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                     L A T I N   A M E R I C A

           Friday, September 20, 2013, Vol. 14, No. 187


                            Headlines



B R A Z I L

JBS SA: Directors OK Use of Shares as Payment for Agroveneto
JBS SA: Discloses Results of Tender Offer For 11.625% 2014 Notes
JBS SA: JBS PARAGUAY Appoints Wesley Filho as New President
OSX BRASIL: Sued For Missing Fuel Payment On Key Platform


C A Y M A N  I S L A N D S

ANDERBURY LIMITED: Shareholders' Final Meeting Set for Oct. 11
B.A. INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 1
CHEUNG CHOW: Shareholder to Hear Wind-Up Report on Oct. 22
ETHAN INVESTMENTS: Shareholder to Hear Wind-Up Report on Oct. 22
GEMS ORIENTAL: Shareholders' Final Meeting Set for Oct. 7

GLADIATOR FUND: Shareholders' Final Meeting Set for Oct. 3
LUMIERE SPV: Shareholders' Final Meeting Set for Oct. 14
OPE 1ST: Shareholder to Hear Wind-Up Report on Oct. 14
PJM CAPITAL: Shareholders' Final Meeting Set for Oct. 4
POLLUX PARTNERS I: Shareholder to Hear Wind-Up Report on Oct. 7

UNIBANCO BRAZIL: Shareholders' Final Meeting Set for Oct. 1
VICTORIA FALLS: Shareholder to Hear Wind-Up Report on Oct. 1


C O L O M B I A

* COLOMBIA: IDB OKs US$8MM Loan to Improve Public Investment


P E R U

GRUPO ACP: S&P Puts 'BB+' Issuer Credit Rating on CreditWatch Neg.


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B R A Z I L
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JBS SA: Directors OK Use of Shares as Payment for Agroveneto
------------------------------------------------------------
JBS S.A. disclosed that the company's Board of Directors approved
the use of 911,485 registered, non-par, common shares issued by
the company and held in treasury as payment for a portion of the
price of the acquisition of 100 percent of the shares issued by
Agroveneto S.A.-Industria de Alimentos by JBS Aves Ltda.

JBS Aves is a wholly-subsidiary of JBS SA.  The price of
acquisition of Agroveneto's Shares did not change due to the
external audit process envisaged in the Agreement.

The acquisition of Agroveneto's Shares was approved by the
Brazilian Anti-trust Authority (CADE) on Feb. 13, 2013, and the
sale of the shares held in treasury by the Company as payment for
a portion of the Shares' acquisition price was duly authorized by
CVM, as recorded in CVM/RJ/2013/565 Proceedings.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


JBS SA: Discloses Results of Tender Offer For 11.625% 2014 Notes
----------------------------------------------------------------
JBS S.A. disclosed that it intends to exercise the early purchase
option in respect of the previously announced offer to purchase
for cash any and all of the outstanding 11.625% Senior Notes due
2014 issued by JBS USA and JBS USA Finance, Inc. and the related
consent solicitation and, together with the Tender Offer.

The consent payment deadline for the Offer expired at 5:00 p.m.,
New York City time, on Sept. 16, 2013.

The Issuers have been advised that as of the Consent Payment
Deadline, US$459,867,000 in aggregate principal amount of the
Notes, representing approximately 65.7% of the Notes outstanding,
had been validly tendered pursuant to the Offer.  JBS USA intends
to purchase all Notes validly tendered (and not validly withdrawn)
at or prior to the Consent Payment Deadline pursuant to the early
purchase option, and payment for such Notes is expected to be made
on or about Sept. 18, 2013.

The total consideration to be paid on the Early Payment Date for
each US$1,000 principal amount of Notes validly tendered at or
prior to the Consent Payment Deadline is US$1,067.79, which
includes a consent payment of US$20.00 per US$1,000 principal
amount of Notes.  In addition, holders whose Notes are purchased
on the Early Payment Date will receive accrued and unpaid interest
in respect of such Notes from the most recent interest payment
date to, but not including, the Early Payment Date.

