TCRLA_Public/090918.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, September 18, 2009, Vol. 10, No. 185

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Receiver Appeals Clawbacks Block Order
STANFORD INT'L: Owner Spend US$500,000 Inorder for Cuba to Play
STANFORD INT'L: Local Liquidators Fighting to Get Canadian Assets


A R G E N T I N A

ALIR METALURGICA: Trustee Verifying Proofs of Claim Until Nov. 23
EL ESPUMON: Trustee Verifying Proofs of Claim Until December 30
FRIGORIFICO CRAM: Creditors' Proofs of Debt Due on September 25
FRIGORIFICO NUEVO: Creditors' Proofs of Debt Due on November 27
JOLIE SA: Creditors' Proofs of Debt Due on November 9

NINJA POSTAL: Creditors' Proofs of Debt Due on October 23
ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30


B A H A M A S

CL FINANCIAL: No More Units Left in Bahamas, Superintendent Says


B E R M U D A

BAY STATE: Creditors' Proofs of Debt Due on October 1
BAY STATE: Members to Receive Wind-Up Report on October 20
COA FINANCE: Creditors' Proofs of Debt Due on September 25
COA FINANCE: Members to Receive Wind-Up Report on October 13


B R A Z I L

AGRENCO LIMITED: Denies Acquisition Talks With Glencore Int'l
BANCO BRADESCO: Create Private Equity Firm With Banco Espirito
BANCO BRADESCO: Fitch Assigns Ratings on Subordinated Notes
HYUNDAI MOTOR: Revives Plan to Build Car Factory in Brazil
JBS SA: To Refile U.S. IPO Plans With the SEC

JBS SA: S&P Puts 'B+' Corp. Credit Rating on CreditWatch Negative
JBS SA: Fitch Puts 'B+' Issuer Default Rating on Positive Watch
MARFRIG ALIMENTOS: Fitch Affirms Issuer Default Rating at 'B+'
MARFRIG ALIMENTOS: S&P Affirms Corporate Credit Rating at 'B+'
PILGRIM'S PRIDE: To Sell Business to JBS Under Chapter 11 Plan


C A Y M A N  I S L A N D S

BROOKLINE AVENUE: Members to Receive Wind-Up Report Today
BWGLOBAL – GLOBAL: Members to Receive Wind-Up Report Today
EUROPEAN RENAISSANCE: Creditors' Proofs of Debt Due Today
GLOBAL DESIGN: Members to Receive Wind-Up Report on September 19
H3 JAPAN: Shareholders to Receive Wind-Up Report Today

HERSCHEL ABSOLUTE: Members to Receive Wind-Up Report Today
HERSCHEL ABSOLUTE: Members to Receive Wind-Up Report Today
J.R. SMITH: Shareholders to Receive Wind-Up Report Today
JPMORGAN FOCUSED: Members to Receive Wind-Up Report Today
LANGFORD FINANCE: Members to Receive Wind-Up Report Today

MARATHON OFFSHORE: Members to Receive Wind-Up Report Today
MELCHIOR JAPAN: Members to Receive Wind-Up Report Today
MELCHIOR JAPAN: Members to Receive Wind-Up Report Today
MONDRIAAN LIMITED: Members to Receive Wind-Up Report Today
PLAZA NAKANOSHIMA: Members to Receive Wind-Up Report Today

PRIVATE EQUITY: Creditors' Proofs of Debt Due Today
PRIVATE EQUITY: Shareholders to Receive Wind-Up Report on Sept. 22
SCL DELIGHT: Members to Receive Wind-Up Report Today
SCL PIONEER: Members to Receive Wind-Up Report Today
SCL PROCYON: Members to Receive Wind-Up Report Today

THREADNEEDLE ASIA: Creditors' Proofs of Debt Due Today
THREADNEEDLE ASIA: Creditors' Proofs of Debt Due Today
THREADNEEDLE EUROPEAN: Creditors' Proofs of Debt Due Today
THREADNEEDLE EUROPEAN: Creditors' Proofs of Debt Due Today
UBS CAYMAN: Members to Receive Wind-Up Report Today


P U E R T O R I C O

REDONDO CONSTRUCTION: Highway Authority Told To Pay US$10 Mil


M E X I C O

AXTEL SAB: Raised to “Buy” at Banco Santander


V E N E Z U E L A

PETROLEOS DE VENEZUEL: Operations Normal After Earthquake
PETROLEOS DE VENEZUEL: Meets Gasoline Supply Deal With Paraguay
PETROLEOS DE VENEZUELA: Still Owes US$5-Bil.+ to Suppliers


                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: SFG Receiver Appeals Clawbacks Block Order
----------------------------------------------------------
Laurel Brubaker Calkins at Bloomberg News reports that Stanford
Financial Group court-appointed receiver, Ralph Janvey, asked a
U.S. Court of Appeals in New Orleans for permission to sue
investors for gains they realized before a suspected US$7 billion
Ponzi scheme collapsed.  The report relates that Mr. Janvey was
blocked by a July 31 court order from pursuing so-called clawbacks
against about 600 investors.

As reported in the Troubled Company Reporter-Latin America on
July 30, 2009, Bloomberg News said that Mr. Janvey said he is
seeking to recoup US$925 million tied to certificates of deposit
issued by Robert Allen Stanford’s Stanford International Bank
Limited.  The report related that Mr. Janvey expanded an earlier
complaint to recover money from Stanford customers as well as
brokers who allegedly profited from a multi- billion fraud.
According to the report, the stockbrokers said they were “innocent
victims” and some of them invested their own money in the bank’s
certificates.  Bloomberg News noted the U.S. SEC and John Little,
a lawyer appointed by the court to represent Stanford investors’
interests, previously urged Judge Godbey to prevent Mr. Janvey
from suing about 300 investors to recover more than US$600
million.  The report said that investors' lawyers and Mr. Little
claimed the lawsuits would cost more than they would recover and
would punish people who are already victims.

According to Bloomberg News, Mr. Janvey claimed that he is trying
to prevent investors who got some money back from benefitting at
the expense of investors who lost everything to the alleged fraud.
The clawback proceeds could represent the single largest source of
assets he recovers on behalf of Stanford’s investors and
creditors, he added.

“The claims in this case are based on equity,” Kevin Sadler, Mr.
Janvey’s lead lawyer, said in a filing obtained by the news
agency.  “The receiver maintains that an investor who cashed out
one week before the receivership should recover the same
percentage of his investment as an investor who attempted to cash
out one week after the receivership” took control of Stanford’s
assets, he added.

                     About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Owner Spend US$500,000 Inorder for Cuba to Play
---------------------------------------------------------------
Federick J. Frommer at The Associated Press reports that Stanford
International bank Limited owner, Robert Allen Stanford, the
financier accused of orchestrating a multi-billion fraud, spent
US$500,000 in a lobbying effort to gain the U.S. Treasury
Department's approval for Cuba to participate in last year's
Stanford Twenty-20 Caribbean Cricket Tournament held in Antigua.
The report relates that Mr. Stanford's lobbyists said the Treasury
Department turned him down.

