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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, January 9, 2025, Vol. 26, No. 7

                           Headlines



A N T I G U A   A N D   B A R B U D A

LIAT: Employees Begin Getting Severance Payments


A R G E N T I N A

AEROLINEAS ARGENTINAS: Cuts Staff, Routes Ahead of Possible Sale
ARGENTINA: Weighing New Loans From Either Investment Funds or IMF


B R A Z I L

GOL LINHAS: Reaches Deal w/ Brazilian Gov't. to Settle Tax Debt


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Food Prices Remain High, Merchants Affected


J A M A I C A

JAMAICA: Reports Trade Deficit of USD3.8BB for Jan. to Sept. 2024


T R I N I D A D   A N D   T O B A G O

HOME STORE: Closes 3 Branches at C3 Center

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A N T I G U A   A N D   B A R B U D A
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LIAT: Employees Begin Getting Severance Payments
------------------------------------------------
RJR News reports that the Antigua & Barbuda government says it has
made the first installment of the LIAT Employees Compassionate
Payment Bond, which has since been transferred to BDO Eastern
Caribbean for distribution to eligible former LIAT employees.

A statement by the Office of the Prime Minister said the payment
allows former LIAT workers who were stationed in Antigua to begin
receiving payments toward their severance, according to RJR News.

The Compassionate Payment Bond, issued by the government, is a
10-year bond valued at EC$16.72 million with an annual interest
rate of two per cent, the report notes.

The statement said the bond addresses Antigua and Barbuda's 32 per
cent share of the severance owed to 405 former LIAT employees,
reflecting the nation's ownership share in the regional airline,
the report relays.

LIAT 1974 Ltd had been under administration since July 24, 2020,
the report recalls.

It was declared bankrupt in January last year.

                          About LIAT

LIAT Ltd., formerly known as Leeward Islands Air Transport or
LIAT, is an airline headquartered on the grounds of V. C. Bird
International Airport in Antigua.  It operates high-frequency
inter-island scheduled services serving 15 destinations in the
Caribbean.  The airline's main base is VC Bird International
Airport, Antigua and Barbuda, with bases at Grantley Adams
International Airport, Barbados and Piarco International Airport,
Trinidad and Tobago.

The airline is owned by seven Caribbean governments, with three
being the major shareholders: Barbados, Antigua & Barbuda and St.
Vincent and the Grenadines along with Dominica(94.7 %); other
Caribbean governments, private shareholders and employees (5.3%).

In the last few years, LIAT has been challenged with financial
difficulties, often needing additional funding as the airline dealt
with the high cost of operations.  In November 2016, the Barbados
government defended LIAT's operations, even as opposition
legislators called for a cessation of the business.  In early 2015,
LIAT offered early retirement packages to employees in efforts to
downsize.  In 2014, LIAT knew it had to deal with unprofitable
routes to make operations viable.  In the third quarter of 2013,
the airline's top management was shaken, with news Chief Executive
Officer Captain Ian Brunton's sudden resignation.

LIAT's current chief executive officer is Julie Reifer-Jones,
chairman is Jean Holder, and chief financial officer is Rojer
Inglis.

Dr. Ralph Gonsalves, prime minister of St. Vincent & the
Grenadines, serves as chairman of LIAT shareholders.




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A R G E N T I N A
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AEROLINEAS ARGENTINAS: Cuts Staff, Routes Ahead of Possible Sale
----------------------------------------------------------------
Reuters reports that Argentina's state airline, Aerolineas
Argentinas, is slimming down for a potential sale, shedding 13% of
its staff, cutting money-losing domestic routes and even removing
snacks formerly available to passengers.

The cutbacks, many of whose details were previously unreported, are
part of a backdoor attempt to trim the airline's burden on the
state and lure private investment, according to the report.  The
drive is progressing, even though libertarian President Javier
Milei's plans to privatize the firm have generated pushback, the
report notes.