The Issuers have executed a supplemental indenture to the
indenture governing the Notes to give effect to certain proposed
amendments, which will, among other things, eliminate
substantially all of the restrictive covenants and certain events
of default and related provisions contained in the Indenture.

Adoption of the Proposed Amendments required the consent of
holders of a majority in aggregate principal amount of the
outstanding Notes.  The Issuers have obtained the requisite
consents.  The Supplemental Indenture will become operative as of
the Early Payment Date.  Any Notes not validly tendered and
purchased pursuant to the Offer will remain outstanding and will
be governed by the terms of the Indenture as amended by the
Supplemental Indenture.

Holders who have not yet tendered their Notes have until 12:00
Midnight, New York City time, on Sept. 30, 2013, unless extended
or earlier terminated by the Issuers to tender their Notes
pursuant to the Offer.  Holders who validly tender Notes and
deliver consents after the Consent Payment Deadline but at or
prior to the Expiration Time will be eligible to receive
US$1,047.79 per US$1,000 principal amount of Notes, which is an
amount equal to the Total Consideration less the consent payment
of US$20.00 per US$1,000 principal amount of Notes.  Such holders
are also eligible to receive accrued and unpaid interest in
respect of their purchased Notes from the most recent interest
payment date to, but not including, the applicable payment date
for their Notes.

The Offer is being made pursuant to the Offer to Purchase and
Consent Solicitation Statement, dated Sept. 3, 2013, and the
related Letter of Transmittal and Consent.

Holders of Notes should carefully read the Offer Documents because
they contain important information, including the various terms
and conditions of the Offer.  J.P. Morgan Securities LLC is acting
as dealer manager for the Tender Offer.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


JBS SA: JBS PARAGUAY Appoints Wesley Filho as New President
-----------------------------------------------------------
4-traders.com reports that JBS S.A. disclosed that both Alba
Pettegill and Martin Bordaberry who jointly ran the JBS operations
in Paraguay are retiring after a long and productive period with
the Company.

JBS SA thanked both for their efforts and dedication during all
these years when they generated important results for the Company,
according to 4-traders.com.

The report notes that Wesley Batista Filho will become chief
executive officer of JBS Paraguay, a position he will hold jointly
with his present responsibilities as chief executive officer of
JBS Uruguay.

4-traders.com adds that Mr. Filho will continue reporting to
Miguel Gularte, President of JBS Mercosul.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 26, 2013, Moody's Investors Service has confirmed the long-
term ratings for JBS S.A. and its wholly-owned subsidiaries. At
the same time, the outlook for all the ratings have been changed
to negative. The rating review began on June 10, 2013 following
the announcement of the proposed acquisition of Seara Brasil and
Zenda leather operations from Marfrig.


OSX BRASIL: Sued For Missing Fuel Payment On Key Platform
---------------------------------------------------------
Reuters reports that a state court said Brazilian tycoon Eike
Batista's shipbuilding and ship-leasing unit OSX Brasil SA has
been sued for allegedly missing about 19 million reais in payments
to Singapore's fuel supplier World Fuel Services.

World Fuel Services is demanding payment for fuel used by OSX to
transport its OSX-3 vessel from Singapore to Brazil, according to
Reuters.

The report notes that the Singapore fuel supplier, legally
represented in Brazil by Tramp Oil Ltda, filed a request for an
injunction impeding the OSX-3 ship from leaving Brazilian waters,
in what could deal another blow to Batista's embattled oil
producer OGX.

The report relates that Justice Luiz Roberto Ayoub of Rio de
Janeiro state's 1st business court called both companies for a
hearing on Sept. 19 in a statement issued late on Sept. 17.

The report relays that the ship, known as a floating production,
storage and offloading ship, or FPSO, arrived in Brazilian waters
on August 23 and has been closely watched as it represents one of
the few chances OGX has to develop commercial production.