According to the report, a lobbying report shows that Mr.
Stanford's now-defunct company, Stanford Financial Group, paid the
Ben Barnes Group in Austin, Texas, $500,000 over six months on
"matters related to international cricket tournament" and for
"economic development in the Caribbean, specifically the Virgin
Islands."  The report relates that the firm is headed by former
Texas Lt. Gov. Ben Barnes.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Local Liquidators Fighting to Get Canadian Assets
-----------------------------------------------------------------
The Joint Liquidators of Stanford International Bank Limited,
Nigel Hamilton-Smith and Peter Wastell, of Vantis Business
Recovery Services, said they plan to fight a ruling by a Montreal
Superior Court in Canada that gave Stanford Financial Group court-
appointed receiver, Ralph Janvey, the authority to control Robert
Allen Stanford's assets in the country, Carribbean Net News
reports.

As reported in the Troubled Company Reporter-Latin America on
September 16, 2009, Mr. Hamilton-Smith and Mr. Wastell, said a
verbal judgment from the Montreal Superior Court, Canada, issued
on September 11, 2009, concluded that Ralph Janvey, the Receiver
appointed by the United States Securities and Exchange Commission,
be formally recognized as the party to whom control of the
Canadian assets should be passed.  The Joint Liquidators confirmed
that, contrary to allegations made, all copies taken of the data
were to international forensic standards and their actions have at
all times been in accordance with the terms of the order of the
High Court of Antigua and Barbuda under which they were appointed,
including taking steps to ensure that client data is kept
confidential.

According to Carribbean Net New, Mr. Hamilton-Smith said: "We
fully anticipate appealing this decision and will be closely
studying the judgment with our legal counsel.  It is hoped that
the Court of Appeal in Canada will have an opportunity to fully
consider all the relevant legal issues,"  "Despite this recent
judgment, legal proceedings issued by the Attorney General in
Ontario, Canada, are continuing for control of the same assets
located in Canada.  This follows a request from the U.S.
Department of Justice (DOJ) that the assets be passed to the DOJ
as proceeds of crime," Mr. Hamilton-Smith added.

                          About Vantis

Vantis Business Recovery Services --- www.vantisplc.com/ --- is a
trading division of Vantis Group Ltd, which is regulated by the
Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


=================
A R G E N T I N A
=================


ALIR METALURGICA: Trustee Verifying Proofs of Claim Until Nov. 23
-----------------------------------------------------------------
The court-appointed trustee for Alir Metalurgica S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 23, 2009.


EL ESPUMON: Trustee Verifying Proofs of Claim Until December 30
---------------------------------------------------------------
The court-appointed trustee for El Espumon S.R.L.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
December 30, 2009.

The trustee will present the validated claims in court as
individual reports on March 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
April 23, 2010.


FRIGORIFICO CRAM: Creditors' Proofs of Debt Due on September 25
---------------------------------------------------------------
The court-appointed trustee for Frigorifico Cram S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until September 25, 2009.

The trustee will present the validated claims in court as
individual reports on November 10, 2009.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
December 23, 2009.


FRIGORIFICO NUEVO: Creditors' Proofs of Debt Due on November 27
---------------------------------------------------------------
The court-appointed trustee for Frigorifico Nuevo Milenio S.R.L.'s
bankruptcy proceedings will be verifying creditors' proofs of
claim until November 27, 2009.

The trustee will present the validated claims in court as
individual reports on February 12, 2010.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised by
the company and its creditors.

Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
March 29, 2010.


JOLIE SA: Creditors' Proofs of Debt Due on November 9
-----------------------------------------------------
The court-appointed trustee for Jolie S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
November 9, 2009.


NINJA POSTAL: Creditors' Proofs of Debt Due on October 23
---------------------------------------------------------
Eduardo Pronsky, the court-appointed trustee for Ninja Postal SA's
bankruptcy proceedings, will be verifying creditors' proofs of
claim until October 23, 2009.

Mr. Pronsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Eduardo Pronsky
          Parana 480
          Argentina


ROSELLINI 1950: Creditors' Proofs of Debt Due on October 30
-----------------------------------------------------------
The court-appointed trustee for Rosellini 1950 S.A.'s bankruptcy
proceedings will be verifying creditors' proofs of claim until
October 30, 2009.


=============
B A H A M A S
=============


CL FINANCIAL: No More Units Left in Bahamas, Superintendent Says
----------------------------------------------------------------
Bahamas Superintendent of Insurance Lennox McCartney has confirmed
that there are no longer insurance-based subsidiaries of CL
Financial Limited -- the parent company of CLICO and Bahamas-
registered British American Insurance Company Limited (formerly
known as British American Insurance Company of the Bahamas)
(BAICO) -- left in The Bahamas, Brent Dean at The Nassau Guardian
reports.

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, The Tribune said Bahamian insurance regulators
has placed BAICO into the care of a judicial manager after its
2008 year-end accounts revealed it was insolvent to the tune of
BS$38 million.  According to the report, the Insurance Commission
has successfully petitioned that Juan Lopez, of KPMG
Restructuring, be appointed as the judicial manager for BAICO.
The Tribune related that Mr. McCartney, citing an affidavit to
support the petition, said that the company's unaudited statements
for the financial year ended December 31, 2008, showed it had
total assets of almost BS$910 million and liabilities of around
BS$948 million, producing a BS$38 million solvency deficiency.
The Insurance Commission confirmed that as at June 25, 2009,
British American Insurance Company Ltd had unpaid claims in 10
eastern Caribbean states totalling BS$91.65 million, "which it has
to the present been unable to raise the necessary liquidity to
pay," Mr. McCartney added.

A previous TCRLA report, citing CaribWorldNews, related that the
Bahamian Supreme Court granted a request from the islands
government to liquidate Clico Bahamas Limited, and other CL
Financial insurance related subsidiary in The Bahamas, for the
protection of company shareholders.  The report related that Craig
Gomez of Baker Tilley Gomez was appointed as the liquidator of the
company.

The Guardian notes that in the middle of the financial turmoil,
Mr. McCartney told Guardian Business that "the Bahamian insurance
marketplace is very stable and the companies are fairly well
capitalized."

                         About CL Financial

CL Financial Limited is a privately held conglomerate in Trinidad
and Tobago.  Founded as an insurance company, Colonial Life
Insurance Company by Cyril Duprey, it was expanded into a
diversified company by his nephew, Lawrence Duprey.  CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. has downgraded the financial
strength rating to C (Weak) from B (Fair) and issuer credit rating
to "ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago).  The ratings remain under
review with negative implications.  CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.

According to a TCRLA report on Feb. 20, 2009, citing Trinidad and
Tobago Express, Tobago President George Maxwell Richards signed
bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.


=============
B E R M U D A
=============


BAY STATE: Creditors' Proofs of Debt Due on October 1
-----------------------------------------------------
The creditors of Bay State Insurance Company, Ltd. are required to
file their proofs of debt by October 1, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

          Steven M. Mitus
          c/o Balise Motor Sales Company
          1102 Riverdale Street
          West Springfield, MA 01089 USA


BAY STATE: Members to Receive Wind-Up Report on October 20
----------------------------------------------------------
The members of Bay State Insurance Company, Ltd. will receive on
October 20, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on September 11, 2009.

