PORT OF SPAIN, Trinidad - Just six years after it was created to replace its debt-ridden predecessor, BWIA, state-owned Caribbean Airlines (CAL) is facing severe financial turbulence. There are reports of a $500 million debt that the airline is seeking to address with long-term financing from local banks. The carrier’s latest financial statements show that CAL’s losses almost doubled from US$43.6 million in 2011 to US$83.7 million for 2012. Whether the airline can stave off bankruptcy will depend on sound financial and operational strategies over the next few months. Finance Minister Larry Howai, commenting on the current state of the airline, revealed this week that CAL will have to reorganise its entire finance structure to meet payments and commitments out of existing cash flows. He has not yet been able to rule out the possibility of staff cuts but, as of this week, the carrier had started to implement cutbacks by reducing the number of flights out of Jamaica.