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/raid1/www/Hosts/bankrupt/TCRLA_Public/220715.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Friday, July 15, 2022, Vol. 23, No. 135 Headlines A R G E N T I N A ARGENTINA: Hikes Tax on Foreign Currency Card Purchases to 45% B R A Z I L BRAZIL: Retail Sales Rise 0.1% in May, Less Than Expected C H I L E INVERSIONES LATIN: Moody's Cuts $404MM Secured Notes Rating to Ba2 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Minister Assures Sufficient Food Supply DOMINICAN REPUBLIC: To Subsidize Fuel Prices "As Long As It Can" M E X I C O POINSETTIA FINANCE: Moody's Cuts Rating on $530MM Sec. Notes to B1 P U E R T O R I C O METRO PUERTO RICO: Unsecured Creditors to Recover 100% in 60 Mos. UNIVERSAL DOOR: Taps CPA Luis R. Carrasquillo as Consultant T R I N I D A D A N D T O B A G O CARIBBEAN AIRLINES: Expands Cargo Business to Cuba - - - - - ================= A R G E N T I N A ================= ARGENTINA: Hikes Tax on Foreign Currency Card Purchases to 45% -------------------------------------------------------------- Buenos Aires Times reports that moving to protect Central Bank reserves, Argentina's government announced that it had increased the so-called "tourist dollar tax" on purchases in foreign currency from 35 to 45 percent. The move, which will greatly impact citizens who travel overseas or those who make purchases abroad, affects all debit and credit card purchases made in foreign currency abroad, according to Buenos Aires Times. "The update reaches the consumption of foreign currency for travel and expenses abroad," said the AFIP tax agency, headed by Mercedes Marco del Pont, the report notes. The agency said it had changed the rate due to the strong contributory capacity of different economic sectors, especially those that could pay certain expenses in foreign currencies, the report relays. The 10-point jump is effective immediately, starting Thursday, July 14, the report notes. Argentina has a foreign currency shortage and must meet goals agreed with the International Monetary Fund to accumulate monetary reserves. The black market peso is near double the official spot rate, shielded by currency controls, the report says. Argentina has tight controls designed to block the draining of foreign currency, with each citizen allowed to purchase only US$200 each month, with those subject to a 35 percent tax on top. There are no plans to raise this tax for now, the report discloses. President Alberto Fernandez's government must meet goals agreed with the International Monetary Fund related to the accumulation of Central Bank reserves, the report discloses. The move came just weeks after Silvina Batakis took over as economy minister, replacing Martín Guzman, who resigned almost two weeks ago. In one of her first interviews since taking office, she argued that the "right to travel collides with the right to employment," the report relays. It's the second new measure in recent weeks aimed at tourists, after the government blocked the financing in installments of purchases in duty-free shops was also cancelled, the report relays. It should be noted that there is no limit to credit card spending abroad. But if a debit card is used for a purchase, the purchase is deducted from the US$200 quota allocated to each individual every month, the report adds. About Argentina Argentina is a country located mostly in the southern half of South America. Its 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. Argentina obtained on March 25, 2022, approval from the Executive Board of the International Monetary Fund (IMF) of a 30-month extended arrangement under the Extended Fund Facility (EFF) amounting to SDR 31.914 billion (equivalent to US$44 billion). Under the new terms, Argentina secured a much-needed grace period that postpones repayment of its debt. However, IMF warned of exceptionally high risks to the program. =========== B R A Z I L =========== BRAZIL: Retail Sales Rise 0.1% in May, Less Than Expected --------------------------------------------------------- globalinsolvency.com, citing Reuters, reports that retail sales in Brazil grew more slowly than expected in May, with momentum decreasing amid persistent inflation. The seasonally adjusted monthly increase of 0.1% in May from April was much less than the median forecast of 1.0% growth in a Reuters poll of economists, according to globalinsolvency.com,. Government statistics agency IBGE said month-on-month sales were up in six of the eight categories surveyed in May, with the biggest impact coming from the 3.5% rise seen in pharmaceutical and medical goods, the report notes. Sales fell 0.2% compared with May last year, IBGE said, versus a 2.6% increase forecast by economists, the report relays. A broader measure of retail sales, including cars and building materials, showed growth of 0.2% in May versus April and this was down 0.7% compared with May last year, IBGE said, the report discloses. The