The company's liquidator is:

          Steven M. Mitus
          c/o Balise Motor Sales Company
          1102 Riverdale Street
          West Springfield, MA 01089 USA


COA FINANCE: Creditors' Proofs of Debt Due on September 25
----------------------------------------------------------
The creditors of COA Finance Company, Ltd. are required to file
their proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


COA FINANCE: Members to Receive Wind-Up Report on October 13
------------------------------------------------------------
The members of COA Finance Company, Ltd. will receive on Oct. 13,
2009, at 9:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company commenced wind-up proceedings on September 4, 2009.

The company's liquidator is:

          Robin J. Mayor
          Clarendon House, Church Street
          Hamilton, Bermuda


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


AGRENCO LIMITED: Denies Acquisition Talks With Glencore Int'l
-------------------------------------------------------------
Helder Marinho at Bloomberg News reports that Agrenco Limited
denied a newsletter’s report that it is in negotiations to be sold
to Glencore International AG.

“Those comments are unfounded rumors,” Chief Financial Officer
Marco Antonio de Modesti told Bloomberg News in a telephone
interview.  “According to the company’s judicial recovery plan, an
acquisition could only be approved in three years,” Mr. Modesti
added.

According to Bloomberg News, Relatorio Reservado, a Rio de
Janeiro-based newsletter, said Glencore International is in talks
with shareholders and creditors of Agrenco to buy the Brazilian
company, without saying how it got the information.

Bloomberg News notes that Mr. Modesti said Glencore International
was hired as the operator of Agrenco, as part of the company’s
recovery plan.  Glencore International will be paid at the end of
2010 for running Agrenco’s units, declining to reveal the amount
expected for that payment, he added.

                         About Agrenco Ltd

Agrenco Ltd -- http://www.agrencogroup.com –- is a Bermudas-based
company involved in the agricultural sector.  The company is
active in the distribution, sale, purchase, storage and transport
of agricultural products.  It also provides technical and
financial services to farmers.  Agrenco Ltd operates 19
warehouses.  Through a joint venture with Marubeni Corporation, a
Japanese company that operates in various sectors, including
energy, agricultural and chemicals, the company is involved in a
project for the construction of three industrial plants to produce
biofuel in Brazil.  Its product line includes corn, fertilizers
and seeds.  Agrenco Ltd’s subsidiary is Agrenco Cooperatief UA.
In addition, the company has port operations.  It is listed on the
Sao Paulo Stock Exchange.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 25, 2009, Bloomberg News said that Agrenco Limited's debt
holders approved the sale of producing units in Brazil and
Argentina, as well as its inventories, as as part of the company's
bankruptcy recovery plan.  According to the report, the money
raised through the sale will help Agrenco fund its operations and
complete the construction of some plants.  Bloomberg News recalled
the company filed for bankruptcy on August 27.


BANCO BRADESCO: Create Private Equity Firm With Banco Espirito
--------------------------------------------------------------
Banco Bradesco SA and Banco Espirito Santo have formed a
partnership to create 2bCapital, a new private equity fund manager
that will operate in Brazil.  2bCapital will be controlled on an
equal basis by the subsidiaries BRAM -- Bradesco Asset Management
and Espirito Santo Capital (ES Capital).

2bCapital will launch its first fund amounting to R$500 million,
with each partner providing R$50 million.  The fund will be open
to domestic and international investors attracted by the
representative nature of the two partners and the opportunities in
the Brazilian business sector.

The first 2bCapital fund will invest in companies from preselected
industries with annual revenues of more than R$100 million, high
growth potential, good management and growing profitability.
Investments may include minority as well as controlling stakes.

2bCapital is also planning to launch other funds of a generic
nature or industry in Brazil in the future.

The CEO of 2bCapital will be Manuel de Sousa who is currently head
of ES Capital in Brazil where he has been working for more than
five years.  The new team will include professionals with
experience in private equity and new executives will be hired to
meet the growing business prospects.

                        2bCapital Partners

BRAM is a Bradesco subsidiary and the second-largest private asset
management firm in Brazil with around R$160 billion in assets
owned by more than 3.3 million investors in investment funds and
managed portfolios.

ES Capital is controlled by the Banco Espirito Santo Group and IR
part of its investment banking unit.  It has 13 years experience
in private equity management in Portugal, Spain and France. BES is
the second-largest privately-owned Portuguese bank with total
assets of US$117 billion and assets under management of
US$26 billion.

                       About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                           *     *     *

As of July 2, 2009, the company continues to carry Moody's Ba2
foreign LT bank Deposits rating.


BANCO BRADESCO: Fitch Assigns Ratings on Subordinated Notes
-----------------------------------------------------------
Fitch Ratings has assigned Banco Bradesco S.A.'s upcoming ten year
US$ subordinated fixed rated notes an expected Long-term foreign
currency rating of 'BBB'.  The notes will be issued by Bradesco's
Grand Cayman branch, for an amount to be determined.  Principal
will mature in ten years, and interest payments will be made semi-
annually.  The notes will carry a fixed interest rate to be set at
time of issuance.  The final rating is contingent upon the receipt
of final documents conforming to information already received.

Bradesco has a Long-term local currency Issuer Default Rating of
'BBB+', and a Long-term foreign currency IDR of 'BBB', the latter
of which is constrained by Brazil's Country Ceiling of 'BBB',
which addresses the risk that a local entity may not be able to
access foreign currency.  As Bradesco operates principally in
local currency, the expected rating of the subordinated notes is
notched one notch below the bank's Long-term local currency IDR of
'BBB+'.  This reflects the notes subordinated status, and the fact
that the notes rank at least equally with similar subordinated
debt, and senior to any present or future junior subordinated
debt.

The securities, which will be recognized by Brazil's regulator as
Tier II instruments for regulatory capital purposes, will likely
be considered as Fitch's class D securities and receive 75%
equity-credit under the agency's guidelines regarding its capital
assessment approach, reflecting their high loss absorption
capacity.  Bradesco has historically maintained adequate
capitalization ratios and the bank will use the proceeds from the
planned issue to replenish its regulatory Tier II capital as
existing debt instruments mature, or its remaining maturities fall
below minimum regulatory guidelines rendering those instruments
not eligible as capital.  Eligible hybrids and other capital
securities (equity like instruments) can only account for 30% of
Fitch's definition of eligible capital, which is defined as core
capital plus eligible hybrid debt and other capital securities.

Bradesco is one of Brazil's leading banks in various segments.
The group's insurance operations, conducted via Bradesco Seguros
(IFS 'BBB'), are an important part of the business and have
historically contributed over 30% of consolidated net income.  The
bank also holds an important position in the asset management
sector with some BRL211.7bn assets under management.  Bradesco?s
strategy is to maintain its strong position in the Brazilian
financial system, working with a diversified franchise based on
financial and insurance services.  Despite its focus on organic
growth and on domestic expansion, Bradesco has acquired some small
cap niche financial institutions.

Banco Bradesco S.A.'s ratings are:

  -- Long-term foreign currency IDR 'BBB'; Stable Outlook
  -- Short-term foreign currency IDR 'F2'
  -- Long-term local currency IDR 'BBB+'; Stable Outlook
  -- Short-term local currency IDR 'F2'
  -- Individual Rating 'B/C'
  -- Support Rating '3'
  -- Support Rating Floor 'BB'
  -- National Long-term rating 'AAA(bra)'; Stable Outlook
  -- National Short-term rating 'F1+(bra)'


HYUNDAI MOTOR: Revives Plan to Build Car Factory in Brazil
----------------------------------------------------------
Hyundai Motor Company will begin construction of a factory in
Brazil next year after suspending the plan due to the global
recession, Korean Herald reports, citing Company Vice Chairman
Chung Eui-sun.  The report relates that in September 2008, the
company said it will to build a US$600 million small-car plant in
Brazil to tap rising vehicle demand in the country.  The report
notes that the plant was expected to be able to build 100,000
small cars a year starting from the first half of 2011.