The drive brought in blockbuster operating results for Aerolineas
in 2024, a senior company source said ahead of the airline's
release of full-year results, notes the report. Part of that
reflects the double-digit reduction in staff targeted in the
earlier document seen by Reuters.

"Our job is to get (Aerolineas) in order," the senior source said,
adding that the carrier aimed to operate more like its private
counterparts, Reuters relates. "That way, when the time comes and
the government enables its sale, the company is more attractive."

In July, Aerolineas turned a profit for the first time in seven
years, data shared with Reuters showed.

The process to streamline the company involves cutting loss-making
routes, freezing wages, offering buyout programs and shedding
contract workers, six airline employees told Reuters. Even a modest
food offering for passengers faced the chopping block. Aerolineas
now offers just one dessert in executive class and has cut a cereal
bar for economy passengers, the senior company source added.

Unions and Milei's political opponents have fought back, with
protests at major airports wreaking havoc on air travel in recent
months, causing flight cancellations and delays, Reuters relays. In
December, Buenos Aires province's opposition governor said he would
oppose any attempt at privatization recounts the report.

"Our labor is the only weapon we have," Reuters quoted veteran
Aerolineas pilot Juan Pablo Mazzieri as saying. "We don't like
doing it, but we're going to cause delays and cancellations."

Milei argues that the carrier needs to become more competitive. His
administration looked to deregulate the sector, allowing low-cost
carriers to ramp up operations and push an "open skies" policy to
allow foreign competitors to enter the market, Reuters notes.


ARGENTINA: Weighing New Loans From Either Investment Funds or IMF
-----------------------------------------------------------------
Ignacio Olivera Doll & Manuela Tobias at Bloomberg News report that
Argentina's government is evaluating whether to negotiate a loan
with two investment funds or seek additional financing from the
International Monetary Fund in order to pave the way toward lifting
currency and capital controls in the coming months, according to a
senior government official.

The government would pursue private financing or fresh IMF funding,
but not both, and aims to have it by February or March, according
to the official, who asked not to be named discussing internal
strategy, according to Bloomberg News.  The official declined to
name the two investment funds negotiating with Argentina, or how
much would be loaned, says the report.

Argentina's Economy Ministry, Central Bank and the press office of
President Javier Milei didn't respond to a request for comment
outside business hours early, notes Bloomberg News.  The IMF didn't
respond to a request for comment.

The IMF confirmed last month that Argentina is seeking a new
agreement to succeed its US$44-billion deal, Bloomberg News
recalls.  Economy Minister Luis Caputo also said he is seeking to
close an IMF deal within the first four months of this year, adding
that he hoped it includes fresh funding without providing a
figure.

The government's decision over the IMF funds or loan from
investment funds runs parallel to separate negotiations
policymakers are having with banks for a repurchase agreement, or
repo, that would be at least US$2.7 billion over three years,
Bloomberg News says.  The official added that the repo is now being
considered to make payments due to Argentina's bondholders in July
rather than January since the monetary authority already has the
money to make about US$4.7 billion of capital and interest payments
due this month, Bloomberg News disclsoes.

                          About Argentina

Argentina is a country located mostly in the southern half of
South
America. Its capital is Buenos Aires. Javier Milei is the current
president of Argentina after winning the November 19, 2023 general
election. He succeeded Alberto Angel Fernandez 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.

In March 2022, the International Monetary Fund (IMF) approved a
new
30-month arrangement under an Extended Fund Facility for Argentina
in the amount of SDR 31.914 billion (equivalent to US$44 billion,
or 1000 percent of quota).  The IMF Executive Board's decision
allowed the authorities an immediate disbursement of an equivalent
of US$9.65 billion in March 2022.

Argentina's IMF-supported program seeks to improve public finances
and start to reduce persistent high inflation through a
multi-pronged strategy, involving a gradual elimination of
monetary
financing of the fiscal deficit and enhancements in the monetary
policy framework.