Reuters discloses that lower than expected output at OGX's
offshore fields led to a meltdown in the value of OGX, OSX and
other companies in Batista's EBX energy, port, shipbuilding and
mining group.  A more than 90 percent drop in the value of most of
the six EBX Group companies in the last year has also reduced
Batista's ability to keep investing in EBX companies, most of
which are start-ups with little or no revenue, the report relates.

OSX Brasil SA is a shipbuilder controlled by billionaire Eike
Batista.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2013, Reuters said that OSX Brasil denied a report it
failed to make payments on debt held by Spanish infrastructure
group Acciona.  The local Folha da S.Paulo newspaper reported that
Batista's OSX Brasil was struggling to avoid bankruptcy after it
defaulted on some BRL500 million ($222 million) in debt held by
Acciona, according to Reuters.


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C A Y M A N  I S L A N D S
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ANDERBURY LIMITED: Shareholders' Final Meeting Set for Oct. 11
--------------------------------------------------------------
The shareholders of Anderbury Limited will hold their final
meeting on Oct. 11, 2013, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Charles Gary Hepburn
          Wardour Management Services Limited
          Telephone: (345) 945-3301
          Facsimile: (345) 945-3302
          P O Box 10147, Grand Cayman KY1-1002
          Cayman Islands


B.A. INTERNATIONAL: Shareholders' Final Meeting Set for Oct. 1
--------------------------------------------------------------
The shareholders of B.A. International (Cayman) Ltd will hold
their final meeting on Oct. 1, 2013, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Nina Tai
          c/o 135 South LaSalle Street
          Chicago, IL 60603
          USA
          Telephone: +1 (312) 828 6491
          e-mail: nina.tai@bankofamerica.com


CHEUNG CHOW: Shareholder to Hear Wind-Up Report on Oct. 22
----------------------------------------------------------
The shareholder of Cheung Chow Investments Ltd will hear on
Oct. 22, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626


ETHAN INVESTMENTS: Shareholder to Hear Wind-Up Report on Oct. 22
----------------------------------------------------------------
The shareholder of Ethan Investments Limited will hear on Oct. 22,
2013, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Commerce Corporate Services Limited
          Telephone: 949 8666
          Facsimile: 949 0626
          PO Box 694 Grand Cayman
          Telephone: 949 8666
          Facsimile: 949 0626


GEMS ORIENTAL: Shareholders' Final Meeting Set for Oct. 7
---------------------------------------------------------
The shareholders of Gems Oriental and General Fund II Limited will
hold their final meeting on Oct. 7, 2013, at 11:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          General Enterprise Management
          Services (International) Limited
          c/o 805 Citibank Tower
          3 Garden Road
          Hong Kong


GLADIATOR FUND: Shareholders' Final Meeting Set for Oct. 3
----------------------------------------------------------
The shareholders of The Gladiator Fund will hold their final
meeting on Oct. 3, 2013, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Lai Yue Cheong Lawrence
          New Victory House
          Room 807, 8th Floor
          93-103 Wing Lok Street
          Hong Kong


LUMIERE SPV: Shareholders' Final Meeting Set for Oct. 14
--------------------------------------------------------
The shareholders of Lumiere SPV Holding will hold their final
meeting on Oct. 14, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Darren P. Riley
          c/o BNP Paribas Bank & Trust Cayman Limited
          P.O. Box 10632, 3rd Floor
          Royal Bank House
          24 Shedden Road, George Town
          Grand Cayman KY1-1006
          Cayman Islands


OPE 1ST: Shareholder to Hear Wind-Up Report on Oct. 14
------------------------------------------------------
The shareholder of OPE 1ST Securitization SPV will hear on
Oct. 14, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

           Ogier
           c/o Ben Gillooly
           Telephone: (345) 815 1764
           Facsimile: (345) 949-9877


PJM CAPITAL: Shareholders' Final Meeting Set for Oct. 4
-------------------------------------------------------
The shareholders of PJM Capital Master Fund Ltd. will hold their
final meeting on Oct. 4, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