According to the report, Hyundai boosted global market share to a
record 5% in the first half of this year as a weaker won helped it
raise spending in the U.S.  The Herald says that the car maker's
strength in emerging markets also helped the Korean company by
making it less vulnerable to the worst of auto market meltdown in
the U.S. and Europe.

"Hyundai seems to think it has leeway to embark on new projects,"
said Song Sang-hoon, the report quoted an analyst at Kyobo
Securities Co. in Seoul.  "Still, we need to see how the market
will change when the plant is completed and how Hyundai can secure
profit there," the analysts added.

                         About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer.  The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.

                           *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'.  The rating
agency revised the Outlook to Negative from Stable.


JBS SA: To Refile U.S. IPO Plans With the SEC
---------------------------------------------
Robin Saponara at Bloomberg News reports that JBS SA will refile
with the U.S. Securities and Exchange Comission its plan to
conduct an initial public offering.  The report relates that
Company Chief Executive Officer Joesley Mendonca Batista told
investors that the IPO plans will be delayed to restructure the
proposal.

JBS SA is one of the world's largest beef producers with
operations in Brazil, the United States, Argentina, Australia and
Italy.  The company is the largest producer and exporter of fresh
meat and meat by-products in Brazil, Argentina and Australian and
the third largest in the USA.

                           *     *     *

As of June 17, 2009, the company continues to carry Moody's B1 LT
Corp rating and B1 Senior Unsecured Debt rating.  The company also
continues to carry Standard and Poors LT issuer Credit ratings B+.


JBS SA: S&P Puts 'B+' Corp. Credit Rating on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B+' corporate credit ratings, on meat-processing companies
JBS S.A and JBS USA LLC on CreditWatch with positive implications.

"The CreditWatch placement reflects the positive effects of the
transactions on JBS's business profile," said Standard & Poor's
credit analyst Marcelo Schwarz.

The company announced it has reached an association agreement with
Bertin S.A. (not rated) that will eventually lead to the
combination of the two companies' operations.  JBS also announced
the acquisition of a 64% stake in U.S. poultry producer Pilgrim's
Pride Corp. (not rated) for $800 million.  The Bertin association
will be equity based.

S&P expects to resolve the CreditWatch within the next few months,
after obtaining further detail on the business and financial
implications of both transactions.  S&P will take into account
developments as to funding and the ultimate capital structure of
the combined entity.


JBS SA: Fitch Puts 'B+' Issuer Default Rating on Positive Watch
---------------------------------------------------------------
Fitch Ratings has placed these ratings of JBS S.A.'s on Rating
Watch Positive:

  -- Foreign currency Issuer Default Rating 'B+';
  -- Local currency IDR 'B+';
  -- US$275 million outstanding senior notes (due 2011) 'B+/RR4';
  -- US$700 million outstanding senior notes (due 2014) 'B+/RR4';
  -- US$300 million outstanding senior notes (due 2016) 'B+/RR4';
  -- Long-term National Scale rating 'BBB+(bra)';

The rating action follows the announcement by JBS that it had
reached an agreement to buy 64% of Pilgrim's Pride and also to
merge with Bertin.  These transactions are expected to be entirely
funded with a US$2.5 billion equity issuance in JBS USA and
significantly enhance the competitive position of the company in
the Brazilian market as well as diversify its revenue mix to
different proteins as the acquisition of Pilgrim's Pride provides
JBS with an entry into the poultry business.  These transactions
are expected to close at the end of 2009.  Fitch anticipates net
leverage to improve marginally (excluding synergies expected to
exceed US$450 million per year) from its current 2.8 times (pro
forma the Smithfield Beef acquisition) as of June 2009.  In
addition, Fitch sees positively JBS planed US$2.0 billion IPO at
its US subsidiary, JBS USA, in the first half of 2010 and it
confirms JBS' strong track record integrating past acquisitions.

For the Pilgrim's Pride transaction JBS plans to pay
US$800 million for a 64% stake in the new entity and assume
US$1.5 billion of debt.  JBS plans to use US$1.5 billion of its
US$2.5 billion equity issuance to make the US$800 million payment
and reduce debt to about US$800 million at Pilgrim's Pride.  This
acquisition to be made through JBS USA increases JBS revenue
generation from its operations in the US and Australia from 70% of
the total to about 75% and adds production capacity in Mexico.
Synergies from this acquisition are expected to be US$200 million.
Pilgrim's Pride is the second largest poultry company in the US
with about 20% market share.  This company is expected to generate
more than US$300 million of EBITDA in the latest twelve months
(LTM) ended September 2009 on US$7 billion of revenues.  At the
end of 2008, this company filed for Chapter 11 and the JBS
acquisition is part of the reorganization plan of the company that
needs to be approved by the bankruptcy court.

In the merger with Bertin, the Bertin shareholders would receive
JBS stock and debt will be reduced by US$1 billion at Bertin from
the US$2.5 billion JBS equity issuance.  Bertin is Brazil's third
largest beef producer with approximately US$400 million of EBITDA
on US$3.5 billion revenues.  Synergies of more than US$250 million
per year are expected to be generated primarily from logistics
consolidation and overhead cost reductions.  Bertin derives 68% of
revenues from fresh beef production, 13% from leather, 12% from
dairy products and 7% from other businesses.  This transaction not
only expands the beef production capacity to Uruguay, Paraguay and
several states in Brazil but also improves the distribution
capacity of the company across Latin America in particular in
Brazil.  The merger scrutiny from Brazilian authorities will
depend on the market definition.

As of June 30, 2009, JBS had cash on hand of US$1.18 billion and
US$650 million in credit facilities available at JBS USA compared
with short-term maturities of US$1.24 billion.  Total debt was
US$3.19 billion.  During October 2008, the company paid US$565
million of cash to acquire Smithfield Beef.  For the LTM ended
June 2009, JBS' EBITDA was US$607 million.  This figure would have
been US$725 million, if Smithfield Beef had been consolidated for
all of the LTM ended June 2009, resulting in a pro forma net
leverage (net debt/EBITDA) ratio of 2.8x compared to 2.0x in 2008
and 3.7x in 2007.

JBS is one of the world's largest beef producers, with operations
in Brazil, the United States, Argentina, Australia and Italy.  The
company is the largest producer and exporter of fresh meat and
meat by-products in Brazil, Argentina and Australia and the third
largest in the U.S. JBS USA concentrates JBS operations in the
U.S. and Australia, which represent approximately 70% of total
revenues.


MARFRIG ALIMENTOS: Fitch Affirms Issuer Default Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Marfrig Alimentos S.A.
and Marfrig Overseas Ltd, a special-purpose vehicle wholly-owned
by Marfrig and incorporated in the Cayman Islands:

Marfrig Alimentos S.A

  -- Local currency Issuer Default Rating at 'B+';
  -- Foreign currency IDR at 'B+';
  -- National scale rating at 'BBB+(bra)'.