In June 2024, the IMF Board completed an eighth review of the
Extended Arrangement under the Extended Fund Facility for
Argentina.  The IMF Board's decision enabled a disbursement of
around US$800 million to support the authorities' efforts to
entrench the disinflation process, rebuild fiscal and external
buffers, and underpin the recovery.

On Nov. 15, 2024,  Fitch Ratings has upgraded Argentina's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC'
from 'CC', and its Long-Term Local-Currency IDR to 'CCC' from
'CCC-'.  Argentina's upgrade to 'CCC' from 'CC' reflects
developments that have improved Fitch's  confidence in the
authorities' ability to make upcoming  foreign-currency bond
payments without seeking relief of some  sort.

S&P, in March 2024, raised its local currency sovereign credit
ratings on Argentina to 'CCC/C' from 'SD/SD' and its national
scale
rating to 'raB+' from 'SD'. S&P also raised its long-term foreign
currency sovereign credit rating to 'CCC' from 'CCC-' and affirmed
its 'C' short-term foreign currency rating.  The S&P ratings have
been affirmed as of August 2024.  S&P said the stable outlook on
the long-term ratings balances the risks posed by pronounced
economic imbalances and other uncertainties with recent progress
in
making fiscal adjustments, reducing inflation, and undertaking
structural reforms to address long-standing microeconomic
weaknesses that have contributed to poor economic performance for
many years that it would likely consider to be distressed.

Moody's Investors Service, in September 2022, affirmed Argentina's
Ca foreign-currency and local-currency long-term issuer and senior
unsecured ratings.  The outlook remains stable.  The decision to
affirm the Ca ratings balances Argentina's limited market access,
weak governance, and history of recurrent debt restructurings with
recent efforts to marshal fiscal and monetary measures to start
addressing underlying macroeconomic imbalances in the context of
the IMF program that was approved in 2022, according to Moody's.

DBRS, Inc. upgraded Argentina's Long-Term Foreign and Local
Currency
Issuer Ratings to B (low) from CCC on November 25, 2024. The
trend on all ratings is Stable.



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

GOL LINHAS: Reaches Deal w/ Brazilian Gov't. to Settle Tax Debt
---------------------------------------------------------------
Reuters reports that Brazil's government said it has reached deals
with two of the country's largest airlines, Gol and Azul, to settle
some pending tax obligations totaling BRL7.5 billion ($1.22
billion).

The government has provided the carriers with significant discounts
and allowed them to make installment payments, the report notes.

Reuters notes that the deal may provide financial relief to the
companies. Latin American airlines have been facing financial
hurdles in the wake of the COVID-19 pandemic and were forced to
restructure obligations as they struggle with high debt loads,
recounts the report.

Gol has been under Chapter 11 bankruptcy protection in the U.S.
since early 2024, while Azul recently struck deals with lessors to
scrap obligations in exchange for an equity stake and bondholders
to obtain fresh financing, recalls the report.

According to Reuters, Gol will pay BRL880 million in up to 120
installments to settle obligations of about BRL5 billion, the
government said in a statement, adding that it would also retain
BRL49 million from the firm currently deposited in a judicial
account.

Azul, meanwhile, will pay BRL36 million immediately and an
additional BRL1.1 billion in up to 120 installments to settle more
than BRL2.5 billion in debt, the report says.

Gol in a separate statement said the deal resolves tax liabilities
and would not impact its net financial debt, adds the report.

                 About Gol Linhas

GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and
cargo; and maintenance services for aircraft and components in
Brazil and internationally. The company offers Smiles, a
frequent-flyerprogram to approximately 20.5 million members,
allowing clients to accumulate and redeem miles. It operates a
fleet of 146 Boeing 737 aircraft with 674 daily flights. The
company was founded in 2000 and is headquartered in Sao Paulo,
Brazil.

GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.

GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.

