsecured Claims against CFGL and (b) $1.9 million for the benefit
of holders of allowed Unsecured Claims against CFGL; and

(iv) Any remaining amounts (after consideration of items (i)
through (iii) above) for the benefit of (a) holders of allowed
Unsecured Claims against Super Investment and PARD (70.5% of such
amount) and (b) public equity holders of CFGL (29.5% of such
amount).

Of the amounts set forth in clauses (ii) and (iii) above, $5.0
million will be used (directly or through reimbursement of advances
by the Ng Family Entities) to settle claims against the CFGL Plan
Debtors asserted by the Liquidator-Controlled Companies as part of
the Liquidator-Controlled Companies Settlement.

To the extent there are any additional assets, the Joint Debtor
Plan shall provide for the liquidation of such assets for
distribution to creditors in accordance with the allocation set
forth in the Joint Debtor Plan.

The CFG Peru Settlement Proceeds, CFG Peru Administrative Expense
Settlement Proceeds and any proceeds from the liquidation of the
residual assets, shall be distributed under the Joint Debtor Plan
(i) to satisfy Allowed Administrative Expense and other priority
claims; (ii) to satisfy certain secured claims, (iii) to fund the
wind down of the Plan Debtors, and (iv) to satisfy and pay Allowed
unsecured Claims and Allowed CFGL Public Interests, as allocated in
the CFG Peru Settlement Agreement.

Further, the Joint Debtor Plan and the Confirmation Order shall
incorporate by reference, to the extent applicable, (a) the
Liquidator-Controlled Companies Settlement Agreement and order of
the Court approving same, and (b) the HSBC Settlement Deed and
order of the Court approving same.  In the event of any
inconsistency between the Joint Debtor Plan and the
Liquidator-Controlled Companies Settlement Agreement, the
Liquidator-Controlled Companies Settlement Agreement shall
control.

Finally, pursuant to Sections 363 and 1123(b)(3) of the Bankruptcy
Code and Bankruptcy Rule 9019 and in consideration for the
distributions and other benefits provided pursuant to the Joint
Debtor Plan, the provisions of the Joint Debtor Plan shall
constitute a good faith compromise of all Claims, Interests, and
controversies relating to the contractual, legal, and subordination
rights that a holder of a Claim or interest may have with respect
to any Claim or interest against or in any entity in the Company
Group or their assets (whether or not such entities are Debtors) or
any distribution to be made on account of any such Claim or
interest. The entry of the Confirmation Order shall constitute the
Bankruptcy Court's approval of the compromise or settlement of all
such Claims, interests, and controversies, as well as a finding by
the Bankruptcy Court that such compromise or settlement is in the
best interests of the Plan Debtors, their Estates, and holders of
Claims and Interests and is fair, equitable, and reasonable. In
accordance with the provisions of the Joint Debtor Plan pursuant to
sections 363 and 1123(b)(3) of the Bankruptcy Code and Bankruptcy
Rule 9019(a), without any further notice or action, order or
approval of the Bankruptcy Court, the Plan Debtors and, after the
Effective Date, the Plan Debtors or the Plan Administrator, as
applicable, may compromise and settle Claims against the Plan
Debtors and Causes of Action against other Persons.

After the Effective Date of the Joint Debtor Plan and upon
completion of all distributions under the Joint Debtor Plan, the
Plan Administrator will be authorized and directed to take all
corporate actions consistent with foreign laws to effectuate the
Joint Debtor Plan and wind up the Plan Debtors and any non-Debtor
Affiliates. It is contemplated that this shall include the
commencement of a voluntary liquidation under laws of the Cayman
Islands (as relates to CFGL) and the laws of Bermuda (as relates to
PARD), where each of the entities were incorporated and
registered.

Further, as a result of both CFGL and PARD being listed on the
Mainboard of the Singapore Exchange Securities Trading Limited
("SGX-ST"), any voluntary liquidation will require compliance with
the SGX-ST Listing Requirements in Singapore. At the time of the
voluntary liquidation, it is intended that both CFGL and PARD will
have no remaining assets. Under the Voluntary Liquidation, the
Existing Interests and Intercompany Interests shall be fully
extinguished.