Marfrig Overseas Ltd

  -- US$375 million senior unsecured notes due 2016 at 'B+/RR4'.

The Rating Outlook is Stable.

The affirmations follow the announcement by Marfrig that it has
reached an agreement to acquire Seara Alimentos Ltda.  Marfrig
will pay Cargill, the shareholder of Seara, US$706.2 million in
cash and will assume US$193.8 million of debt at the company.  The
company intends to finance this transaction through an equity
issuance.  If successful, Fitch expects Marfrig's net debt/EBITDA
ratio to decline marginally from 3.8 times as of June 30, 2009.

The affirmations positively incorporate a strengthening of
Marfrig's competitive position in the poultry and pork industries
in Brazil as a result of this transaction, as well as an increase
in its industrialized products production capacity.  The
affirmations also incorporate an expectation that a majority of
the transaction will be equity financed, resulting in a maximum
net leverage ratio of about 4.3x.  A negative rating action could
occur if the company falls short of this measure.  Through this
acquisition, Marfrig will become Brazil's second largest exporter
of both poultry and pork products with export market share of
16.6% and 16%, respectively.  Marfrig's ratings Marfrig continue
to reflect this strong position, as well as the company's strong
presence domestically.  Further factored into the ratings is the
company's diversified production base and increasing focus on non-
commodity products.

Marfrig's capital structure is highly leveraged with
US$1.73 billion total debt on its balance sheet at the end of June
2009.  Pro forma total debt to EBITDA -- as if recent acquisitions
had been consolidated for the last 12 months -- was 5.2x, and net
debt to EBITDA was 3.8x.  Short-term debt amounted to
US$658 million, which is mostly related to trade line of credit
and is supported by its significant level of exports and in line
with the industry; the company has US$683 million of cash on hand.
Cash flow should improve in the near future as the company
realizes synergies from recent acquisitions and gains market share
in the Brazilian market.

The ratings continue to reflect the company's aggressive growth
strategy based on acquisitions, which have totaled more than 35 in
the last three years.  This strategy, which has been financed with
a mix of debt and equity, has lead to increasing working capital
requirements and resulted in negative free cash flow generation
over the past few years.


MARFRIG ALIMENTOS: S&P Affirms Corporate Credit Rating at 'B+'
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Brazil-based meat processor Marfrig Alimentos
S.A. following Marfrig's announcement that it has acquired meat
processor Seara Alimentos Ltda. and its subsidiaries in Brazil and
Europe from Minnetonka-based Cargill Inc. for $706.2 million in
cash plus $193.8 million in debt.  The outlook is negative.

"The rating affirmation takes into account the positive
implications of Marfrig's acquisition of Seara for its business
profile, including synergies captured by their combined
operations, as well as the risks associated with financing the
transaction.  The combined operations will provide Marfrig with
economies of scale in pork and poultry production, more
competitive sourcing of raw materials, improved price negotiating
with clients, and a considerably larger distribution network.
Moreover, Seara's well-recognized brand name benefits Marfrig with
a national identity as a complement to its regional presence with
local brands.  This allows Marfrig to expand in consumer-branded
products more rapidly.  Seara's international presence will also
boost Marfrig's export capabilities and increase its geographic
diversification," said Standard & Poor's credit analyst Flavia
Bedran.

The negative outlook factors in the uncertainties surrounding
Marfrig's ultimate capital structure after the transaction is
concluded.  The company already contracted a stand-by long-term
credit line with Banco Bradesco S.A. for R$1.3 billion to secure
funding for the transaction, but the company has also signaled
that it may issue new equity to fund the deal.  "We will,
therefore, monitor the implications from the company's actions
into the company's financial profile as they are undertaken.  S&P
also take into consideration the integration risks associated with
Marfrig's absorbing Seara's operations, as well as the risks
inherent in both of their operations in working-capital intensive,
cyclical businesses, which are partly exposed to commodity export
products and volatile raw material prices," Ms.  Bedran added.


PILGRIM'S PRIDE: To Sell Business to JBS Under Chapter 11 Plan
--------------------------------------------------------------
Pilgrim's Pride Corporation and six of its debtor-subsidiaries
will be filing with the Bankruptcy Court a joint plan of
reorganization built around a sale of its business to JBS SA, the
world's largest beef producer.

Pilgrim's Pride and JBS have agreed to a transaction representing
an enterprise value of roughly $2.8 billion.  Under the terms of
the Plan, Pilgrim's Pride has entered into an agreement to sell
64% of the new common stock of the reorganized Pilgrim's Pride to
JBS S.A., through its JBS USA Holdings, Inc. subsidiary, for $800
million in cash.

According to reports, JBS SA has also reached a deal to buy
control of Bertin SA in Brazil, to surpass Tyson Foods Inc. as the
top meat processor. Shares surged.  JBS will take over Bertin in a
share swap by creating a holding company that will control both
meatpackers.

According to a statement released by Pilgrim's Pride, proceeds
from the sale of the new common stock of the reorganized Pilgrim's
Pride to JBS will be used to fund cash distributions to allowed
claims under the plan.  Under the terms of the plan, all creditors
of the Debtors holding allowed claims will be paid in full, either
in cash or by issuance of a new note.  All existing Pilgrim's
Pride common stock will be cancelled and existing stockholders
will receive the same number of new common stock shares
representing 36% of the reorganized Pilgrim's Pride in aggregate.

The Plan also calls for an exit facility for senior secured
financing in an aggregate principal amount of $1.75 billion to be
provided by a group of lenders arranged by Joint Lead Arrangers
CoBank, ACB and Rabobank.

Pilgrim's Pride said that it anticipates the plan to be confirmed
by the Bankruptcy Court in time for the Debtors to emerge from
bankruptcy before the end of December.

The plan and the proposed disclosure statement have not yet been
approved by the Bankruptcy Court and are subject to further
negotiations with stakeholders.  As a result, the plan and the
proposed disclosure statement may be materially modified before
approval.

In addition to customary Chapter 11 proceedings, the completion of
the transaction is subject to Hart-Scott-Rodino and other
antitrust reviews and customary closing conditions.

Lazard acted as sole investment banker to Pilgrim's Pride in
connection with its financial restructuring and transaction with
JBS. CRG Partners Group, LLC acted as chief restructuring officer.
Baker & McKenzie LLP and Weil Gotshal & Manges LLP served as legal
advisors.  Rothschild and Rabo Securities USA, Inc. acted as
exclusive financial advisor to JBS U.S.A. and Shearman & Sterling
LLP as its legal advisors.

"Over the past 10 months, we have fundamentally restructured
Pilgrim's Pride as a market-driven company clearly focused on
delivering the best service, selection and value to our customers
as efficiently as possible," said Don Jackson, president and chief
executive officer.  "Thanks to the shared commitment and hard work
of our employees, we believe that Pilgrim's Pride is positioned to
emerge from bankruptcy as a stronger, more efficient competitor.
We have returned to profitability, the quality of our asset base
has improved significantly and we are gaining additional business.
While we recognize that some of the changes made during our
restructuring have been painful for our employees and contract
growers, these decisions were absolutely necessary in helping
Pilgrim's Pride to operate more efficiently while protecting the
greatest number of jobs in the long-term. As a result of the
improvements achieved this year, we believe we have been able to
maximize the value of our company through our plan of
reorganization that achieves what precious few restructurings can:
full repayment of allowed creditor claims and substantial retained
value for existing stockholders."