The Debtors tapped Milbank Llp as counsel, Seabury Securities LLC
as restructuring advisor, financial advisor and investment banker,
Alixpartners, LLP, as financial advisor, and HUGHES Hubbard & Reed
LLP as aviation related counsel. Kroll Restructuring
Administration LLC is the claims agent.



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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Food Prices Remain High, Merchants Affected
---------------------------------------------------------------
Dominican Today reports that consumers and traders say that the
prices of staple foods have increased in value since the beginning
of December last year and up to the start of January, but without
giving up hope that the cost of the products will go down.

The highest increases have been seen in coffee, oil, eggs, sugar,
tomato sauce, vegetables, milk, and beans, according to Dominican
Today.

Trader Rocio Vasquez said that during the first days of December,
the products increased in value, and she expects that, as the
beginning of the year progresses, these products will remain stable
or lower their cost to that established in previous months, the
report relays.

According to traders, the price of a gallon of edible oil,
estimated at RD$1,050, increased by RD$50, the report notes. Canned
tomato sauce, which has also been one of the products whose cost
has risen, costs between RD$65 and RD$85, the report relates.

According to traders at some market stalls, a carton of milk that
used to cost RD$80 is now RD$85, the report says. A carton of eggs
used to cost at least RD$195 or RD$200, but it is now offered at
RD$220, the report discloses. Another product that increased its
value is beans, priced at RD$65 for red beans.

Meanwhile, the product in highest demand in the market is chicken,
which, according to the traders, is sold at RD$75 per pound,
relates the report.

Juan Francisco, a chicken seller at the Villa Consuelo Market, said
that since the price increase at the beginning of December, he
expects this to be maintained but deplores the low flow of people
acquiring the product, the report says.

Likewise, the presence in supermarkets has been scarce, and those
who attend to replenish the food in their pantries mention that
since their last purchase for Christmas Eve and New Year's Eve
dinners, prices have varied by at least RD$5, the report relays.

                      Central Bank Report

According to data established by the Central Bank of the Dominican
Republic (BCRD), the consumer price index (CPI) experienced a
monthly variation of 0.16% in November 2024, bringing inter-annual
inflation from November 2023 to November 2024 to 3.18%, the report
discloses.  For twelve consecutive months, it remained between the
lower limit and the center of the target range of 4.0 % +/- 1.0 %,
the report says.

The BCRD report explains that, in the comparative analysis of
November with October 2024, it is observed that the Food and
Non-Alcoholic Beverages group experienced a negative variation of
0.12% as a result of the reductions verified in the prices of
highly weighted food goods, such as fresh chicken, green bananas,
tomatoes, carrots, among others, whose decreases were not
compensated by the price increases registered in the items onions,
garlic, eggs, potatoes and sour lemons, 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.

Standard & Poor's credit rating for Dominican Republic was raised
to 'BB' in December 2022 with stable outlook.  Moody's credit
rating for Dominican Republic was last set at Ba3 in August 2023
with the outlook changed to positive.  Fitch, in December 2023,
affirmed the Dominican Republic's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB-' and revised the outlook to positive.



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

JAMAICA: Reports Trade Deficit of USD3.8BB for Jan. to Sept. 2024
-----------------------------------------------------------------
RJR News reports that data released by the Statistical Institute of
Jamaica (STATIN) reveal that net inflows of US$1.23 billion was
generated by the tourism sector between January and September of
last year.

Net remittances of US$2.35 billion was recorded during the same
period, according to RJR News.

These were not enough to cover the trade deficit of US$3.8 billion
racked-up during the first eight months of last year, the report
notes.

The trade deficit measures the difference between merchandise
imports and exports, the report adds.

                       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.

In October 2023, Moody's upgraded the Government of Jamaica's
long-term issuer and senior unsecured ratings to B1 from B2, and
senior unsecured shelf rating to (P)B1 from (P)B2. The outlook has
been changed to positive from stable.  