CFGL Plan Debtors' Classification:

   * Class 4 - CFGL Unsecured Facilities Claims.  The CFGL
Unsecured Facilities Claims have been satisfied, released, waived
or otherwise resolved pursuant to the CFG Peru Plan and CFG Peru
Settlement Agreement. As such, holders of Allowed CFGL Unsecured
Facilities Claims shall not be entitled to any recovery under the
Joint Debtor Plan. Creditors will recover 100% of their claims.
Class 4 is unimpaired.

   * Class 5 - CFGL General Unsecured Claims.  On the Effective
Date, each holder of an Allowed CFGL General Unsecured Claim
(including tax claims, trade claims and contract rejection damages
claims) shall receive, in full and final satisfaction, compromise,
settlement, release, and discharge of, and in exchange for such
claim, Pro Rata share of the CFGL Distribution Pool. Creditors will
recover 10% of their claims. Class 5 is impaired.

PARD Group Classification:

   * Class 14 - PARD General Unsecured Claims. On the Effective
Date, each holder of an Allowed PARD General Unsecured Claims shall
receive, in full and final satisfaction, compromise, settlement,
release, and discharge of, and in exchange for such claim, its Pro
Rata share of the PARD Distribution Pool. Creditors will recover 2%
of their claims. Class 14 is impaired.

Attorneys for the Debtors:

     Tracy L. Klestadt
     John E. Jureller, Jr.
     Brendan M. Scott
     KLESTADT WINTERS JURELLER
     SOUTHARD & STEVENS, LLP
     200 West 41st Street, 17th Floor
     New York, New York 10036
     Telephone: (212) 972-3000
     Facsimile: (212) 972-2245

A copy of the Order dated Dec. 22, 2021, is available at
https://bit.ly/3elLYp2 from Epiq11, the claims agent.

A copy of the Disclosure Statement dated Dec. 22, 2021, is
available at https://bit.ly/3yYaar4 from Epiq11, the claims agent.

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr. Weil, Gotshal
& Manges LLP has been tapped to serve as lead bankruptcy counsel
for China Fishery and its affiliates other than CFG Peru
Investments Pte. Limited (Singapore).  Weil Gotshal replaces Meyer,
Suozzi, English & Klein, P.C., the law firm initially hired by the
Debtors.  The Debtors have also tapped Klestadt Winters Jureller
Southard & Stevens, LLP, as conflict counsel; Goldin Associates,
LLC, as financial advisor; RSR Consulting LLC as restructuring
consultant; and Epiq Bankruptcy Solutions, LLC, as administrative
agent.  Kwok Yih & Chan serves as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.




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C H I L E
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[*] CHILE: IDB OKs $400M-Loan to Bolster Competitiveness & Growth
-----------------------------------------------------------------
Chile will advance its competitiveness by promoting sustainable and
inclusive growth with help from two loans totaling $400 million
approved by the Inter-American Development Bank (IDB).

A $100 million programmatic policy-based loan (PBP) and a $300
million results-based loan (PBR) will finance a program to speed up
the digital transformation of public services and digital
connectivity.  

The program will also encourage a transition towards circular
production and consumption models, and foster the recovery and
formalization of jobs by supporting micro and small enterprises
(MSEs) and incentivizing hiring and labor intermediation, with a
particular emphasis on women.  

The PBP is structured as two individual operations that are
technically linked and will focus on supporting macroeconomic
stability, accelerating the country's digital connectivity and
transformation of public services, and promoting a transition to
more circular production and consumption models. In addition, the
loan will provide liquidity to micro and small enterprises (MSEs) -
particularly those led by women - and support the recovery of
formal employment as well as employability through service
improvements to the labor intermediation system.

The PBR will foster digital transformation by boosting connectivity
and will promote the circular economy through an increase in the
number of municipalities or municipality associations benefiting
from the Recycling Fund, among other initiatives.