performance comes amid tightening financial conditions and persistent inflation, which reached 11.89% in the 12 months through June, the report relays. The central bank has already raised interest rates to 13.25% to dampen spiking consumer prices, signaling another hike for August and predicting a slowdown in economic activity from the year's second half onwards, the report adds. As reported in the Troubled Company Reporter-Latin America on June 17, 2022, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. ========= C H I L E ========= INVERSIONES LATIN: Moody's Cuts $404MM Secured Notes Rating to Ba2 ------------------------------------------------------------------ Moody's Investors Service has downgraded to Ba2 from Ba1 the rating assigned to the $404 million Senior Secured Notes issued by Inversiones Latin America Power Limitada ("ILAP" or the "Project") with final maturity in 2033 ("Notes"). The rating action was driven by both environmental, social and governance factors. The outlook changed to negative from rating under review. This concludes the review for downgrade initiated on June 6, 2022. Downgrade: Issuer: Inversiones Latin America Power Limitada Senior Secured Regular Bond/Debenture, Downgraded to Ba2 from Ba1 Outlook Actions: Issuer: Inversiones Latin America Power Limitada Outlook, changed to Negative from Rating Under Review RATINGS RATIONALE The rating action was triggered by the Project's actual cash flow generation, which has not met Moody's initial expectations because of higher than anticipated decoupling costs, volatility of spot prices and working capital pressures with the price stabilization mechanism that was financed by power generators. The downgrade to Ba2 incorporates Moody's views that some of the unfavorable market dynamics in Chile will remain over the next six-to-twelve months, constraining ILAP's ability to improve its Debt Service Coverage Ratio (DSCR) consistently above 1.4x. The rating considers that ILAP relied on the extraordinary financial support provided by the sponsors to improve liquidity cushion ahead of its July 2022 debt installment. The negative outlook reflects that the Project's liquidity profile will remain pressured during the second half of 2022, depending on further regulatory developments in Chile, working capital management or external cash sources to support upcoming interest and legal amortizations. Supporting ILAP's Ba2 rating is the high share of contracted revenue from creditworthy counterparties during the life of the notes, except for the last year ahead of the final amortization payment, when the share of contracted revenues will drop to about 25%. The rating also incorporates Moody's favorable views of the Chilean regulatory framework for the electricity sector and the relative competitiveness of ILAP's power purchase agreements (PPAs). The Project further benefits from fixed price, full scope operations and maintenance (O&M) contracts with Vestas Wind Systems A/S (Baa1 negative) for the initial years of the transaction. Moody's acknowledges that ILAP's operating performance and availability has been adequate, exceeding the rating base case assumptions at a P(90) scenario. The agency also recognizes the Project's cash flow protections to the current high inflation environment, as its PPA prices are indexed to the US consumer price index (CPI) and adjusted every six months, resulting in higher margins. Over the last twelve months to June 2022, the CPI registered a 9.1% increase. Nonetheless, ILAP is not being able to collect the full margins on its PPA contracts due to decoupling costs, arising from the different price signals from an excess power generated in the northern region, where ILAP's projects are located, and the lower availability in the central region where the power is consumed. Decoupling costs have reached $19.1/ MWh in the last twelve months ended March 2022 and Moody's estimates they are likely to continue to weight on ILAP's margins at least until 2029, when new transmission lines strengthening the integration between and northern and the central zone of the country will start operating. Despite its long term PPAs, ILAP is exposed to market risk and suffers losses at times it needs to access to spot market to supply its contractual commitments. In 2021, Chile has experienced drier than expected hydrology conditions, forcing the country to reduce its hydro power generation to contain water reservoir levels. The deficit was mainly filled by thermal power plants that inflated spot prices during night hours, as their marginal generation costs depend on peaking commodity prices. Spot prices have reached up to $431/MWh in June 2022. Moody's consider the higher rainfall levels in recent months and government's initiatives to improve water reservoir management will help reduce the spot price volatility through the second half of this year. A temporary price stabilization mechanism has further drained on ILAP's liquidity, as most