In September 2023, S&P Global Ratings raised its long-term foreign
and local currency sovereign credit ratings on Jamaica to 'BB-'
from 'B+', and affirmed its short-term foreign and local currency
sovereign credit ratings at 'B', with a stable outlook.  In
September 2024, S&P affirmed 'BB-/B' sovereign ratings on Jamaica
and revised outlook to positive.  

In March 2022, Fitch Ratings affirmed Jamaica's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'.  The Rating Outlook
is Stable.




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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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HOME STORE: Closes 3 Branches at C3 Center
------------------------------------------
Trinidad Express reports that two popular household goods
retailers, The Home Store and Excellent Stores, have closed their
branches at the C3 Centre, San Fernando.

This is not the only branch that The Home Store has announced it
will be closing, according to Trinidad Express.

The announcements were made on social media within days of each
other, the report notes.

The Home Store announced in a social media post on December 29 that
it closed its C3 Centre, Corinth Road, San Fernando, and The Falls
at Westmall, Westmoorings, branches, the report relates.

The post stated, "Due to circumstances beyond our control, we wish
to advise that we will be closing our C3 Centre branch and our
branch at the Falls at Westmall effective December 29, 2024.

"Our Barataria, Pennywise Plaza, Chaguanas and East Gates Mall
branches will remain in operation," the report discloses.

The Home Store falls under the umbrella company LJ Williams which
reported losses in Trinidad and Tobago for 2024, the report
recalls.

In its most recent financial results, LJ Williams stated that Group
sales for the six months ended September 30, 2024 was $73.3 million
compared to $78.75 million for the corresponding period in 2023,
the report discloses.

"The company had a loss of $974,000 before tax versus a loss of
$1.5 million before tax in the prior first six months," the Group
stated, the report says.

In his remarks, the chairman of LJ Williams Lawford Dupres
attributed the decline to low sales in Trinidad. He said, "Most of
this decline is due to lower sales and profit at The Home Store
Trinidad. The company is in the process of restructuring The Home
Store to reduce costs, with the expectation that the Group will be
in a profitable position by the end of financial year 2025,"
relates the report.

However, the company saw improved results in its Guyana subsidiary,
The Home Store Inc, and expected these results to continue into the
Christmas season, the report says.  The Home Store Inc locations
are at the Amazonia Mall, Georgetown, and Goedverwagting, East
Coast -- opened on October 25, the report relays.

In addition to the increase from its Home Store Inc subsidiary, the
company reported a 6% increase in sales from its food and allied
division which was also an improved profit over 2023, the report
discloses.  It added that the shipping division continued to be
steady despite the logistics issues that impacted imports, the
report says.

LJ Williams also shared its issues with foreign exchange
availability and stated, "The local availability of foreign
currency has declined significantly and the company is reviewing
its business operations to deal with this reality," the report
adds.

LJ Williams opened its C3 Centre branch in 2016 and was one of the
first stores to be opened in the mall, recounts the report.  Its
Falls at Westmall branch was opened in 2021.

On Christmas Eve, five days before the announcement by the The Home
Store, Excellent Stores announced that it would be closing its C3
Centre branch to relocate to SouthPark Mall, Tarouba Link Road, San
Fernando, the report recalls. The company posted to Facebook,
"After many wonderful years at C3 Centre, our branch will be
relocating on December 31, 2024. Although we must say farewell to a
long-standing, it's a necessary step as we prepare for our next
exciting chapter."

This month, before the full move, the store will be relocating to a
temporary location at SouthPark Mall before the official opening in
February, the report relates.

"This temporary store will ensure we can continue to serve you
while we prepare something extraordinary," the post stated, the
report discloses.

The company added that, in July/August, it will be opening a bigger
two-storey store which will feature a fresh, updated layout, a
wider selection of products and increased convenience, the report
relays.

"While we recognise this is a change, we are excited about this
next step. We deeply appreciate your patience and support
throughout. Thank you for being a part of the Excellent Stores
family and for your continued loyalty. We look forward to serving
you in our new and improved location soon," it stated, adds the
report.


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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
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Chapman, Editors.

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