The loan will also support MSEs benefiting from the Bono Alivio
MYPE (MSE relief bond) that report sales and workers accessing
formal employment thanks to a strengthening of the scheme of
subsidies and who remain in their jobs for at least two months.

The program will benefit Chile's population at large through gross
domestic product and productivity growth as well as a decline in
poverty and carbon emissions. The population will also benefit from
a broader deployment of digital infrastructure with policies
facilitating a transition towards a circular economy and reforms
that promote job generation and sustainability of the productive
sectors.

Nearly 1.3 million people will benefit from the results-based loan
through access to quality internet services, along with residents
of municipalities that procure project funding from the Recycling
Fund,  550,000 businesses benefiting from the Bono Alivio MYPE, and
144,000 workers benefiting from the household subsidy known as the
Ingreso Familiar de Emergencia Laboral (Labor Emergency Family
Income).

This operation is aligned with the Vision 2025 - Reinvesting in the
Americas: A Decade of Opportunities, created by the IDB to achieve
sustainable recovery and inclusive growth in Latin America and the
Caribbean in the areas of digital economy; economic integration;
micro, small and medium-sized enterprises; gender and inclusion;
and climate change.

By means of a strategic and complementary approach, the Bank seeks
to combine into a single program short and medium-term policy
reforms with results-based investments that improve competitiveness
indicators sustainably and inclusively. The combination of PBP and
PBR financial instruments makes it possible to work simultaneously
on public policy and investment initiatives that have a social and
productive impact that maximizes the program's benefits.

The $100 million PBP is for a 15.5-year term with a 5.5-year grace
period, and the $300 million PBR is for a 20-year term with an
8-year grace period. Both operations have an interest rate based on
LIBOR.





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

CARIBBEAN AIRLINES: Not Been Impacted by Flight Cancellations
-------------------------------------------------------------
Kimoy Leon Sing at Trinidad Express reports that majority
State-owned Caribbean Airlines Ltd (CAL) said the airline has not
been impacted by the flight cancellations that have disrupted
holiday travel in the United States up to Dec. 27.

CAL spokeswoman Dionne Ligoure said the airline was not affected by
flight cancellations or by crews calling in sick, according to
Trinidad Express.

An Associated Press report indicated that thousands of US flights
were cancelled Dec. 27 during one of the year's busiest travel
periods because of crews out sick with Covid-19 and now storm
fronts creating more havoc, the report notes.

AP reported that flight delays and cancellations tied to staffing
shortages have been a constant this year. Airlines encouraged
workers to quit in 2020 when air travel collapsed and have
struggled to make up ground this year when air travel rebounded
faster than almost anyone had expected, the report relays.

With the arrival of the Omicron variant, that staffing shortage has
led to thousands of cancelled flights over the four days. According
to FlightAware, which tracks flight cancellations, airlines have
cancelled more than 4,000 flights to, from or inside the US since
Dec. 24, with over 1,000 US cancellations until Dec. 27, the report
discloses.

Delta, United, JetBlue and American have all said that the
Coronavirus was causing staffing problems, and European and
Australian airlines also cancelled holiday-season flights because
staff were infected, but weather and other factors played a role as
well, the report says.

Winter weather in the Pacific Northwest led to nearly 250 flight
cancellations to or from Seattle on Dec. 26, said Alaska Airlines,
and the airline expects more than 100 flight cancellations Dec. 27.
But it says that crew calling out sick because of Covid-19 is no
longer a factor, the report relays.

United said it cancelled 115 flights Dec. 27, out of more than
4,000 scheduled, due to crews out with Covid-19, the report relays.
SkyWest, a regional airline based in Utah, said it had more
cancellations than normal during the weekend and on Dec. 27 after
bad weather affected several of its hubs and many crew members were
out with Covid-19, the report relays.

Airlines have called on the Biden administration to shorten the
guidelines for the isolation period for vaccinated workers who get
Covid-19, in order to ease staffing shortages, the report notes.
The union for flight attendants has pushed back against that,
saying the isolation period should remain 10 days, the report
says.