POLLUX PARTNERS I: Shareholder to Hear Wind-Up Report on Oct. 7
---------------------------------------------------------------
The shareholder of Pollux Partners I will hear on Oct. 7, 2013, at
11:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

           Ogier
           c/o Ben Gillooly
           Telephone: (345) 815 1764
           Facsimile: (345) 949-9877


UNIBANCO BRAZIL: Shareholders' Final Meeting Set for Oct. 1
-----------------------------------------------------------
The shareholders of Unibanco Brazil Hedge Fund will hold their
final meeting on Oct. 1, 2013, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

Mr. Philippe Fremau is the company's liquidator.


VICTORIA FALLS: Shareholder to Hear Wind-Up Report on Oct. 1
------------------------------------------------------------
The shareholder of Victoria Falls Investment Fund will hear on
Oct. 1, 2013, at 9:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Appleby Trust (Cayman) Ltd.
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands


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C O L O M B I A
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* COLOMBIA: IDB OKs US$8MM Loan to Improve Public Investment
------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a loan for
US$8 million to Colombia for the creation of an innovative system
for monitoring public investments, which have experienced a
dynamic growth and extensive changes due to the country's process
of decentralization.

Colombia will contribute US$25 million to the program, bringing
total investment to US$33 million.

The amount and characteristics of public spending in Colombia have
changed in recent years.  Between 1990 and 2002, the volume of
resources transferred to sub-national entities (such as
departments and municipalities) has increased 22 times, and those
entities now administer one third of the country's total public
expenditure.  On top of this, citizens are demanding better
services and greater access to information.

The project aims to improve monitoring and tracking tools for
public investment management through an integrated technology
platform.  The platform will provide public officials and the
public with timely information on investment resources and
projects in the country's main sources of public sector
investment, which are the General Budget of the Nation, the
Revenue Sharing System, and the General Royalty System.

"Increasing resources for public investment without an adequate
institutional framework increases the risk that the investment is
less productive," said Diego Arisi, IDB team leader for the
project.

The project, which will be carried out by the National Planning
Department, will improve the efficiency, monitoring, and tracking
of public investment.  The technology platform will have a data
visualization and geo-referencing component to create an
investment map.  In five years, information for all approved and
financed investment projects will be available online and with
tracking tools that will facilitate decision-making and early
warning.

The IDB is a single payment loan with a 15-year maturity and a
LIBOR-based rate.


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P E R U
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GRUPO ACP: S&P Puts 'BB+' Issuer Credit Rating on CreditWatch Neg.
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' issue-level
and issuer credit ratings on Grupo ACP Inversiones Y Desarrollo
(Grupo ACP) and its 'BBB/A-2' ratings on Mibanco Bancode la
Microempresa S.A. (Mibanco; Grupo ACP's subsidiary) on CreditWatch
with negative implications.

"The CreditWatch placements follow Grupo ACP's announcement that
it has breached a debt-to-equity ratio covenant on its 10-year,
$85 million senior unsecured bond due in 2021, which could
accelerate this debt payment," said Standard & Poor's credit
analyst Alfredo Calvo.  Grupo ACP is Mibanco's holding company.
Grupo ACP has requested a waiver for this covenant and for an
anticipated default on the dividend-to-financial expense ratio
covenant.  S&P expects bondholders to decide on whether to grant
the wavier by Sept. 26, 2013.  If the waiver is approved, S&P
would affirm the ratings on Grupo ACP and Mibanco.  On the other
hand, if the bondholders deny the waiver, S&P will reassess the
group's alternatives for paying this debt, as well as potential
effects on the ratings on Grupo ACP and Mibanco.  If Grupo ACP is
unable to acquire the necessary resources within the next 90 days,
S&P will reassess potential effects on Mibanco's business
position, capital and earnings, risk position, and liquidity, as
well as the ratings on the bank and its holding company.


                            ***********


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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2013.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.


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