"Looking ahead, we are truly excited about the strategic growth
opportunities available with JBS as our majority shareholder,"
Dr. Jackson added.  "JBS has a well-earned global reputation for
operational and service excellence in beef and pork production. We
are confident that our plan will earn the support of all
stakeholders and provide the foundation for sustained, profitable
growth in the years ahead."

"We believe our reorganization plan will pave the way for
Pilgrim's Pride to emerge from bankruptcy before the end of the
year and mark a new beginning for this proud company, one that I
fully support and endorse," said Lonnie "Bo" Pilgrim, senior
chairman. "While the past year has been a difficult time for
everyone involved in our restructuring, I take pride in knowing
that we have a plan in place to pay back our creditors in full and
preserve a great deal of value for our existing stockholders."

"Two years ago, JBS acquired Swift & Company, a U.S. beef and pork
company, with a goal of managing its strong assets and turning it
into a well-managed, efficient and profitable company. We believe
the company's performance demonstrates our continued success in
meeting this goal," said Wesley M. Batista, president and chief
executive officer of JBS USA Holdings.  "In 2008, we acquired
Smithfield Beef and Five Rivers Cattle Feeding to strengthen our
beef platform and provide synergies to our existing operations. As
a U.S. beef and pork company, we are proud to now enter into the
U.S. poultry industry with the acquisition of Pilgrim's Pride. We
look forward to working with Pilgrim's management to increase the
company's competitiveness both domestically and internationally.
As we have accomplished with our beef and pork platforms, we will
utilize our existing assets and strong management to grow
Pilgrim's poultry business. We are excited about the opportunity
to work with Pilgrim's employees, contract growers, customers,
vendors and shareholders to enhance value."

Union Supports Sale

The United Food and Commercial Workers International Union (UFCW),
which represents more than 250,000 workers in the meatpacking and
poultry industry, announced its strong support for the proposed
sale of a majority stake in Pilgrim's Pride to JBS S.A., as
announced in a press release issued today by Pilgrim's Pride.

The UFCW represents roughly 13,000 workers at Pilgrim's Pride and
nearly 14,000 workers at JBS S.A.

Joe Hansen, International President of the UFCW, said, "The sale
of a majority stake in Pilgrim's Pride to JBS is good news for
workers at Pilgrim's, for their communities and for the future of
the poultry industry.

"Since its 2007 acquisition of Swift & Company, the UFCW has
worked closely with management at every level of JBS.  We have
found them to be accessible and willing to work closely with their
employees in a mutually beneficial way to improve and strengthen
plant operations.

"They have a proven track record of investment in the U.S. packing
industry that benefits workers, communities and all stakeholders.
We look forward to working with them to build on that track record
as they enter the poultry industry.

                          About JBS S.A.

JBS S.A. -- http://www.jbs.com.br/ir/-- is currently the world's
largest beef producer and exporter with a daily harvesting
capacity of 73,900 head of cattle and the largest global exporter
of processed beef. The company's operations include 25 plants
located in 9 Brazilian states and 6 plants located in 4 Argentine
provinces, in addition to 16 plants in the U.S., 10 in Australia
and 8 in Italy. Additionally, JBS S.A. is the third-largest pork
producer in the U.S., with a harvesting capacity of 48,500 head
per day. In 2008, JBS S.A. generated net revenue of R$30.3
billion. Its brands "Friboi," "Swift," "Swift and Company," "La
Herencia," "1855 Swift Premium," "Maturatta," "Cabana Las Lilas,"
"Organic Beef Friboi," "Anglo," "Mouran," "Plata," "King Island,"
"Beef City," "AMH," "Inalca," "Montana" and "Ibise" are widely
recognized as symbols of quality.

JBS U.S.A. Holdings is a wholly owned subsidiary of JBS S.A.

                     About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(Pink Sheets: PGPDQ) -- http://www.pilgrimspride.com/-- employs
roughly 41,000 people and operates chicken processing plants and
prepared-foods facilities in 14 states, Puerto Rico and Mexico.
The Company's primary distribution is through retailers and
foodservice distributors.

Pilgrim's Pride Corp. and six other affiliates filed Chapter 11
petitions on December 1, 2008 (Bankr. N.D. Tex. Lead Case No.
08-45664).  The Debtors' operations in Mexico and certain
operations in the United States were not included in the filing
and continue to operate as usual outside of the Chapter 11
process.

Pilgrim's Pride has engaged Stephen A. Youngman, Esq., Martin A.
Sosland, Esq., and Gary T. Holzer, Esq., at Weil, Gotshal & Manges
LLP, as bankruptcy counsel.  The Debtors have also tapped Baker &
McKenzie LLP as special counsel.  Lazard Freres & Co., LLC, is the
company's investment bankers and William K. Snyder of CRG Partners
Group LLC as chief restructuring officer.  The Company's claims
and noticing agent is Kurtzman Carson Consulting LLC.

A nine-member committee of unsecured creditors has been appointed
in the case.

As of December 27, 2008, the Company had $3,215,103,000 in total
assets, $612,682,000 in total current liabilities, $225,991,000 in
total long-term debt and other liabilities, and $2,253,391,000 in
liabilities subject to compromise.

Bankruptcy Creditors' Service, Inc., publishes Pilgrim's Pride
Bankruptcy News.  The newsletter tracks the Chapter 11 proceeding
of Pilgrim's Pride Corp. and its various affiliates.


==========================
C A Y M A N  I S L A N D S
==========================


BROOKLINE AVENUE: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Brookline Avenue Event Driven Equity Fund, Ltd.
will receive today, September 18, 2009, at 11:15 a.m., the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


BWGLOBAL – GLOBAL: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Bwglobal - Global Macro Strategy Fund, Ltd. will
receive today, September 18, 2009, at 10:30 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


EUROPEAN RENAISSANCE: Creditors' Proofs of Debt Due Today
---------------------------------------------------------
The creditors of European Renaissance Fund Limited are required to
file their proofs of debt by today, September 18, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 21, 2009.