Air travel dropped steeply in 2020 and has recovered throughout
2021, the report discloses.  Transportation Security Administration
data show passengers screened at TSA checkpoints during the holiday
season up significantly from last year-on some days double the
number of fliers or even more--but generally still short of 2019
levels, the report relays.

The US government requires vaccinations of foreigners coming to the
US as well as a negative Covid test of both US citizens and
foreigners flying into the country, the report relates.  Dr Anthony
Fauci, the top US infectious disease expert, said that the US
should also "seriously" consider a vaccination mandate for domestic
travel as another way to push people to get vaccinated, the report
notes.

The administration has at times considered a domestic vaccination
requirement, or one requiring either vaccination or proof of
negative test. Such a requirement could face legal challenges, 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.


TRINIDAD & TOBAGO: Government Gets Locals' Support for Safe Zones
-----------------------------------------------------------------
Elizabeth Williams at Trinidad Express reports that owner and
executive chef at Seahorse Inn Restaurant and Bar in Tobago,
Nicholas Hardwicke, is in agreement with Prime Minister Dr Keith
Rowley, and his announced measures for Government workers to be
vaccinated by mid-January.

At the Covid-19 news conference on December 18, Rowley announced
that the Government had decided to make the public service,
statutory authorities and State enterprises "safe zones", by
requiring employees, who are being paid by the State, to be
vaccinated, according to Trinidad Express.

"We have come to the point where the Government will have to take
certain actions," the Prime Minister said, the report notes.

"I have had extensive discussions with the Attorney General and his
support team in his ministry and his advisers outside, and we will
now move to a situation of insisting that people in Trinidad and
Tobago acknowledge the Government's policy that vaccination is our
best way of dealing with the carrier of death and destruction.

"But we'll try to make it as palatable as possible. We will attempt
to encourage and increase the level of vaccination.

"The Government being the largest employer of labour, so the
Government's workplace is going to change," the Prime Minister
said, the report relays.

Hardwicke has labeled the measure as long overdue, the report
notes.

"I think it is a logical step for him to take and it makes sense as
much of the private sector is operating in a safe zone mode,"
Hardwicke said, the report says.

He said, if the country wants to achieve a level of normalcy going
forward, then the steps announced by the Prime Minister must be
taken, the report relays.

"Vaccination is clearly the way to go in terms of bringing the more
restrictive side of this pandemic to a close, in terms of social
behaviour and life, and we need to make a better attempt at
achieving levels of inoculation with the population," said
Hardwicke, the report notes.

"We did say a while back that we would consider the therapeutic
nature of beach visits, and I want to keep that promise," Rowley
said, adding, "It will be done without the presence of alcohol on
any beach. There is to be no consumption of alcohol on a public
beach during this period. There is to be no loud music and there is
to be no partying," the report relays.

The hotelier, who said all of his staff are vaccinated, also lauded
the Prime Minister, for keeping his word on the reopening of the
beaches, the report discloses.

"I am glad that we are taking a step in the right direction.
Obviously, it remains to be seen what sort of positive impact that
would have in the hospitality sector, as practically in Tobago
where the beaches are an important component of our product
offerings," he said, the report relays.

Also in agreement with the Prime Minister is the Tobago Business
Chamber president Martin George, who is calling on him to take a
step further, the report discloses.

"We ask that public servants get on board with the Prime Minister's
initiative and we ask that the Government also consider the
question of persons who have access to these offices who are
staffed by public servants that they be vaccinated, that is members
of the public," George said, the report notes.

He also cautioned beach-goers. "We also ask that persons who are to
be using the beaches do so responsibly, exercise restraint, keep
within the hours and restrictions," Martin George added.

George is also calling for additional flights on the airbridge to
facilitate increased arrivals to Tobago. "Adequate seating at the
airport is also necessary, persons on standby and waiting for
flights are waiting for hours without adequate seats, and this is
not good for an international airport," he said, the report
relays.



                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN 1529-2746.

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