of its revenue come from the regulated market which are exposed to price caps under the Temporary Stabilized Regulated Customer Price (PEC) mechanism. As of March 2022, ILAP held close to $18 million in PEC receivables. The Chilean senate approved the bill 14991-08 that aims to fund future electricity price increases, the bill is currently pending approval by the ministry of energy and by the final audit team. Its implementation would be retroactive and would result in a cash inflow for ILAP with compensation from receivables since to April 2022. ILAP generates an average of $1.4 million in PEC receivables per quarter. The timing of the implementation of the bill and the proposed compensation is key to alleviate ILAP's working capital pressure. In June 2022, ILAP received a $5 million subordinated loan from Latin America Power S.A., its parent, to compensate for the cash shortfall and improve its liquidity position ahead of debt payments in July 2022. According to the management, this loan will likely be converted into equity, confirming the sponsor's commitment to the project, a credit positive. The legal amortization and interest payment due in January 2023 and July 2023 amount to $15.2 million and $14.1 million, respectively. The rating's base case assumes the DSCR will be close to breakeven in 2022 improving to 1.22x in 2023. In case the accumulated cash generation is not enough to meet these payments, ILAP would depend on further external support from the sponsor. Alternatively, ILAP counts on an operations and maintenance reserve account (OMRA) of $4.5 million and on a debt service reserve account (DSRA) of $16.5 million, both provided by Citibank, N.A. (Aa3 stable) in the form of committed and unconditional letters of credit. The rating incorporates the customary project finance features embedded in the transaction. Moody's note that the cash sweep and mandatory amortization significantly reduces noteholders' exposure to refinancing risks. In addition, the rating considers that the debt service reserve of 6-months is below the 12-month standard for undiversified wind projects, which exposes the issuer to liquidity risks arising from the seasonality of wind production. The rating is tempered by a partially amortizing financing structure that encompasses very high initial leverage and refinancing risk. Under the legal amortizing structure, a bullet payment of approximately 14% of the issued notes will be due in 2033. ILAP is a subsidiary of Latin America Power S.A., owned by BTG Pactual Brazil Infrastructure Fund II (45.85%), Patria Investments (45.85%), and GMR Holding B.V. (8.30%). ILAP owns 100% of the ownership interest in two wind power generation assets in Chile, "San Juan" and "Totoral", which have achieved full commercial operating date on March 2017 and January 2010, respectively, and have a combined installed capacity of 239.2 megawatt ("MW") North of Santiago. ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS Environmental factors are highly relevant to this rating action. ILAP is exposed to the spot market. Consecutive years of drought in Chile have impacted the country's hydrological power generation, forcing it to rely on more expensive thermal technologies. This, in turn, pressured the spot prices volatility and negatively affected ILAP's cash flow generation. Social factors were also decisive to this rating action. The social unrests experienced by Chile in 2019 resulted in inflation and currency devaluation, and ultimately led to the establishment of an electricity price stabilization mechanism for regulated customers. Power generators such as ILAP have financed the difference between stabilized regulated prices and contracted prices, further draining their liquidity. Finally, governance factors were also taken into account for this rating action. ILAP's notes payment structure is designed for efficient liquidity management and allows for little deviations from the initial projections. Furthermore, the project relies on weaker than standard liquidity reserves that currently cover six months of debt service. RATING OUTLOOK The outlook was changed to negative from ratings under review. The negative outlook reflects Moody's view that ILAP's liquidity could further deteriorate in case hydro generation does not recover over a twelve months horizon or if the responsibility of financing stabilization price mechanism for regulated customers is not transferred to the ministry of energy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS There is little prospect of higher ratings, as indicated by the negative outlook. The outlook could return to stable if ILAP demonstrates a recovery of its liquidity profile, evidenced by a Debt Service Coverage Ratio (DSCR) consistently above 1.3x. The rating could be downgraded if further deterioration of ILAP's liquidity profile arises over the next twelve to eighteen months, or should the DSCR be below 1.0x for the January 2023 or July 2023 legal amortization and interest payment. The principal methodology used in this rating was Power Generation Projects Methodology published in January 2022. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Minister Assures Sufficient Food Supply ----------------------------------------------------------- Dominican Today reports that Dominican Republic Minister of Agriculture Limber Cruz highlighted the efforts made by the government of President Luis Abinader to keep the country supplied with basic foodstuffs through agricultural policies implemented to increase agricultural production. Cruz explained that, although in developed countries, the current reality poses food shortages, "here there is abundance, and that is evident in the markets and supermarkets of the Dominican Republic," according to Dominican Today. Cruz emphasized that, at present, the country is self-sufficient in some items such as potatoes, rice, and onions without the need to import them, the report notes. "The Government seeks to balance the prices of some foodstuffs, although this depends on factors such as variations (rises or falls) experienced by raw materials in the international market," he said while participating in the morning program "Despierta con CDN" (Wake up with CDN), the report relays. Dominicans enjoy food security according to the report published by the Food and Agriculture Organization of the United Nations (FAO), which states that the Dominican Republic and Panama are the countries that have achieved the greatest reduction in hunger figures in the entire region, while those of other nations are on the rise, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCRLA reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Fitch Ratings, in December 2021, revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-'. The revision of the Outlook to Stable reflects the narrowing of Dominican Republic's government deficit and financing needs since Fitch's last review resulting in the stabilization of the government debt/GDP ratio, as well as the investment-driven economic momentum, reflected in the faster-than-expected economic recovery in 2021 that Fitch expects to carry into above-potential GDP growth during 2022 and 2023. Standard & Poor's, also in December 2021, revised its outlook on the Dominican Republic to stable from negative. S&P also affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings and its 'B' short-term sovereign credit ratings. The stable outlook reflects S&P's expectation of continued favorable GDP growth and policy continuity over the next 12 to 18 months that will likely stabilize the government's debt burden, despite lack of progress with broader tax reforms, S&P said. A rapid economic recovery from the downturn because of the pandemic should mitigate external and fiscal risks. Moody's affirmed the Dominican Republic's long-term issuer and senior unsecured ratings at Ba3 and maintained the stable outlook in March 2021. DOMINICAN REPUBLIC: To Subsidize Fuel Prices "As Long As It Can" ---------------------------------------------------------------- Dominican Today reports that Dominican Republic's Minister of Industry and Commerce and Mipymes, Victor (Ito) Bisono, maintained that the government will continue to subsidize the price of fuels for "as long as the country can." "The government is in a position to continue doing what it is doing until now without taking loans to be able to save the subsidies," added the Minister when approached by several reporters, according to Dominican Today. Bisono added that President Luis Abinader had kept inflation "controlled in a general sense," from fuels to food, the report notes. In addition, the official explained that the President had been the one who supervised the work in each of the ministries to save as much as possible from the public treasury, the report relays. Between January and June, the government spent RD$25,635.6 million, equivalent to 73.5% of the total subsidies, which according to the Minister, prevented the rise in fuel and transportation in the country, the report notes. The Ministry of Finance reported that 34,863.3 million Dominican pesos were allocated in subsidies in the first half of 2022 to "prevent" the population from suffering from the price hikes of the primary products, the report discloses. Fuels are between 148 to 338 Dominican pesos, in which Premium gasoline is at RD$293, regular gasoline is at RD$222, and liquefied petroleum gas (LPG) is priced at RD$148, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. Luis Rodolfo Abinader Corona is the current president of the nation. TCRLA reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Fitch Ratings, in December 2021, revised the Outlook on Dominican Republic's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDRs at 'BB-'. The revision of the Outlook to Stable reflects the narrowing of Dominican Republic's government deficit and financing needs since Fitch's last review