The company's liquidator is:

          Ian D. Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


GLOBAL DESIGN: Members to Receive Wind-Up Report on September 19
----------------------------------------------------------------
The members of Global Design CDO Limited will receive on
September 19, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Victor Murray
          c/o Maples Finance Limited
          PO Box 1093, Boundary Hall
          Grand Cayman KY1-1102, Cayman Islands


H3 JAPAN: Shareholders to Receive Wind-Up Report Today
------------------------------------------------------
The shareholders of H3 Japan Fund will receive today,
September 18, 2009, at 10:30 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Avalon Management Limited
          Landmark Square, 1st Floor
          64 Earth Close, West Bay Beach
          P.O. Box 715, Grand Cayman KY1-1107
          Cayman Islands


HERSCHEL ABSOLUTE: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Herschel Absolute Return (Cayman) Fund will receive
today, September 18, 2009, at 9:30 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


HERSCHEL ABSOLUTE: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Herschel Absolute Return Master (Cayman) Fund will
receive today, September 18, 2009, at 9:15 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


J.R. SMITH: Shareholders to Receive Wind-Up Report Today
--------------------------------------------------------
The shareholders of J.R. Smith Ltd. will receive today,
September 18, 2009, at 3:00 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Philip Mosely
          PO Box 1569, George Town
          Grand Cayman KY1-1110
          Cayman Islands
          Tel: 949 4018
          Fax: 949 7891
          email: general@caymanmanagement.ky


JPMORGAN FOCUSED: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Jpmorgan Focused Equity Fund SPV Ltd. will receive
today, September 18, 2009, at 9:45 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


LANGFORD FINANCE: Members to Receive Wind-Up Report Today
---------------------------------------------------------
The members of Langford Finance Ltd will receive today,
September 18, 2009, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Eagle Holdings Ltd.
          c/o Barclays Private Bank & Trust (Cayman) Limited
          FirstCaribbean House, 4th Floor
          P.O. Box 487, Grand Cayman KY1-1106
          Cayman Islands


MARATHON OFFSHORE: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Marathon Offshore Angola Block 32 Limited will
receive today, September 18, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

           Y. R. Kunetka
           5555 San Felipe St.
           Houston, Texas 77056 U.S.A.


MELCHIOR JAPAN: Members to Receive Wind-Up Report Today
-------------------------------------------------------
The members of Melchior Japan Fund 002 Limited will receive today,
September 18, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard E.L. Fogerty
          c/o Dian Wardle
          Zolfo Cooper, 4th Floor, Bermuda House
          Dr. Roy’s Drive, Grand Cayman
          Telephone: (345) 946-0081


MELCHIOR JAPAN: Members to Receive Wind-Up Report Today
-------------------------------------------------------
The members of Melchior Japan (Master) Fund 002 Limited will
receive today, September 18, 2009, at 10:10 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Richard E.L. Fogerty
          c/o Dian Wardle
          Zolfo Cooper, 4th Floor, Bermuda House
          Dr. Roy’s Drive, Grand Cayman
          Telephone: (345) 946-0081


MONDRIAAN LIMITED: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Mondriaan Limited will receive today, September 18,
2009, at 8:30 a.m., the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002, Cayman Islands


PLAZA NAKANOSHIMA: Members to Receive Wind-Up Report Today
----------------------------------------------------------
The members of Plaza Nakanoshima Holding Co., Ltd. will receive
today, September 18, 2009, at 10:15 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers SPV Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


PRIVATE EQUITY: Creditors' Proofs of Debt Due Today
---------------------------------------------------
The creditors of Private Equity Access 1 GP, Ltd are required to
file their proofs of debt by today, September 18, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on August 5, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104


PRIVATE EQUITY: Shareholders to Receive Wind-Up Report on Sept. 22
------------------------------------------------------------------
The shareholders of Private Equity Access 1 GP, Ltd will hold
their meeting on September 22, 2009, at 9:00 a.m., to receive the
liquidators' report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 5, 2009.

The company's liquidators are:

          E. Andrew Hersant
          Christopher Humphries
          c/o Stuarts Walker Hersant
          Telephone: (345) 949 3344
          Facsimile: (345) 949 2888
          P.O. Box 2510, Grand Cayman KY1-1104


SCL DELIGHT: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of SCL Delight Limited will receive today,
September 18, 2009, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


SCL PIONEER: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of SCL Pioneer Limited will receive today,
September 18, 2009, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


SCL PROCYON: Members to Receive Wind-Up Report Today
----------------------------------------------------
The members of SCL Procyon Limited will receive today,
September 18, 2009, at 8:45 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


THREADNEEDLE ASIA: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Threadneedle Asia Crescendo Master Fund Limited
are required to file their proofs of debt by today, September 18,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Ian D. Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


THREADNEEDLE ASIA: Creditors' Proofs of Debt Due Today
------------------------------------------------------
The creditors of Threadneedle Asia Crescendo Fund Limited are
required to file their proofs of debt by today, September 18,
2009, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Ian D. Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


THREADNEEDLE EUROPEAN: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
The creditors of Threadneedle European Focus Crescendo Master Fund
Limited are required to file their proofs of debt by today,
September 18, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Ian D. Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


THREADNEEDLE EUROPEAN: Creditors' Proofs of Debt Due Today
----------------------------------------------------------
The creditors of Threadneedle European Focus Crescendo Fund
Limited are required to file their proofs of debt by today,
September 18, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          Ian D. Stokoe
          c/o Jodi Jones
          PO Box 258, Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 914 8694
          Facsimile: (345) 945 4237


UBS CAYMAN: Members to Receive Wind-Up Report Today
---------------------------------------------------
The members of UBS Cayman Ltd will receive today, September 18,
2009, at 10:45 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Walkers Corporate Services Limited
          Walker House, 87 Mary Street, George Town
          Grand Cayman KY1-9002 Cayman Islands


===================
P U E R T O R I C O
===================


REDONDO CONSTRUCTION: Highway Authority Told To Pay US$10 Mil
-------------------------------------------------------------
WestLaw reports that under Puerto Rico law, a debtor-contractor
could collect interest from the time that the amounts on a road
construction contract were due from the Puerto Rico highway and
transportation authority, up to the date on which the debtor
collected the amounts due.  The applications for payments were
consigned in court after the debtor filed for bankruptcy, well
after the underlying construction project was completed.  In re
Redondo Const. Corp., --- B.R. ----, 2009 WL 2827957 (Bankr. D.
P.R.) (Carlo-Altieri, C.J., and Inclan, J.).

Chief Judge Carlo-Altieri's order dated Aug. 31, 2009, directs the
Puerto Rico Highway and Transportation Authority to compensate
Redondo approximately $10 million plus 6% interest from as far
back as 1999.

WestLaw additionally reports that during a hearing before the
bankruptcy court in the Chapter 11 case of a debtor-contractor,
the Puerto Rico highway and transportation authority specifically
agreed to submit the debtor's claims for amounts due for work
performed on three road construction projects to the bankruptcy
court, in lieu of the arbitration proceedings provided for in the
parties' contracts.  Therefore, the bankruptcy court had
jurisdiction to enter final orders and judgments in the debtor's
adversary proceedings.  In re Redondo Const. Corp., --- B.R. ----,
2009 WL 2827961, (Bankr. D. P.R.).

Redondo Construction Corporation has been in the construction
business for thirty years, and worked on many public and
government projects.  Redondo filed for chapter 11 protection
(Bankr. D. P.R. Case No. 02-02887) on March 19, 2002, and the
Bankruptcy Court confirmed the Debtor's chapter 11 plan on
October 6, 2005.


===========
M E X I C O
===========


AXTEL SAB: Raised to “Buy” at Banco Santander
---------------------------------------------
Stephen Kirkland at Bloomberg News reports that Axtel SAB was
upgraded to “buy” from “hold” at Banco Santander SA on
September 17.  The report relates that Banco Santander introduced
a 2010 year-end price estimate of MXN12 pesos, up from MX8.50
pesos for the end of this year.

“Axtel’s current stock price represents an attractive entry point,
even more so now that specific investment-case risks are
dissipating,” the bank wrote in a report obtained by the news
agency.