resulting in the stabilization of the government debt/GDP ratio, as well as the investment-driven economic momentum, reflected in the faster-than-expected economic recovery in 2021 that Fitch expects to carry into above-potential GDP growth during 2022 and 2023. Standard & Poor's, also in December 2021, revised its outlook on the Dominican Republic to stable from negative. S&P also affirmed its 'BB-' long-term foreign and local currency sovereign credit ratings and its 'B' short-term sovereign credit ratings. The stable outlook reflects S&P's expectation of continued favorable GDP growth and policy continuity over the next 12 to 18 months that will likely stabilize the government's debt burden, despite lack of progress with broader tax reforms, S&P said. A rapid economic recovery from the downturn because of the pandemic should mitigate external and fiscal risks. Moody's affirmed the Dominican Republic's long-term issuer and senior unsecured ratings at Ba3 and maintained the stable outlook in March 2021. =========== M E X I C O =========== POINSETTIA FINANCE: Moody's Cuts Rating on $530MM Sec. Notes to B1 ------------------------------------------------------------------ Moody's Investors Service has downgraded the rating on the following notes issued by Poinsettia Finance Limited: USD530.8M Senior Secured Notes, Downgraded to B1; previously on Jul 29, 2021 Downgraded to Ba3 Poinsettia Finance Limited is a repackaged securitization related to certain oil and gas infrastructure assets, under a hell or high-water lease agreement between Pemex Exploracion y Produccion (PEP), a subsidiary of Petroleos Mexicanos (PEMEX) and Marverde Infraestructura S.A. The lease payments are backed by the underlying oil and gas infrastructure assets, PEP's obligations under the lease agreement are guaranteed by Pemex. The ratings are based mainly on the willingness and ability of Pemex, as guarantor of PEP's obligations under the lease agreements to honor the payments as defined in the transaction documents. RATINGS RATIONALE Moody's explained that the rating action taken today is the result of a rating action on Petroleos Mexicanos, which was downgraded to B1 from Ba3 on July 2022. Methodology Underlying the Rating Action: The principal methodology used in this rating was "Moody's Approach to Rating Repackaged Securities" published in June 2020. Factors that would lead to an upgrade or downgrade of the rating: This rating is essentially a pass-through of the rating of the underlying asset(s). Noteholders are exposed to the credit risk of Petróleos Mexicanos and therefore the rating moves in lock-step. Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, which could negatively impact the ratings of the notes, as evidenced by (1) uncertainties of credit conditions in the general economy and (2) more specifically, any uncertainty associated with the underlying credits in the transaction could have a direct impact on the repackaged transaction. ===================== P U E R T O R I C O ===================== METRO PUERTO RICO: Unsecured Creditors to Recover 100% in 60 Mos. ----------------------------------------------------------------- Metro Puerto Rico LLC filed with the U.S. Bankruptcy Court for the District of Puerto Rico a First Plan of Reorganization dated July 11, 2022. Debtor operate a newspaper business with presence in Puerto Rico in physical and digital form. The sale gross income is approximately $200,000.00 per month. Debtor's expense is estimated in $185,000.00 monthly. The Debtor does not own any Real Properties, but owns Business Equipment, furniture and inventory used in the Pharmacy which has a value of approximately $189,871.35. Debtor filed a chapter 11 because sales many companies contracted less publicity during harsh economic times, the cost of paper increased drastically, and the pandemic had a devastating effect over the publicity industry and thereafter the newspaper industry. This Plan consists of 3 classes of creditors and Interests. The purpose of this Plan is to: (a) reorganize and pay the administrative claims (b) reorganize and pay the priority claims, and (c) reorganize and pay the unsecured claims. The Plan contemplates that all distributions under the Plan will be completed within 5 years from the Effective Date of the Plan. Class 1 consists of Allowed Priority claims filed by Governmental Entities. This Class will receive a 100% distribution on their claims, plus interest based on an interest rate of four percent (4.00%). This Class in not impaired. Class 2 consists of Allowed General Unsecured Claims. The Class 2 Claims will be Satisfied via monthly payments starting the Effective Date of the Plan. Total Class 2 Claims is estimated at $85,988.92. The Distribution of class 2 claims is estimated in a 100.00%. The distribution on this class will be monthly starting on the effective date of the plan until the month 60. This Class is impaired. Class 3 Claims consist of all equity security holders owned by the corporation. The Class 3 Claims will receive no distribution under the plan. This Class is impaired will not vote on the plan. The Plan establishes that the Plan will be funded from the Reorganized Debtor's cash flow generated by the Debtor. It generally consists of the by the operating of the business. The Debtor will contribute her cash flow to fund the Plan commencing on the Effective Date of the Plan and continue to contribute through the date that Holders of Allowed Class 1, 2 and 3, Claims receive the payments specified for in the Plan. A full-text copy of the First Plan of Reorganization dated July 11, 2022, is available at https://bit.ly/3o0GDbC from PacerMonitor.com at no charge. Attorney for the Debtor: Jose M Prieto Carballo, Esq. JPC LAW OFFICE PO Box 363565 San Juan PR 00936 Tel: (787) 607-2066 Fax: (787) 200-8837 Email: jpc@jpclawpr.com About Metro Puerto Rico Metro Puerto Rico LLC filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 20-01543) on March 31, 2020. The petition was signed by Felix I. Caraballo, president. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Judge Enrique S. Lamoutte oversees the case. Jose Prieto, of the JPC LAW OFFICE, represents the Debtor. UNIVERSAL DOOR: Taps CPA Luis R. Carrasquillo as Consultant ----------------------------------------------------------- Universal Door and Window Manufacture Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Luis R. Carrasquillo & Co., P.S.C. as its financial consultant. The Debtor needs a financial consultant to assist it in the financial restructuring of its affairs by providing advice in strategic planning, preparing a plan of reorganization and participating in negotiations with creditors. The retainer fee for the firm's services is $10,000. As disclosed in court filings, the firm and its members are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Luis R. Carrasquillo, CPA CPA Luis R. Carrasquillo & Co., P.S.C. 28Th Street, # TI-26 Turabo Gardens Ave. Caguas, P.R. 00725 Tel: (787) 746-4555/(787) 746-4556 Fax: (787) 746-4564 Email: luis@cpacarrasquillo.com About Universal Door Universal Door and Window Manufacture, Inc., a company based in San Sebastian, P.R., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 22-01961) on July 5, 2022, disclosing $1.54 million in assets and $2.86 million in liabilities. Judge Enrique S. Lamoutte oversees the case. Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC and CPA Luis R. Carrasquillo & Co., P.S.C. serve as the Debtor's legal counsel and financial consultant, respectively. ===================================== T R I N I D A D A N D T O B A G O ===================================== CARIBBEAN AIRLINES: Expands Cargo Business to Cuba -------------------------------------------------- Jamaica Observer reports that Caribbean Airlines has announced the expansion of its cargo network to and from Cuba, effective June 28, 2022. Through a partnership with General Handling Agent Aerovaradero, the airline will offer air cargo services twice weekly into Havana on Tuesday and Saturday on its scheduled passenger flights, according to Jamaica Observer. From there, the handling agent would distribute the cargo upon request to the respective provinces and districts of Cuba, the report notes. Customers will have the option to transport general cargo, pharmaceuticals, live animals and perishable goods in the bellyhold of the aircraft, the report discloses. In addition to moving shipments between Cuba and Port-of-Spain, Trinidad, cargo connectivity will also be available via the airline's Port-of-Spain hub to the wider Caribbean, including Guyana, Jamaica, and Barbados and several other destinations, the report says. Trinidad and Tobago-based exporTT supported Caribbean Airlines in the start up of its Cuban operations by providing key linkages and facilitating training, the report relays. With an office in Havana, exporTT provides hundreds of Caribbean Community (Caricom) products access to the Cuban market in which Caribbean Airlines Cargo will be the primary carrier, the report notes. Commenting on the launch, Marklan Moseley, general manager cargo and new business development stated: "'Caribbean Airlines Cargo has supported the movement of goods between Cuba, Guyana and Trinidad via charter flights in the last couple of years. However, this expansion to offer full cargo services via our passenger flights, is a welcome and exciting development. It will improve connectivity and increase opportunities for trade and the seamless movement of cargo between Cuba, and the region," the report notes. Caribbean Airlines Cargo recently relaunched cargo operations to Suriname and Curacao with twice weekly flights on both routes, 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. ********* 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 2022. All rights reserved. ISSN 1529-2746. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. . * * * End of Transmission * * *