Axtel SAB is the second-largest, and one of the fastest growing,
fixed-line, integrated telecommunications companies in Mexico,
measured in revenues, EBITDA and lines in service.  The company
offers a wide array of services, including local and long distance
telephony, broadband Internet, data and built-to-suit
communications solutions in 39 cities and long distance telephone
in over 200 cities to more than 828,000 business and residential
customers.  The company provides local, long distance, data,
internet, integrated solutions and value-added communications
services in 39 of the largest metropolitan areas in the country,
including Mexico City, Monterrey, Guadalajara, Puebla, Toluca,
Leon, Queretaro, San Luis Potosi, Saltillo, Aguascalientes, Ciudad
Juarez, Tijuana, Torreon (Laguna Region), Veracruz, Chihuahua,
Celaya, Irapuato, Cd. Victoria, Reynosa, Tampico, Cuernavaca,
Merida, Morelia, Pachuca, Hermosillo, San Juan del Rio, Xalapa,
Durango, Villahermosa, Acapulco, Mexicali, Cancun, Zacatecas,
Matamoros, Nuevo Laredo, Culiacan, Mazatlan, Coatzacoalcos and
Minatitlan.  These 39 cities represent more than 47% of the total
population of Mexico according to Mexico's Instituto Nacional de
Estadistica Geografia e Informatica, INEGI.  The company estimates
that Axtel lines represent approximately 9.3% of the lines in
service of the total addressable market in the 39 cities in which
it provides local services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009, top rating agencies has rated the company:

   -- Moody's Investors Service assigned a Ba2 rating to
      Axtel, S.A.B. de C.V.'s proposed up to US$300 million
      in senior unsecured notes due 2019;
   -- Standard & Poor's Ratings Services said that it affirmed
      its ratings, including the 'BB-' corporate credit rating,
      on Axtel S.A.B de C.V.; and

   -- Fitch Ratings has assigned these ratings for Axtel,
      S.A.B. De C.V.:

         * Local currency Issuer Default Ratings at 'BB';

         * Foreign currency IDR at 'BB';

         * Proposed senior notes due 2019 for up to
           US$300 million at 'BB';



=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUEL: Operations Normal After Earthquake
---------------------------------------------------------
Petroleos de Venezuela, S.A., disclosed that hydrocarbon
production operations are running fully and normally following a
6.2-degree quake that occurred last Saturday, whose epicenter was
located in Moron, north central Carabobo state.

Following the earthquake, PDVSA took immediate actions at the
Moron Compression Plant, and operations were restores immediately
in compliance with the preestablished safety conditions, in order
to ensure reliability and availability of the gas transport and
distribution systems in the central western and western regions of
Venezuela.

PDVSA reassures that both plants and offices are operating
normally.  Therefore, the company guarantees oil and byproducts
shipments both domestically and abroad, in addition to the
operations of the systems and sites related to the sector.

Note that PDVSA refining network has optimal fuel levels to
fulfill supply commitments both domestically and abroad.

                             About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUEL: Meets Gasoline Supply Deal With Paraguay
---------------------------------------------------------------
Petroleos de Venezuela, S.A. Informed that it continues to supply
gasoil to Paraguay as usual, and that fuel supply to our brothers
of Paraguay through PETROPAR has never been discontinued, modified
or curbed.

As negotiations are under way to refinance due payments of
shipments, PDVSA has kept supply uninterruptedly.  Most of the
issues pending have been solved and there is an agreement pending
on the prices of some shipments.  This negotiation will take place
next week.

The departments of Trade and Supply both of PDVSA and PETROPAR
continue to coordinate the necessary deliveries to avoid shortage
of fuel in Paraguay.

Noteworthy is that ever since August 2008 PDVSA created in Villa
Elisa, Paraguay, a strategic reserve of gasoil at 50,000 cubic
meters, in order to preserve supply to that country.  PETROPAR
helped to build such a reserve by providing the necessary space in
its tank farm, and the company has used the reserve efficiently,
by replenishing it in order to keep the spirit that lead to its
construction.

During the last few weeks, PDVSA has provided 36,000 cubic meters
of gasoil to Paraguay.  This reasserts PDVSA's willingness and
commitment to continue to work in order to meet the mandate of the
Bolivarian Government of Venezuela as to the use of the energy
resources as a factor for the integration of the peoples of the
South, thus guaranteeing the enforcement of the agreements our
Commander President Hugo Chavez has initialed for such purposes.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: Still Owes US$5-Bil.+ to Suppliers
----------------------------------------------------------
Petroleos de Venezuela still has outstanding debt with suppliers
despite a bond issue placed by the company in July, Deisy Buitrago
at El Universal News reports.

El Universal News, citing figures provided by the Minister of
Energy, relates that the company has paid so far 47% of the debt,
whereas the outstanding payment to suppliers of the state-run oil
company stands at 52.23%.  The report notes Pdvsa's Management
Report 2008 stated the debt amounted to US$7.56 billion, but in
May, Mr. Ramirez said pending payments had been reduced to US$5
billion.

An oil company executive told El Universal that some payments have
been made by the company, but most of them to suppliers owed up to
US$5 million.  However, that the debt with most of these companies
has not been fully repaid, the unnamed official added.

El Universal report says sources revealed that the situation of
the company's service providers with bills higher than US$5
million is more complicated.  "These companies have received no
payment so far this year, since PDVSA's priority is to repay
outstanding debt with small contractors . . . Pdvsa's debts are
still high, mainly with big contractors," the report quoted the
source as saying.

As reported in the Troubled Company Reporter-Latin America on
July 17, 2009, PDVSA sold the remaining US$1.58 billion of
dollar bonds from a US$3 billion issue.  The report related that
the company sold US$1.42 billion of the zero coupon bonds
(Petrobonos) maturing in 2011 on July 6 after only accepting bids
that were above 175% of face value.  The report notes that PDVSA
is borrowing to help pay debts to vendors.

A TCRLA report on July 14, 2009, citing Reuters, related that
PDVSA is seeking more time to pay US$4.4 billion in government
debt, at the same time it is seeking to restructure its
obligations to service companies.  The report related company data
show that PDVSA signed five Treasury notes last year at a rate of
1.96%, due for repayment starting in July at a rate of US$880
million per month.  According to a TCRLA report on July 9, 2009,
citing Reuters, PDVSA sent a letter to a large group of service
providers and vendors demanding a discount on the money that the
company owes them.  The report related PDVSA's letter, dated
July 1, said the companies must present by July 6 bills with the
discount included for goods and services provided.  According to
the report, several of the companies involved are owed money for
services from a year back and some said they had already declared
dividends based on what they are owed, making it difficult to
retroactively apply a discount.

According to a TCRLA report on July 21, 2009, citing Dow Jones
Newswires, PDVSA paid almost all of its outstanding debts to
suppliers after making recent payments of US$2.7 billion.  The
report related Reuters reported that Rafael Ramirez, the Minister
of Energy and Petroleum said that officials at PDVSA said 4,250
suppliers have been paid so far, leaving an unpaid balance of
US$536 million.

Meanwhile, El Universal notes that PDVSA has negotiated recently
with rig companies a reduction in rates; and in return, it agreed
to expedite payments.  The report relates Eulogio Del Pino,
PDVSA's vice president for Production and Exploration said that
rig operators have agreed in some cases discounts of up to
40%, which have generated savings for the Venezuelan oil industry.

                          About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


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., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  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$625 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 Christopher Beard at 240/629-3300.


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